MyChoice Home Loans - Construction Loan Specialists

Home Loan Comparison

Benefits of Home Loan Comparison

Are you unsure of which loan best suits your needs? Maybe you need help deciphering how you’d be affected in the long run if you chose the home loan with lower upfront fees or higher ongoing costs. Whether you're a first-time home buyer or you already have an existing home loan, it’s important to understand the differences between loans.

With this tool, you can make a direct comparison and determine which loan delivers the best value over its full term. It might not seem like much, but remember, something like 0.5% off your home loan could end up saving you more than $50,000!


Information Needed for Calculator

It is important to keep in mind that this calculator is not an exact tool and should not be used as a tender, but rather as a reference and a guide in order to help you make a more informed decision about your home loan. We will ask for common details like the loan amount and loan repayment term, as well as information for each loan, including Upfront Fees, Ongoing Fees, Intro Rate, Intro Term and Ongoing Rate. In addition, we provide an Amortisation chart that compares the cumulative payments of the two loans over a period of 30 years and the interest saved with each.

Budget planner

When you’re buying a new home, budgeting is essential to being able to afford your loan payments. This tool asks for your annual income and expenses in order to help you better understand your financial position.

Extra repayments

Shortening the length of your loan term by making additional repayments over and above your current repayments can provide significant interest savings. Calculate your savings with our extra repayments tool.

How long to repay

Want to know how long it will take you to repay your loan? It all depends on the repayment amount. See for yourself how long it would take to pay out your loan by altering your repayment amount.

Loan comparison

Understand the difference between two current home loans on the market. Make a direct comparison to determine which delivers the best value over the term of the loan.

Loan repayments

Get an easy way to calculate what your minimum weekly, fortnightly or monthly loan repayment would be on your borrowed amount.

Lump sum

If you're looking for a way to save significant amounts of money on interest as well as shorten your loan repayment period, use this calculator. Find out how much you can save by making a one-off lump sum repayment on top of your current repayments.

Savings

Thinking about your financial future? Set a savings goal. This tool can project how much you can accumulate over time with an initial amount and ongoing contributions.

Stamp duty

Stamp duty varies from state to state. Use this state specific calculator to see how much stamp duty will be payable on the purchase of your new home or land.