Mortgage Comparison Calculator
This calculator allows you to compare the actual cost of two different mortgages. Input the particulars of the loans, including the loan amount, interest rate and ongoing fees and you can calculate the cost of the loan over the total term.
Interest rate is important, but it isn’t everything!
Have a play around with the figures you enter and you will find that the interest rate can make a big difference to the cost of a loan. However a small difference in rate will usually be offset by any loan fees. The secret to choosing the cheapest loan is to take a holistic approach to comparing loans.
You must take the interest rate, ongoing fees, setup fees, LMI premium, exit fees (if applicable), customer service, speed of approval and loan features into account. Did you know that as your mortgage broker we can do all of this for you? Simply call us on 1300 889 743 or enquire online and we can compare two or three of the most suitable mortgages for you and let you decide which to apply for.
Professional Package or Basic Loan?
One of the first steps involved in choosing your home loan is deciding whether you want all the bells and whistles of a professional package with 100% offset, or if you will only need the limited flexibility of a basic loan.
As a general rule, if you need an offset account and will have most of your accounts (cheque account / credit card etc) with the one bank then it is better for you to choose a professional package. It is usually cheaper to use a professional package for loans over $250,000, and particularly so for larger loans over $1,000,000 with negotiated pricing.
A basic loan is usually well suited for loans under $250,000 or for investors that own multiple properties that do not require an offset account.
More home loan calculators
We have a range of unique calculators on our home loan calculators page.