The loan calculator is widely used in Australia. Property buyers use this program to compare mortgage rates for both residential owner occupied loans and investments loans. This useful tool includes a simulator which can calculate your minimum weekly, fortnightly or monthly loan repayments and at the same time let you know how much time and interest you can save by paying more than your minimum repayment.

The loan calculator has many variables and will enable you to select your nominated loan amount, interest rate, loan term and loan repayment type (interest only or principal and interest). The loan calculator can project your future interest costs and let you know how much you can save by paying extra. It illustrates the benefits of lump sum payments and/or small regular additional repayments. The longer the loan term the more interest you pay.

In Australia, residential investment loans have some tax benefits. Many investors choose to pay “interest only" repayments as the interest component can be tax deductible. The loan calculator highlights the differences between a “principal and interest" loan (reducing) and “interest only" loans. The loan calculator can assist you with managing your repayments. Mortgage rates and products are continually changing in Australia and a loan calculator will enable you to budget and manage your cash flow accordingly.

Most Lenders in Australia, enable online access to their loan calculators. You can enter unlimited loan scenarios and view the outcomes. In today’s mortgage market many homebuyers are seeking mortgages with split loan accounts. Whether you’re a first time homebuyer or an investor, the loan calculator can assist you with managing multiple loan accounts. Your home loan may be part fixed and part variable. If variable rates rise, you can easily calculate your new loan repayment based on your new interest rate and remaining loan term.

Homebuyers in Australia can also access other online useful tools. These include the Stamp Duty Calculator which enables you to find out how much the cost of stamp duty adds to the cost of buying a home in a particular state or territory. The First Home Buyers Grant eligibility. You can find out if you are eligible for the First Home Owners Grant.