Mortgage Stress Calculator
Struggling to pay your mortgage?
Simply enter household income, and your monthly mortgage repayments to instantly see how close you may be to mortgage stress. lucky for you rates are finally dropping and we can help.
Your mortgage payments are
of your pre-tax income
Pre-tax monthly income:
$0
Monthly repayments:
$0
Pre-tax monthly balance:
$0
The mortgage stress bar shows visually how close you could be to experiencing mortgage stress.
Calculator Assumptions and Disclaimers
Discover your options
Instead of settling for your current bank, or wasting time searching rates, get in touch and let us do it for you.
We help you pick a winner
Once we have some basic info, we’ll match you with a mortgage specialist who will find the most suitable loan for you.
Sit back and relax
Your mortgage specialist will help put together your application and maximise your chances of getting approved.
Refinance your loan with home loan options starting at 5.39%*
Sit back and let one of our finance specialist partners compares hundreds of loans from over 70 lenders for you, then show you three killer options that could help you keep more of your hard earned money where it belongs – in your wallet.
Our partners negotiate with the banks you’ve heard of, and many you haven’t, to find you the most suitable loan, with rates you’ll love.
What's that?
LVR, LMI, Comparison rate, interest only, conveyancing and more! When we were researching our home loan options, we kept seeing all this jargon everywhere. Everyone else seemed to know what LMI meant but we…erm.. weren’t so clear. Here are some straight up definitions for people like us that like their answers without a side of gobbledygook.
LMI stands for Lender’s Mortgage Insurance. This protects the bank in case you default on your home loan. This is an additional charge, typically if your deposit is less than 20% of the purchase price. If you want to buy a property for $500,000 and have $50,000 (10%) saved for a deposit, the bank may charge you LMI. LMI is a once-off payment, and can often be added to your loan amount.
LVR stands for Loan to Value Ratio. The amount of money that a bank will lend you based on how much the property is worth. For example, an 80% LVR means the bank is willing to lend up to 80% of what the property is worth. If you’re buying a property for $500,000, an 80% LVR loan is $400,000. In this example, you would need to have $100,000 (20% of $500,000) saved up for a deposit.
Absolutely not. When applying for a home loan a mortgage broker can often get you better rates than what you could by going directly to your bank. First, they get some info, do lots more research and then they’ll show you the lowest rates from a range of lenders. Then, they’ll negotiate with the bank to ensure you get the best rate possible. This service costs you nothing and you might even end up paying a lot less than nothing – if you get a cashback or or secure a lower rate, or both!?
You might incur break costs if you repay a fixed rate interest loan before the end of the fixed interest period or if you make extra repayments that exceed the maximum allowed on your loan. If you do want to repay your loan in full, you can ask your lender for a quote on current break costs to see how much extra you might be charged.
Lenders often use rebates or cash back as an incentive to refinance with them. Cash back gives you a refund once you’ve taken out your loan, while a rebate is a reduction in the balance of the loan. It’s wise to compare all other interest charges, comparison rates and fees to make sure it’s a good deal.
A comparison rate factors in all costs associated with a loan, including the interest rate, fees and charges. It helps you understand the true cost of a loan and more easily compare with loans from different lenders, so you can estimate how much you might pay over the life of the loan. It is represented by a single percentage rate which factors-in the interest rate, fees and charges relating to the loan. (Government charges or early pay out fees are excluded).
We just made finding the right home loan easy.
If you are looking for a fully independent (not owned by any bank) and transparent mortgage broker who speak plain English, we can help. We combine smart tech and smarter people to help you find the right loan.
Send us your deets and we’ll find a broker who can compare hundreds loans from Australian bank and non-bank lenders and show you three that’ll help you keep more of your hard earned money where it belongs – in your wallet.
