This calculator helps you compare apples to apples. Pop in the details of two loans to compare fees and interest over the life of the loan.
However, while loan calculators are a good way to get an indication on key questions, talking to an expert mortgage broker will ensure you are able to get more detailed figures for your personal situation.
Your Loan Market mortgage broker also has access to home loans from 30 different banks and lenders, ranging from the big four banks to smaller lenders.
After you have used the free loan calculator tool to compare home loans, your Loan Market mortgage broker will help you save time by comparing key information around interest rates, fees and charges and will even organise a free home loan pre-approval.
The loan that’s right for someone else may be completely wrong for you. At your free home loan consultation your mortgage broker will ask you a few questions about your income, debts and lifestyle to ensure the loan you choose is the best for your future finance needs.
For example: Loan A has an interest rate of 6.99% with an annual fee, loan B on the other hand has a slightly higher interest rate of 7.03% and a one-off application fee of $600.
Result: Over the life of the loan, loan B will save you thousands of dollars as the loan with the lower interest rate may not necessarily be the cheapest loan. The answer is to talk to an experienced mortgage broker.
Loan calculators should not be used as a substitute for expert advice. Loan Market mortgage brokers are experts in home loans and will take into consideration your financial situation before making any loan recommendations. Talk to an expert today!>