Everyone aspires to be mortgage free. The average mortgage in Australia is approaching $400,000 and of course if you reside in a capital city the averages are far more than this. The average mortgage repayment in Australia is $2,000 per month. Imagine how you lifestyle would improve if you no longer have a mortgage.
When your home is under a mortgage you can imagine its divided into two parts the first part is Equity (your money) the second part is the Mortgage (your debt). Our overall strategy is to help you become debt free in the soonest possible time. This calculation will show you how we could Accelerate Equity to help you become mortgage free sooner and or open up investment opportunities sooner.
This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
Results are based on information you have provided and do not take your personal circumstances into account.
It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
Initial inputs will be displayed on the left hand side of the graph. Your 'What if' scenario (if applicable) will be displayed on the right hand side of the graph.
It is not intended to be your sole source of information when making a financial decision. You may wish to consider getting advice from a licensed finance professional.
Using this calculator does not guarantee you will be eligible for a loan. You will need to satisfy your lender's lending criteria.
Interest rates do not change for the life of the loan.
Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly, monthly quarterly or annually.
It does not take into account up-front fees such as loan establishment fees.
It does not consider your ability to make the repayments shown. To help you consider the impact of interest rates changes, we suggest exploring the impact of a 2% interest rate rise. Interest rates could rise in future by more than 2%.
Affordable repayments cannot be less than the fees entered.