There is a wide range of calculators that Bendigo Mortgage Brokers has available to assist borrowers in understanding different parts of the finance process. This includes the Loan Repayment Calculator, Borrowing Power Calculator, Stamp Duty Calculator, Interest Savings Calculator, Comparison Rate Calculator & Income Tax Calculator. We will go into more detail for each one, to help you know what they all mean and how to use them correctly.
- Loan Repayment Calculator
Do you want to estimate what your loan repayments would be? With this loan repayment calculator, you can input the loan amount, potential interest rate and loan term to determine what your repayments may be. You can change the frequency of the payments from monthly, fortnightly or weekly or the loan type from Principal and Interest to Interest Only loans. It also gives you an indication of how much interest will be paid, and it has an amortisation feature that demonstrates how the repayments are split between Principal and Interest components.
- Borrowing Power Calculator
This borrowing power calculator gives you an indication of how much you could approximately borrow based on your income, expenses, and current debts. You can change the details to see how it changes when your income is higher or lower or when you remove your current debts. The repayment frequency can be changed to compare the different amounts. Whilst this will show you roughly what your maximum borrowing capacity is, the interest rates may vary, and the bank’s assessment of your income and expenses may change. For a more accurate figure, it is best to book an appointment with us, and we can accurately appraise your borrowing power.
- Stamp Duty Calculator
Stamp duty is different for each state, which is why this calculator is important to help you understand the costs associated with your purchase. The stamp duty payable can vary for an owner occupied purchase to an investment purchase, along with the government fees and charges based on the value of the property. As a first home buyer, you do not pay stamp duty under certain circumstances but it is always interesting to see what you are saving if you’re eligible for any stamp duty reductions.
- Interest Savings Calculator
This interest savings calculator helps you to understand more about growing your savings balance and how to achieve your savings goal for a house deposit whilst also incorporating the interest you get on the account. This can be changed to reflect the current savings amount per pay cycle or to reflect how much you wish you could save. It also has a year-on-year feature to show you how it changes yearly whilst showing the interest you earn. You can change the interest rate, savings term and deposit amount to suit your needs.
- Comparison Rate Calculator
The comparison rate is the rate that includes the interest rate as well as certain fees and charges relating to a loan. So, you might see a rate offered at 6.00%, but when the fees and other charges are considered, the comparison rate may be increased to 6.25% to truly reflect the real cost of the mortgage. The aim of the comparison rate is to help you identify the true cost of a loan and compare loans and services offered by financial institutions and mortgage providers. The formula for calculating a comparison rate is regulated by the Consumer Credit Code, and all Australian financial institutions and mortgage providers use this same formula. Using the calculator you can estimate what the true cost of the loan might be over a certain period of time.
- Income Tax Calculator
Calculating your income tax can demonstrate how much your income will be taxed for the financial year, but it also helps to calculate the net income you receive and how much you will ‘take home’ per week and yearly. This can be handy to help with budgeting and how much you expect to receive from your employer. In addition, it has tax thresholds that detail how the tax is calculated and how the different thresholds are taxed. Whilst the banks will use your gross income, it is helpful to look at the tax for budgeting purposes.
