Online home loan calculators help you find the right mortgage

In Australia, there are many different home loan options available thanks to the cut throat competition in the home lending market. For consumers seeking a home loan, this competition means that there are a wide range of innovative home loans available at very competitive interest rates. So how do you find the best deal for your individual needs? Well, you can start by comparing how much your repayments will be by using our home loan repayment calculators.

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Compare home loan repayments online

Thanks to the internet, you can now easily compare the different home loans available in Australia by using the home loan repayment calculators available online. The online repayment calculators allow you to enter your mortgage amount, how often you will make your repayments and the interest rate to calculate how much your repayments will be. You can use these loan calculators to help you compare the repayments of the different home loans available.

Most home lenders in Australia will have their own home loan calculators available on their websites. These home loan calculators allow you to determine and compare the repayments for that particular home lender's loans. There are also other home loan repayment calculators available that will let you compare mortgage repayments from a wide range of home lenders.

Calculating how much you can borrow using online calculators

While you can find out how much your mortgage repayments will be by using an online home loan calculator, there are also home loan calculators available that will give you an indication of how much you can borrow based on your income, your assets, your monthly expenditure and your deposit. Lenders will have their own calculators based on their lending guidelines as different lenders will allow home buyers to borrow different amounts.

Other online home loan calculators

There are also home loan calculators available that will show you how much you can save by making extra loan repayments or making a lump sum payment. There are also budget planners available that will help you work out your finances so that you can be sure you will be able to meet your monthly mortgage repayments.

An important point to remember when using online calculators

Online home loan calculators are designed to give you a good indication of monthly repayments and how much you can borrow. Remember, they are indications only and you will need to follow up with the individual lenders for exact figures.

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Online home loan calculators to help you find the right mortgage

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The benefits of using an independent mortgage broker

When it comes to finding the best home loan to suit your individual needs and financial circumstances, you generally have two options. You can do all the research yourself or you can get professional help from an independent mortgage broker. Here we look at the reasons why it pays to consider getting help from an independent mortgage broker.

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A home loan with a line of credit allows you to put all or most of your salary into your home loan and make the bulk of your purchases through the month by using your credit card and taking advantage of the interest free period. By doing this, you can reduce the outstanding balance of your home loan thereby saving you money through reduced interest charges. Here we look at line of credit home loans available in Australia including the benefits and who they would most suit.

Variable Rate Home Loans

Variable rate home loans allow you to take advantage of falling interest rates. With a variable rate loan the interest rate you pay on your home loan varies with the interest rate that is set by the reserve bank of Australia, this means that if interest rates fall so does the interest you pay on your home loan. Conversly, the down side is if interest rates rise you will be paying more interest on your home loan. Here we take a look at situations where you would consider taking out a variable rate home loan.