Our Mortgage calculators are used to assist new, current or potential home owners to find out how much they can afford to borrow to buy a property.

Mortgage calculators may also be used to compare the rates between different lenders and find out the diffent terms and lengths of payment periods.
 
Others may be used to determine the impact of choosing between weekly payments or fortnightly instead of monthly payments.

The best way to utilise a mortgage calculator is to quickly determine the financial outcomes of changes in one or more variables in a mortgage loan scenario.

The main variables include

• principal balance,
• interest rates
• number of payments per year, and
• the total number of payments within defined periods.

These are some of the better home loan rates available towards the end of this year (2009)

U Bank: Promo Rate:5.21%pa Standard Rate: 5.11%pa USaver USaver does not have any fees or charges.

SunCorp: Promo Rate:4.55%pa Standard Rate: 3.25%pa eOptions High Interest Online Savings
• No monthly account keeping
• Earn up to 4.45% by fixing for 4 months 

BankWest: Promo Rate:4.50%pa Standard Rate: 3.00%pa Smart eSaver
• 4.50% p.a. monthly is no withdrawals
• Standard rate matches RBA's cash rate to 30/6/11 

ANZ: Promo Rate: 4.35%pa Standard Rate: 2.80%pa eASYSaver Account
• 1.55%p.a. bonus added to current standard eASYSaver rate to 30/9/09

AMP: Promo Rate: 4.25%pa Standard Rate: 3.50%pa ANZ Online Saver
• 0.75% p.a. bonus interest added when linked to an eligible ANZ account

MEBank: Promo Rate: 4.00%pa Standard Rate: 4.00%pa ME Online Savings Account
• No bank fees
• No minimum opening deposit or balance required
• Link to any nominated account 

Raboplus:Promo Rate: 4.00%pa Standard Rate: 4.00%pa Online Savings Account
• No minimum balance so you can earn interest on every dollar
• No need to switch banks - keep your current bank account for your day to day banking 

Home buyers may become confused about getting a mortgage. There are a few easy  points to put into practise when applying for your mortgage to assit you in making the right decisions.

First, you should use mortgage calculators to find out how much to borrow and whether or not you can afford that rate.

Once you work out your monthly payment amount that you can comfortably afford, you can then go to your lender with a framework in place that you can work with.  Be prepared by coming with all your relevant financial details such as:

• Your annual income for the last 3 years,
• bank statements,
• a list of your assets/liabilities and
• how much cash you have in the bank.

From there they will tell you how much you can afford and then offer you a range of different loan products.

Those numbers are easy to figure out though because you know how much you can afford and the banks calculation is very accurate.

Feel free to use all of our mortgage calculator tools to get the variations of current interest rates for every financial situation.

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