Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. To work out how much your repayments will be with an interest-only home loan, use an interest-only loan calculator.īase criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. Read here to learn more about the pros and cons of interest-only home loans. The IO loan will cost the borrower $313,400 in total interest, while the P&I option will cost around $287,500 - a difference of nearly $30,000.
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