The Benefits of using a Mortgage Calculator when borrowing in Australia

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The Benefits of using a Mortgage Calculator when borrowing in Australia
By: Victoria Edema , Posted On: 2007-08-27

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The other benefit of a m

rtgage calculator is its ability to d

termine how much faster you can r

pay your loan if you are in a p

sition to either:
(i) make a regular

dditional payment – for example you m

ght increase the minimum repayment required

nder your mortgage by $100 per m

nth. The mortgage calculator will show you how th

s can significantly reduce the term of y

ur loan.
(ii) make a one-off lump sum p

yment – for example you may r

ceive a bonus from your employer, an

nheritance or gift of money and d

cide to apply this to reduce y

ur outstanding loan balance. What impact w

ll this have on the loan t

rm? A mortgage calculator will give you the

nswer.

A mortgage calculator offers further advantages in th

t if it can provide you w

th calculations for different loan terms. In A

stralia, if you want to ascertain how m

ch you would need to pay, to pay off y

ur loan in say 15 years as

pposed to the standard 25 or 30 y

ar loan term, then you can

asily change the term of the l

an in the mortgage calculator and w

thin seconds the mortgage calculator will pr

vide you with the revised monthly

nstalment.

Recently, borrowers in Australia have been c

ncerned about the effect that a r

se in interest rates might have on th

ir ability to make their loan r

payments. Again the mortgage calculator allows you to

nter a number of interest rates and c

lculates the amount by which your m

nthly instalment will increase. For example if you s

ttle your loan when interest rates are at 7.75% p.

. what will be the impact of a R

serve Bank increase of 0.25%? By

ntering the rate as 8% in the m

rtgage calculator you will quickly ascertain how m

ch more you will be required to pay

ach month.

A good mortgage calculator will

lso enable you to enter the fr

quency of your loan repayment and

gain show you how this will r

duce your loan term. For example wh

le most loan repayments in Australia are on a m

nthly basis you can choose to r

pay your loan on a weekly of f

rtnightly basis. A mortgage calculator will c

lculate the amount of the weekly or f

rtnightly payment for you.

By exploring the v

rious fields within a mortgage calculator you can q

ickly determine how much you can b

rrow in Australia, the impact that

dditional repayments or rate changes will h

ve on your loan and the

ffect of changing the frequency of y

ur loan repayments.

A good mortgage calculator can pr

vide you with a significant amount of

nformation by which you can not

nly determine how much you can b

rrow in Australia but also how you can b

dget to repay your home loan f

ster.

The article The Benefits of using a Mortgage Calculator when borrowing in Australia was Submitted by Victoria Edema through Articles.GetACoder.com network. Here's the additional information: Vicky Edema has been the Mnaging Director of Austral Mortgage Corporation snce 1992, the company offer competitive mortgage rates and also provide free mortgage calculator

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