You will surely agree that refinancing is not just about bagging a lower rate of interest!
There’s a lot more than meets the eye!
Making use of a refinancing calculator is the ideal way to start your journey! It can help you understand how much money you can save through refinancing, when you will be able to recoup the costs of refinancing, whether it is the right time to make the switch, and so on!
Each aspect of refinancing needs to be considered, computed, and analyzed, before you zero in on your refinance deal.
So let’s get started with some number crunching, so that you can make a prudent decision!
Before making the move, it is a good idea to assess your loan affordability. Your borrowing potential will primarily depend upon your income, expenses, and rate of interest. Once you are aware of the respective figures under each of these heads, you can make use of the refinance mortgage calculator to arrive at the amount you are eligible to borrow. Of course, there are several other things that a lender would consider while approving your mortgage.
Mortgage Repayment Calculator
If you’re still deciding whether to tread the path of refinancing or not, then the refinance calculator home loan for repayment will provide you with a complete picture of your future financial circumstances. By entering the figures of the intended amount of mortgage, the term of the loan, and the rate of interest, you can glance at your future repayments. This will give you a fair idea of whether it is worth taking the plunge. You can also see what your loan repayments would be, if you decide to opt for additional repayments or redraws in the future.
Refinance Interest Savings Calculator
Refinancing can turn out to be a great option for you only if you are assured that you will enjoy savings in the long run! This could be possible either by securing a cheaper rate of interest or shortening the term of the mortgage! On the face of it, you can calculate your savings by comparing your existing and new rate of interest. However, you also need to consider the balance years & amount left on the existing mortgage, the term of the new mortgage, and most importantly, the costs of refinancing, which may include fees for the application of the new mortgage, settlement of the old loan, credit check, valuation of the property, registration, and others.
Lenders Mortgage Insurance Calculator
The Lenders Mortgage Insurance provides protection to the lender against default payments during the term of the loan. Its functioning is different from the conventional insurance products. It is a one-off premium, which is paid by the financier, who, in most cases, charges it from the borrower. While some financiers may add up the premium amount with the loan, implying that you need not pay the premium upfront, others may ask you to pay it at the time of disbursal of the loan funds. In the former scenario, your monthly loan repayments will increase by a marginal amount.
While calculating the premium, several parameters are taken into consideration, including the amount of the mortgage, the purpose of the loan, the amount of borrower’s equity in the property, and the type of security.
Capital Gains Tax Calculator
As the name suggests, the capital gains tax is charged on capital gains arising from the sale or disposal of an asset. Capital gains form a part of your taxable income, and are computed after deducting capital losses for the current year as well as unapplied capital losses from previous years. For those who own a small business, there are several concessions available, which help in further reducing the amount of net capital gains. Apart from your taxable income and sale price of your property, you also need to factor in the capital costs (purchase price, stamp duty, capital improvements) and non-capital costs (land taxes, repairs, insurance) of purchase & ownership of your property. Further, the cost of selling the house is also taken into account to arrive at the final figure of capital gains.
Stamp Duty Calculator
The amount of property stamp duty to be charged varies from one state to another. For getting an estimate of the chargeable stamp duty, you may take the help of a refinance mortgage calculator for stamp duty, and input the name of the state, type of property, and the value of your property. It is important to note here that you may be up for a concession if you are buying a land.
Each state has its own way of computing stamp duty. While some follow the approach of using a sliding scale of taxation, wherein, properties are categorized according to their values, and a lump sum amount is charged, others apply a formula on the value of the house.
Negative Gearing Calculator
The Negative Gearing refinance calculator Australia is the best way to gain an understanding of how property ownership can affect your net income. It takes into account your cash operating revenue & expenses, rent, and the change in the amount of income tax payable as a result of the ownership of the property.
Mortgage Refinance Break-Even Calculator
Wondering when you will reach the break-even point on your refinance loan? Take the help of refinancing calculator mortgage to clear out your dilemma. Input the details of your existing rate of interest, the new rate, costs of closing the existing mortgage, and the duration you intend to stay in your house, and you shall get the precise answer to your query.
Fixed Vs Variable Interest Rate Calculator
When you first took a loan, you would have surely explored your options of fixed and variable rate of interest. Similarly, at the time of refinance, you again need to make a choice between both the types of interest. The Fixed vs Variable Interest Rate calculator enables you to compare the repayment amounts payable for fixed rate loans vis a vis variable rate loan. You can also check the outstanding loan balance at the end of the term under both the options.
With RefinanceToday, Managing Your Mortgage Refinance Has Never Been Easier!
While refinance home loan calculator Australia provides you with concrete numbers pertaining to your refinancing decision, it is RefinanceToday that can help you glean important insights from these analyses!
Outfitted with an expert team of mortgage broking professionals, we, at Refinance Today, assist you throughout the lifecycle of refinancing, starting right from exploring your options, comparing products, connecting you with lenders, finding the best deals, settling your existing loans, facilitating documentation, and much more!
With our robust and varied lender panel, you can be assured that you will avail the best refinancing loans with great features and low rate of interest!
Because We Ensure That Australian Homeowners Gain Access to the Best Refinancing Opportunities!
We bring with us an extensive experience in the field of mortgage refinancing! This makes us fully equipped to understand the precise needs of Australian homeowners!
We firmly believe that every borrower has different circumstances, and a one-size-fits-all strategy does not apply in these scenarios. It is for this reason that we strive to secure a mortgage that works for you and helps you to achieve your dreams, so that you can live your life the way you want!
Whatever be your financial situation, we find the best funding option for you, and help you reach your intended destination, in a quick and hassle-free manner!
Having us as your mortgage broking partner ensures that you will enjoy considerable savings of money, time, and efforts!