Buying a house is much less complicated than it used to be, thanks to some pretty nifty calculators that help people gauge what a property will cost.
Calculators also let you analyse the effect of different scenarios on the life of a loan,? such as increased repayments, lump sum payments and even splitting the loan repayments and fixing part.
Aussie has a tremendous array of calculators that each help you calculate a variety of scenarios:
- 1 Minute Mortgage Calculator ? A simple tool in which you input amount to be borrowed and purchase price, and the tool comes back with some of the best interest rates to consider from our panel of lenders before contacting your broker. Also helps with refinancing ? shows you how? you could save if you choose that path.
- How much can I borrow? ? Does what it says on the packet. You put your personal financial details in and the calculator instantly gives you a figure you may be able to borrow. Unlike other calculators where you need to wait to be contacted by a salesperson, you get the result instantly and don?t need to include contact details .
- Extra Repayments Calculator ? enables you to see the? impact that an extra few dollars could make on the life and interest of your loan ? brilliant? if you get a pay-rise, and want to see if throwing it all at the mortgage will make a difference.
- Lump Sum Repayments Calculator ? Got extra cash? Maybe a work bonus or gift? That lump sum could save you thousands in the long run.
- What are my Loan Repayments? ? enables you to put in the amount you wish to borrow and see instantly if you will be able to afford the repayments.
- First Home Savings Calculator ? If eligible, the Federal Government will contribute 17% of whatever you put in ? up to $935, and give you a tax break on the interest. Use the calculator to see how you can build a healthy deposit using one of these accounts.
- If you are looking at ways to make day-to-day savings to help you reach your goal faster, use Aussie?s Budget Planner Tool to get started.
- Split Loan Calculator ? Helps you to decide if fixing part of your loan is right for you ? A broker will of course, help you with any actions arising from your decision.
- Where can I afford to Buy? ? Use this all-in-one tool to work out how much you can borrow and then select an area you?re interested in and Aussie will show you the suburbs in that area you can afford, linking you to Residex reports about each suburb.
- Principal and Interest Calculator ? Helps you to see how much of your monthly repayments is the principal and which is the interest on this calculator ? you can then add additional payments and see how that will impact your loan term and interest amount.
- Stamp Duty Calculator ? Stamp Duty can add a big chunk to the cost of buying a property. Some states charge it on your mortgage as well on the value of the property you buy.
Of course Aussie recommends you speak with a broker about what is available when you are ready to purchase, as well as seek independent financial and legal advice after that, but in line with our company philosophy we also think it is ?smart to ask? before you go far down the road to purchase.
*The above calculators are indicative only and should be treated as aguide. Aussie recommends that you speak to a broker to obtain a more accurate indication in relation to your personal circumstances.
Source: http://blog.aussie.com.au/calculating-way-forward/
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