Home loans
Making the right mortgage choice
Mortgage - A loan secured by the collateral of some specified real estate property that the borrower is obliged to pay back with predetermined set of payments.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment. |
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| Purchase & Financing Information | |
| Purchase Price of Home: | (In Dollars) |
| Percentage Down (deposit): | % |
| Length of Mortgage (term): | years |
| Annual Interest Rate: | % |
| Explain Calculations: | Show me the calculations and amortization |
There are numerous types of home loans and mortgage products available on the market today. These are known by various names from various lenders. Rent Lease Group will match the right home loan to suit your individual finance requirements. At Rent Lease Group, we endeavour to put you in charge of your own destiny and dream – YOUR HOME.
Don’t waste time running from bank to bank when our experienced mortgage consultants can bring the home loan market to you. Whether you are purchasing a new home, investing or simply looking at your refinancing options we’ll help you sort through the myriad of products to find a home loan solution for your needs.
Comparing hundreds of great loan options from over 40 lenders, our aim is simply to save you time, stress, and wherever possible, money.
Features of each type of loan are listed below as a guide for you. Please contact Rent Lease Group and together we can discuss the best form of loan for your needs.
Standard Home Loan
Your interest rates are lower (for a limited time)
You have lower fees
You have limited or few features
You cannot make additional repayments
This loan is only available only to owner occupiers
Fixed Rate Home Loan
Your monthly repayments will never change
Your interest rate is fixed
You need to be careful as some lenders charge large exit fees
You are limited in the features and flexibility of the loan
Your redraw options are limited
Variable Rate Home Loan
You have much more repayment flexibility
You have the option to make additional repayments
You may have a redraw facility if required
You can split the loan to different loan options
You may have portability
You may have the option to choose a line of credit
Split Rate Home Loan
You can pick features of various loans
You can have 50% fixed loan and 50% variable loan
You can have different repayment options for each part of the loan
You can use the equity to purchase more property or enjoy a holiday or pay off your credit card debts
Interest Only Home Loan
You should have lower repayments
Your loan will be spread over two and five years
You will have to repay the full amount of the loan at the end of the loan term
Lo Doc Home Loan
You will have less paperwork
You can only borrow up to 80 per cent of property value
Generally interest rates are higher
You may qualify for a reduction in interest rates if you are able to supply tax returns
This method is generally utilised by self employed or business people
You may require mortgage insurance
If you would like more information on any mortgage or home loan product, please call Rent Lease Group now on 1300 309 806 (Australia) or click here to have a representative contact you as soon as possible.