This calculator helps you work out what your regular repayments will be based on your loan amount.
The repayment frequency can be changed to monthly, fortnightly or weekly. Calculates both Principal and Interest repayments for a loan term.
The principal of your home loan is the amount of money you borrow from your bank or lender. The interest is what the lender charges you to borrow the money. The interest rate is determined can be determined by the risk of the home loan, the type of loan it is and the security offered.
If you decide to opt for principal and interest repayments on your home loan, this will involve you paying the principal amount (to reduce the loan balance) and the interest at the same time (the cost of the loan to the bank determined by the interest rate). The other option is going for an interest only loan, this will see you only paying the interest owed on your loan with the balance remaining the same, effective for investors who are wanting to keep repayments minimal and rely on capital growth.
The biggest benefit in paying principal and interest is you’ll be reducing your loan and paying it off over the loan term. As you only pay interest on the loans outstanding balance, your repayments become cheaper as your loan balance reduces. This helps create equity in your property to help invest in further property.
Want to find out more about this principal and interest home loan repayment calculator?
Contact us on 02 8530 1107 or Submit your scenario online
We meet for a consultation, obtain your supporting documents and proceed to structure and package your application for approval knowing exactly what the banks want to see. We also monitor your home loan post approval ensuring you’re home loan suits you and your financial position
We get paid a commission from our lenders as a result of introducing your business to them. Subsequently, our service is at no cost to you. Our commission does not affect your interest rate whatsoever, if anything, we’re in a position to get you a lower interest rate than the general public due to our relationships with our banks
With our many years experience in the industry, we’ve been exposed to both easy and complex loan scenarios. Each loan we process gets presented to over sixty financial institutions, ensuring we have explored all options possible and are able to provide a solution
Whether you’re a first home buyer looking at entering the market or an existing home owner looking at ways to save money on your home loan, we have you covered. We’ve put hundreds of hours of research into these guides to ensure you end up ahead, and it’s completely on the house.
The odds are that you’ve stumbled across the term lender’s mortgage insurance and you’re wondering what it stands for. Well, you’ve come to the right place. This article will clarify this term, so that you can understand what it is, the concept behind it and the approximate costs. Let’s get started!
When dealing with a home loan, you will most likely come across the Loan to Value Ratio term. Obviously, everyone who wants to apply for a home loan should consider this term and what it implies, as it affects your borrowing power.
Many home buyers usually assume that they have a formal home loan approval when, in fact, they haven’t been granted any. The risk that presents itself here is that you can make an unconditional offer in order to buy a property and then later discover that you haven’t been approved a home loan.
In short, comparison rates determine what your loan will really cost you. They save you from the hard work required to compare and determine the costs of different loans. However, keep in mind that they shouldn’t be the deciding factor when you search for a loan.
Also, remember that all lenders are required by law to display a comparison rate when they advertise a loan to you. If you pay attention and spot this rate, you may end up getting a better deal on your home loan.
Buying a home or a property may imply a deposit. You may come across home loans that require no deposit at all, but their approval criteria are known to be tough.
Therefore, you are left with only one thing to do – namely, to save a deposit so that you will be able to purchase a home or a property.
When moving house, you can’t start preparing one week before the big move and expect everything to go well and smooth. You have to start preparing with at least six to eight weeks before you actually move out.
What you need to know before you purchase your first property and how to fast track it. We have designed this guide to get you up to date with everything you need to know about being a first home buyer. Whether you have a short term goal of purchasing your first property or are thinking about it sometime later down the track, this guide will cover important essential aspects of this exciting journey.
What the banks won’t tell you and how to save serious money on your home loan. By Investing 10 minutes of your time to read through our guide, not only will you learn the tips and tricks the banks won’t always tell you to assist you with paying off your home loan sooner, but also gain an insight into some techniques that will allow you to minimise the interest you pay to the bank.
The best way to take control of your finances is to use a budget planner. This is a simple tool that helps you understand the money going in and out of your household. With our Highline Lending Budget Planner, we’ve got you covered. This handy tool allows you to log and track your goals, track your savings, track your debt and expenses and keep a monthly record for an end of year evaluation.
