Cheap Home Loan Calculator

An offset account is an option with many mortgage products and available through most lenders. The interest rate, repayment level and overall cost of the finance should not affect the availability of an offset account.

A mortgage calculator is used to calculate mortgage repayment estimates. These types of calculators can be found on the websites of brokers, banks and other lenders offering property finance. Loan seekers can use the devices free of charge. Repayments can be estimated by entering the borrowing required with an interest rate and term. The results are estimated to be used as a guide only.

Property buyers may use an online mortgage calculator to compare lending products and interest rates from different lenders. Mortgage calculators allow buyers to calculate estimated repayments for the amount they are looking to borrow at the different rates advertised by lenders. These repayment estimates can be compared to provide a guide to affordability.

First-home buyers may be offered competitive rates and affordable loans with a strong application and good credit profile and at least a 20% deposit. Where first-home buyers are looking for loans with a lower deposit, they may be offered a higher rate and lender mortgage insurance may apply. This can result in higher lender fees and higher repayments.

A fixed rate is offered for a set number of years, often 2-4 years. Over that period the rate and the repayments do not change. A variable rate loan may not have a set term, but is subject to change when the lender changes their variable rates. These changes usually occur when the RBA announces cash rate changes. Lenders make their own decisions whether or not to pass on these changes to their customers. Some lenders offer the option to split the loan between a fixed and a variable.

Low deposit mortgages are available through some lenders with approval subject to meeting the lender criteria. Low deposits are typically classified as between 5% and 10%. As these loans are seen as a higher risk by lenders than 20%+ deposit loans, higher rates typically apply. Low deposit loans also attract Lender Mortgage Insurance.

Yes. Major renovation works can be financed with Construction Loans. These loans are structured to suit the payment schedule of the project. To apply, homeowners require council approved plans or plans that are awaiting council approval, and builder quotes. Smaller house improvements not classified as renovations, may be financed with Personal Loans.

The major banks are the main lenders in the Australian housing sector. There are many other non-bank lenders that also offer property finance. Both the banking and non-bank sectors can be highly competitive with interest rates and extras included in their loans. Using a mortgage broker may assist buyers to find the cheapest mortgage currently available to suit their specific profile.

Loans for all types of properties are offered based primarily on the assessment of the application in regard to the deposit and the credit profile and financials of the applicant. A valuation of the property and other reports on the property are usually required. The size of the property and whether it is a unit or freestanding house should not impact the offer made.

All home buyers requiring finance are eligible to use mortgage brokers. No referral is needed to contact a broker and request their services.