Leading home loan comparison calculator in Australia
When buying a new home, you want to make sure that you are getting the best mortgage rate for your financial situation. Our comparison calculator is an easy-to-use tool to compare your monthly repayments for each loan and which home loan saves you more money. With this calcluator, it will be easier to narrow down the best home loan choice for you.
To use the home loan calculator comparison tool, you need to enter your preferred loan amount and loan terms. Next, fill in information about the two home loans such as upfront fees, monthly fees, introductory rates and terms, and outgoing rate. The calculator will provide the amount of your monthly loan repayments and total costs to see how each home loan compares.
Rateseeker helps borrowers make more confident decisions when it comes to home financing through quick and easy-to-use tools such as the home loan calculator comparison, borrowing power calculator and mortgage guides.
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Find the best loan with Rateseeker’s loan comparison calculator
To find the best home loan lender, you need to canvass your options from the myriad of lenders available in Australia. You need to compare the product rates and loan terms, as well as down payment requirements and other fees. Rateseeker’s comparison calculator lets you quickly compare home loan products in the market to find which one works best for you.
Rateseeker assists buyers to find the best home loans with access to a wide range of deals from Australia’s top banks and lenders. Our first role is to find you a home loan offer that fits your financial circumstances. We provide expert assistance and help you understand your financing options, associated fees, and processes involved with your application. Our customers love us because we save them from the paperwork and hassle of applying for a home loan.
Check out the Rateseeker calculators page for more mortgage calculators as aside from home loan comparison calculators in Australia, or contact us today to see how we can help you. We’ll get back to you within 24 hours.
How to use the home loan comparison calculator?
The loan comparison calculator is simple and user-friendly and just like any other calculators, you will need to have some information handy regarding the loans you wish to compare.
Once you put this information into the loan comparison calculator the results will tell you which loan will save you more money and how much each loan will cost you in the long term.
Here’s a breakdown of the information you will need to provide:
- Loan amount
The loan amount refers to the amount of money you have borrowed or the outstanding loan balance
- Loan term
This is referring to the amount of time you have to repay the loan with usual loan term ranging from 25 to 30 years
- Upfront Fee
Upfront fees are any fees that you have to pay when you apply for the loan which includes application fees or establishment fees
- Ongoing fees
Ongoing fees are fees that you will have to pay throughout the life of your loan. These can be annual fees, service fees (monthly), or account-keeping fees.
- Introductory rate
Introductory rate is special rates offered by lenders for a set period of time at the start of your loan. The introductory rate can either be fixed or variable. Upon the expiration of the introductory rate, it will revert to the lenders standard interest rate that is usually higher than the introductory interest rate
- Introductory term
This refers to how long you will be on introductory rate before it reverts to the lender’s normal interest rate
- Ongoing Interest rate
The interest rate which can be either fixed or variable is the interest rate at which you repay the loan after the introductory rate expires.
In summary, whether you are looking at applying for a new home loan but stuck with deciding between a few different options or want to compare your existing your loan with other lenders, you can use this quick and simple loan comparison calculator to help you work out which option will give you the best financial outcome.