Question 1

How accurate are these financial calculators?

Accepted Answer

Our calculators provide reliable estimates based on standard financial formulas used across the Australian lending industry. However, actual loan offers may vary depending on your credit history, lender policies, and market conditions. We recommend using these tools as a starting point and speaking with one of our finance experts for personalised advice.

Question 2

How is borrowing power calculated in Australia?

Accepted Answer

Borrowing power is determined by your gross income, existing debts, living expenses, and the lender's assessment rate (typically 2-3% above the actual interest rate). Our borrowing power calculator factors in HEM (Household Expenditure Measure) benchmarks and standard Australian lending criteria to give you a realistic estimate of how much you could borrow.

Question 3

What is stamp duty and how much will I pay?

Accepted Answer

Stamp duty (also called transfer duty) is a state government tax paid when purchasing property. The amount varies by state and territory, property value, and whether you're a first home buyer, owner-occupier, or investor. First home buyers may qualify for stamp duty concessions or exemptions. Our stamp duty calculator covers all Australian states and territories with current rates.

Question 4

How does an offset account reduce my home loan interest?

Accepted Answer

An offset account is a transaction account linked to your home loan. The balance in your offset account is deducted from your loan principal when calculating interest. For example, if you have a $500,000 home loan and $50,000 in your offset account, you'll only pay interest on $450,000. Our offset account calculator shows you exactly how much you could save over the life of your loan.

Question 5

What is LMI and when do I need to pay it?

Accepted Answer

Lenders Mortgage Insurance (LMI) is a one-off premium charged when your deposit is less than 20% of the property value. It protects the lender (not you) if you default on the loan. LMI can add thousands to your upfront costs, so it's worth considering whether to save a larger deposit or pay the premium to get into the market sooner.

Question 6

Are these calculators free to use?

Accepted Answer

Yes, all our financial calculators and planning tools are free to use with no sign-up required. We provide these tools to help Australians make informed financial decisions. If you'd like personalised advice based on your results, you can speak with one of our finance experts.

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