Bond affordability calculators can help with the lending process as they enable you to find out:
- The affordability of a bond
- The monthly instalments of a new home purchase
- The money you could save through switching to a better loan
You simply have to select the calculator that meets your research needs best and fill in the necessary information. Instantly, you’ll see the value of a property you can afford, what your instalment would be and how much you can save if you switched your bond to another or better bond.
Most bond lenders, offer services of a bond affordability calculator if you go onto their websites. Various calculations you can access through a bond affordability calculator include:
- Affordability calculations
With the affordability of a loan you can find out how much you can afford to spend on a new home, based on your income and any deposit you have available.
Calculations include: Gross monthly household income and deposit amount and the repayment term in terms of years.
- Repayment calculations
Know your repayment by getting an estimated monthly instalment on a new mortgage, based on the value of the home you’d like to purchase.
Calculations include: Property purchase price, deposit amount, gross monthly household income, and salary type and the repayment term in terms of years.
- Switch calculations
By assessing how much you could save by moving the bond on your property from your current bond provider to another home loan provider.
Calculations include: Estimated property value and the outstanding balance on your home loan and the repayment term in terms of years.
- Refinance calculations
Is for if you’d like to take out a new bond on your existing bond-free home, in order to access cash out of the property, use this calculator to see what your expected repayment would be.
Calculations include: Estimated property value, cash out, gross monthly household income, additional monthly payment, loan term, majority household income type and the reason for purchasing the property