Things change; like interest rates, income, lifestyle, living expenses. So why shouldn’t your home loan?
Consolidate several debts into a single repayment (potentially at a lower rate)^.
Whatever the property market is doing it makes sense to review your home loan from time to time. After all, a new loan structure could offer greater flexibility or features that better suit your current needs; not to mention reduced repayments if your interest rate is lower than what you had previously.
Whether buying a new home, refinancing an existing home loan or investing in property, RAMS mortgage calculators can give you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you'll be paying. Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget, you'll start to see whether you can realistically afford the home you want to buy. Your local RAMS franchisee can also help guide you through this process. View all of our calculators.
How much equity could you unlock to borrow more?
Have you considered how much you could save by using an offset account?
How much you could save by using an offset account?
You may be able to borrow more but Lender's mortgage insurance may be applicable.
This would be your new repayment if you unlock all of your useable equity.
You need to apply to increase your home loan in order to access useable equity. Applications are subject to RAMS credit criteria, and fees and charges apply.
Want to find out more about your home loan options?
The formulas used to provide answers in these home loan calculator tables will provide close approximations of the real-life figures. They do not take into account such items as establishment or application fees, government charges and the like. They should be regarded as indicative only. Check with RAMS Home Loans for final figures. Loan terms of up to 30 years apply to RAMS’ home loan products.
We assume you do not redraw any amount.
We assume the interest rate does not change.
This calculator assumes any lump sum payments are made on the anniversary of your loan settlement date.
We assume the additional contributions are made at the same time and frequency as your regular repayment.
All months are assumed to be of equal length. Actual amount of interest charged may vary depending on the number of days in each month.
One year is assumed to be 52 weeks or 26 fortnights, meaning that for the purpose of the calculator a year has 364 days not 365 or 366.
Repayment amounts are rounded to the nearest cent. However, the unrounded repayment amount may be used to ascertain the amount of interest payable at the yearly points within the graph and over the term of the loan. The final repayment may be a partial repayment, to reflect a loan balance of zero.
The time saved is shown in years and months, regardless of payment frequency and is rounded down.
The amount of interest saved is not rounded. This amount is estimated from the amount of time saved.
We assume you do not withdraw any amount.
We assume interest rate does not change, the property value is accurate and does not decrease.
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.
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An increasing number of people are exploring their home loan refinance options. RAMS looks at 3 common refinancing myths.
^Consolidating your short term debt into your home loan may extend the loan term of the short term debt and could result in more interest payments over the loan term. You should obtain independent professional advice relevant to your financial circumstances.