Choosing the best home loan from the vast array of lenders in Australia can be a complicated business. With literally hundreds of mortgages to choose from, it’s essential you shop around and compare home loans to find the most suitable product.
The good news is the RateCity repayment calculator for home loans can simplify your search for the best mortgage for your circumstances, by providing a comprehensive estimate of potential loan payments. Simply punch in the amount you wish to borrow, the interest rate and the term of the loan, and the calculator will display a complete list of home loans from the thousands registered with RateCity.
For those wishing for more specific results, the repayment calculator for home loans also lets you adjust the payment frequency (weekly, fortnightly or monthly) or choose a ‘fixed’ or ‘variable’ rate. The calculator also offers the option to select ‘principal and interest’ or ‘interest only’ repayments. The flexibility of the repayment calculator for home loans allows you to compare home loans that are most relevant to you.
The RateCity repayment calculator for home loans also provides information that ensures you choose a great mortgage by listing the ‘comparison’ rate alongside the advertised rate. The comparison rate is a true representation of the total cost of a home loan, as it includes the majority of fees and charges, such as any upfront or monthly costs. On the flipside, the advertised rate won’t reveal the true cost of the home loan.
Another great feature offered by the home loan calculator is the ‘Your Results’ table. The table displays the potential interest savings you could generate from the various search criteria you enter. For example, by switching your monthly mortgage repayments to fortnightly repayments, you could save many thousands of dollars in interest over the life of the loan. Moreover, the table clearly displays this result as a dollar amount.
Finally, please note the results from the RateCity repayment calculator for home loans should be used as an indication only. As part of the home loan application process, be sure to double check any features, fees and charges with your lender.