Hi callofjuarez,
You can have a crack at our loan repayment calculator to work out your home loan repayments with different loan sizes, terms, interest rates as well as repayment options.
For the interest rate, you can use the Bank Standard Variable Rate (BSVR) of one of the major banks, less a 0.7% discount as a good rough guide. However, it's likely that we may be able to get your a more competitive interest rate than this.
To work out your borrowing capacity, you can first determine how much you would feel comfortable repaying each month, then use a 1.5% higher rate than the current BSVR. This will help you figure out if you would be able to afford the loan, if rates went up as well.
This method can help you work out how much you could comfortably borrow without having to change your lifestyle or current spending habits, or simply use our borrowing power calculator or our mortgage brokers can give you a more exact figure using our software.
We never recommend that you borrow to your limit as this leaves you very little surplus money to spend on holidays or to keep on stand by for unforeseen circumstances.
If you would like to know more about this including how much you'll be paying in interest then you can check out our website. You can also speak with one of our expert mortgage brokers directly on 1300 889 743 or enquire online.
Cheers,
Otto
Working out my home loan repayments
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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