Interest Calculator – Mortgage Calculators

Smart Search Finance has an interest calculator as well as many other mortgage calculators that calculate mortgage interest repayments. Below is a list and links to some of the home loan interest calculators we have on the website.

Mortgage Repayment CalculatorBasic mortgage calculator that calculates monthly mortgage repayments, interest payments and total costs. Monthly, fortnightly, weekly and interest only repayments options available.

Interest Only Mortgage CalculatorCalculates the interest only for weekly, fortnightly and monthly repayments. Includes interest only period and total amount paid during the interest only period.

There are many other mortgage calculators on the website


Home Loan Interest Rates down 0.25%

Update: ANZ reduces its variable mortgage rates by 0.25% and in a surprise NAB reduces rates by 0.20%. Despite not passing on the full interest rate cut NAB still has the lowest standard variable rate amongst the big four banks.

As predicted interest rates were reduced by 0.25% yesterday giving borrowers a reprieve before Christmas. The rate reduction meet instant reaction from Westpac and Commonwealth Bank announcing that they will pass on the full rate cut. ANZ and NAB have not made announcements but we expect them to do the same. NAB may even go even further since they have been the most aggressive amongst the big four in keeping interest rates lower than its competitors.

The recent rate reduction means that the average mortgage holder will save approximately $700 to $800 annually on interest repayments. Fixed rates still remain below most variable rate loans and there are some good bargains out there. Some economists are predicting further cuts but it seems rates will be on hold until after Christmas unless a major economic catastophy happens.

To see indicative home, investment and commercial loan rates please visit our main site Smart Search Finance. These will be updated in the coming days as lenders pass on the rate cut.

Smart Search Finance has a network of  ASIC licenced Mortgage Brokers that are experts in home, investment and commercial loan solutions. All of our brokers deal with the major banks as well as many other lenders.  They can help you compare loans, negotiate better interest rates and find loans that you may never have considered.

Please complete the form below if you would like to speak to one of our brokers in your local area.


How Mortgage Brokers Can Help…

More than ever mortgage brokers can significantly save you time finding a home or investment loan due to the new  regulatory requirements.

The new legislation requires that all lenders and brokers assess an applicant before they can recommend products. Often this requires supporting documentation that includes;  tax returns, pay slips, identification, other loan statements such as car, personal and home loans and other forms of documentation. Also, if there are two applicants then both have to be present at the interview.

If you were to shop around for a mortgage then this process can be very time consuming. Using a mortgage broker can take one lot of documentation, one interview and compare your requirements to hundreds of loans. It is really that simple.

Most brokers have at least up to 30 lenders to choose from that include the major banks, second tier banks as well as non bank lenders. Therefore, you are likely to get one of the most competitive loan solutions based on your finance needs.

If you are interested in speaking to a licensed and experienced mortgage broker in your local area please submit a mortgage quote.


Fixed Rates to fall after RBA keeps interest rates on hold.

Interest rates remain on hold at 4.75% this month after the Reserve Bank of Australia made their decision yesterday afternoon.

Later that day Commonwealth bank further reduced its 1 and 3 year fixed rates from the previous month. It looks like other lenders are to follow as the weeks go by. I will keep you updated with the latest fixed rate offerings over the coming weeks otherwise contact one of our mortgage brokers.

Fixed rate falls also suggest that the variable rate is likely to drop in the coming months and some economists are predicting an interest rate reduction before Christmas. Economists predictions should be taken with a grain of salt. Short term predictions – 6 months of less – are often accurate but beyond 6 months making predictions is just like gambling.


Westpac reduces fixed home loan rates again!

Only a day ago Westpac reduced its fixed rates by 0.40%. Today they reduced their fixed rates by a further 0.20% after the Commonwealth Bank announcement.

The competition is heating up.


Commonwealth Bank Reduce Fixed Rates

Commonwealth Bank has reduced its fixed rates by 0.60%.

1, 2 and 3 year fixed rates will be at 6.74% and 6.59% with a package

4 and 5 year rates will be at 7.14% or 6.99% with a package

To find out if these fixed rates are suitable for your lending needs please send an online enquiry to one of our mortgage brokers

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