In the section below you can read articles on Australian personal finance - from tips on how to choose the best credit cards, home loan comparison advice to personal loan and bank account tips; plus the latest Australian personal finance news that affects you.
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Stamp duty - more than just a few pennies!
When you’re searching for Australian home loan deals, comparing rates and fees, fixed and variable options, don’t forget to factor in the state government costs that will accompany any loan deal.
Some Australians miscalculate or completely forget to factor in these extra costs that usually add many thousands to the initial cost of owning a home.
The Bad News – Government Charges Continue reading
The time to do your sums is before you sign the deal! There are no excuses for Australians not to be using the tools and resources at their disposal to get the right deal and financial calculators are one great tool that personal finance sites offer to make life easier.
These online calculators are usually designed to make a specific calculation and offer guidelines for when you are buying a home, comparing between financial products or budgeting.
Below we look at 5 examples of calculators that can help you in your financial decision-making.
A Maximum Borrowing Capacity Calculator will give you an indication of the amount that you will be allowed to borrow for your Australian home loan, based upon your total income and your total liabilities. It’s a great place to start, especially if you are new to the process and are looking for your first home loan, though of course it provides an indication only.
1. Home Loan Comparison Calculator
A Home Loan Comparison Calculator compares two different Australian home loans, taking into account the interest rate, number of years and any monthly fees associated to the loan. It allows you to see the expected savings of one home loan over another in real terms.
Home Loan Repayment Calculator
With a Home Loan Repayment Calculator you will be able to establish what monthly, fortnightly or weekly repayments are required by an Australian home loan provider, according to the loan amount, interest rate and the total period of the loan. Essentially it gives you a quick run down of your financial commitments to the lender.
2. Credit Card Reduction Calculator
A Credit Card Reduction Calculator shows you how long it will take to pay off your current credit card debt based on your regular monthly repayments. You can enter the amount of months you would like your credit card paid off in and it will calculate the new monthly payment required to achieve this goal. You may be surprised by what this calculator shows you.
3. Personal Budget Calculator
A good Personal Budget Calculator will allow you to feed in all of the details of your monthly expenses both little and small, to give you an idea of your disposable income; it can help you to highlight what’s essential and what’s not and may help you decide where savings can be made.
As you can see from the 5 examples above, the tools are right there for you to use to get your personal finances in order and to arrive at good borrowing decisions.
These financial calculators are, of course, just the tip of the iceberg – there are plenty more available; they are also only a guide and should be used in combination with other tools, calculations and advice.
