What does your home loan calculator tell you?
Home loan calculators are an excellent way to start your foray into property – how much can you borrow, what would this make the repayments, what if I pay a little extra.
The borrowing capacity calculator gives you a very average output on what you could borrow – very average, and we can work with you to finesse it.
Simply put all of your income in,
All of your repayments and ongoing expenses
Number of dependants
And press go!
Now this figure represents the average maximum figure it could be possible for you to borrow, by no means does it suggest that this loan will suit your budget, that’s an easy conversation with your broker.
And this starts with looking at what the repayments will be.
Pop in the loan amount, an average interest rate and a 30 year term and this is roughly what you can expect, of course this doesn’t allow for special discounts that your broker should be able, and, it also doesn’t allow for market movements, and its important to consider what the repayments will feel like if interest rates rise.
And while we are playing what if, the third handy calculator shows you the potential interest savings if you are able to pay a little extra.
The power of making weekly or fortnight repayments is amazing, and if you can sacrifice a little more you have the potential to save years and tens of thousands of dollars in interest.