Best Mortgage Calculator

When looking for the best mortgage calculators such as RateCity’s calculator makes it easy to compare home loans. Simply punch in the amount you wish to borrow, and the calculator will provide a monthly repayment figure from a number of different home loan lenders.

Apart from trying to get a low interest home loan, by using the best mortgage calculator in the market, there are other factors worth considering when looking for a home loan.

Low fees

If it’s a first mortgage, be aware that some lenders will charge an application fee – although not always. An establishment fee is meant to cover the costs of creating your account and producing the documents such as the ‘Certificate of Title’, required to set up your home loan.

An establishment fee might also cover the cost of a representative from your lender attending the settlement, and for the lodgement of any documents with the Land Title Office.

Moreover, the amount you pay to establish a mortgage differs between lenders and even home loans. Some may charge hundreds of dollars or more, while others will waive the fee charging no establishment fees at all.
So it's worth taking this into consideration when calculating the costs of setting up a home loan or switching to another lender.

Switching lenders

Likewise if you decide to switch between a fixed rate mortgage and a variable rate mortgage, you may need to pay a break cost. That said, since the middle of 2011, exit fees no longer apply if you refinanced or took out a variable rate mortgage after July 1.

Split the difference

If you’re not happy with either a fixed rate mortgage or a variable rate mortgage, you might want to consider a split home loan.

These are home loans that are part fixed and part variable, in almost any proportion you prefer. With a split rate home loan, it doesn’t really matter what the lenders and the Reserve Bank of Australia settle on with interest rates, you win some and lose some either way.