Home Loan Calculator

If you're looking for a new home, you should always shop and know which loan products are currently the best available. The most practical way to accomplish this is by comparing the features of existing loans and mortgages, while at the same time determining for whom these loans are best suited. Many people often revert to a Home Loan Calculator, which allows them to calculate their repayment amount and compare some of the best deals in the market.

Why Free Home Loan Calculator Australia over other Loan Calculators?

There are many free home loan calculators available online – most major banks offer home loan calculators on their sites. The benefit Free Home Loan Calculator Australia has over other bank run calculators is that our calculators matches to your needs and objectively list and compare home loans offered by all banks, mortgage brokers and mortgage institutions in Australia – major and none major. So you can shop for the home loan with the fees and features which suits you.

Our Calculator is flexible and easy to use – one click to calculate, one click to enquire!

Choose the type of home loan you're after – home loan type, length, size of lender, proof of income and more. One click on the calculator will bring up a selection of home loan deals best suited to your needs, a second click sends you directly to the relevant bank or lender's enquiry page. No need to wait twenty minutes for your number to get called; no need to open six different windows with six different bank calculators. Two clicks, that's all our calculators need.

What does it all mean for mortgage seekers?

The home loan calculator offers a wealth of relevant features and options, some of which may be confusing to new home buyers not versed in home loan jargons. So we've cut your work out with a crash course of common home loan terms.

For first-time or self-employed home buyers

There are many different home loans and mortgages for new buyers, and a wealth of options are available from which to choose, depending on each buyer's particular needs.

A Fixed Repayment Loan
A fixed repayment loan is a set rate given to the borrower for a period of time. A fixed rate allows the borrower to have set amount to repay at the due date, allowing for easier money management.

Capped Variable Loans
Capped variable loans give borrowers the confidence that their rates will never rise above a predetermined percentage, while allowing them to enjoy a drop in rates.

Introductory Loan
Some buyers need lower monthly payments at the start of their terms, which is where introductory loans come into play.

Low Documentation
Home owners with bad credit or who are self-employed have the low doc loan at their disposal. Low doc stands for "low documentation" and can release the borrower from having to provide the standard quantity of documentation for a home loan. The ANZ Lo Doc Loan and the St. George Low Doc Home Loan are some of the best currently on the market.

For home owners who want to refinance or upgrade

Whether staying in their current home or hoping to move up in the world, some home owners require a different type of loan once they already have a property in their possession.

Equity Release Loan
For home owners who want to refinance in order to take advantage of the equity that has built up in their home, an equity release loan is the most appropriate. With an equity release, the owner can restructure the terms of their existing mortgage while freeing up some of the cash value of their home. For a great equity release loan, owners should consider the HomeStar Advantage Loan and the Super Rate No Fee Home Loan.

Construction Home Loan
Sometimes home owners wish to refinance in order to build a new property. For them, there is a construction home loan. These loans allow borrowers enough time to finish construction while allowing them to pay only interest during that time. The ANZ Land Loan and the NAB Flexiplus Mortgage are good examples of construction loans.

Bridging Home Loan
With a bridging home loan, existing home owners can cover the gap between restructuring their current loan and the time it takes for their new loan to take effect. Bridge loans come with much smaller terms than average loans, typically capping at 12 months. Bridging loans are available from most major lenders and are customised according to each borrower.

Latest Home Loan Calculator Articles

Minimising the cost of your home loan

Have you acquired a home loan that is starting to eat into your everyday finances? (more…)

Four reasons to refinance today!

When it comes time to decide whether or not you should refinance, there are many factors to be considered in order to make a sound decision- after all you don’t want to be caught out making impulsive mistakes when it comes to your money.

However what most people tend not to realize is that there are many benefits of mortgage refinancing.

In today’s financial market, reduced interest rates can mean you can potentially save considerable amounts of money over the home loans life.

Here are just four great reasons to make you want to refinance today!

1. Switch to a fixed-rate mortgage:

Those people who don’t plan on owning their property for more than a few years are best suited to adjustable rate mortgages. However if you want to keep your home for a more permanent period, you may want to consider swapping to a fixed rate mortgage. Although interest rates may be higher than those you receive on an adjustable rate mortgage, you will be in a much more stable position financially as you will always know what your monthly payment will be for the term of your mortgage.

2. Avoid balloon payments:

Balloon programs are great for lower rates and initial low monthly repayments. However if you own a property exceeding 5-7 years, the balance of your mortgage is due to your lender earlier. This results in high balloon payments. To avoid this happening to you, follow step 1- apply for a fixed rate mortgage today!

3. Lower your mortgage payments:

If you are a homeowner planning to live in your home for several years, it may be appropriate to pay a point or two to decrease interest rates and your overall mortgage payments. In the long-term, your monthly savings will justify the cost of the mortgage refinance. However if you do plan on moving out sooner than later, you quite possibly may not have recovered the cost of a mortgage refinance. Therefore consider the break-even point and determine from there whether it would be appropriate for you to consider refinancing now.

4. Cash in on your home equity

Your home is quite possibly the best source for extra cash. If your home, like most others, has increased in it’s initial value, you are able to withdraw some of that equity and use it wisely to make home improvements, pay off credit cards, take a vacation or even pay off tuition fees.

Reasons why you may want to postpone your next home loan!

Arranging a home loan is a big responsibility which should not be taken lightly. A home loan has an awesome power, which can devastate a home owner’s finances if not handled appropriately. Every detail should be planned for and budgeted in order to avoid financial trouble. (more…)

Home loans with bad credit

Applying for a home loan when you have a poor credit history is almost as difficult as trying to find gold in your backyard.

But what do you do when you have found your dream house, are absolutely certain that is what you want but to be realistic, you simply can’t afford it? (more…)

Why home loans may not be a good idea.

It is to be applauded when someone wishes to break free from the rut of constantly paying rent and seeks to achieve the accomplishment of home ownership. After all, home ownership improves the home owner’s credit score, increases their net worth and affords them the freedom to live how they see fit without being beholden to a management company or a landlord. All told, assuming the owner took care to select the right property, home ownership is a great choice and a great investment in your own future. (more…)