Buying a home or investment property is likely to be one of the most important financial decisions you make during your lifetime. Without the proper information you can end up making the wrong decisions, putting yourself in financial hardship.
However you have no need to worry. Online calculators can give you a good indication of your financial situation and help you make informed decisions.
What a mortgage calculator does do is allow you to see you financial areas of concern you need to consider and discuss with a professional when you are preparing your mortgage application.
Please remember that the calculators can only ever be a guide and for specific help you should speak to a professional such as a mortgage broker.
You can find out more about your home loan by using our calculators
- Credit Score Calculator: Will the banks see you as a high risk borrower?
- Lender Mortgage Insurance (LMI) Calculator: Do you qualify for a LMI discount?
- Loan Repayment Calculator: How much will your repayments be?
- Loan to Value Ratio (LVR) Calculator: What is your LVR and how will this affect your loan application?
- Non-Resident Loan Calculator: Compare policies from different lenders and find out how much they will lend you to buy a home in Australia
- Keep some money in reserve: A mistake many first home buyers make is stretching their budget to afford the mortgage repayments. To be safe you should make sure you can afford a 2% increase in rate rises, just in case!
- Plan for the future: You should have some idea of your future plans. If your situation is likely to change; for example if you are likely to have children, please plan accordingly.
- Seek professional advice: As the calculators can only every be a guide, you should discuss your results with a mortgage broker or financial planner to make sure that you have accurately assessed your financial needs.
You can visit the Home Loan Experts website to find more mortgage calculators
What to do when using our online calculators
To get the most from your calculations you need to factor in a number of things. Initially, follow these three basic steps.
If you would like the help of a mortgage broker then please enquire online and one of our staff will give you a call to help you with your assessment.
With the right information and the right help you can find approval for a loan today!
For more precise figures and/or advice, please enquire online to speak to one of our mortgage brokers to find out what types of finance are available for your situation.
