Calculators

A quick internet search for “Mortgage Calculator” will bring up a huge number of options. The challenge is that the calculator creator often has an agenda. There are also many differences in the calculations made behind the scenes, many of which can be near impossible to identify. We have compiled a list below, of the calculators that we believe to be the most reliable and unbiased. We cannot guarantee the accuracy of these calculators in all circumstances, however we personally use each of these at different times, for both personal and business scenarios. Hopefully they can also be of help to you.

Loan Comparison Calculator

https://moneysmart.gov.au/home-loans/mortgage-switching-calculator

Loan Repayment Calculator

https://moneysmart.gov.au/home-loans/mortgage-calculator#repayments

Budget Planner 

https://moneysmart.gov.au/budgeting/budget-planner

All of these calculators above are managed by MoneySmart, a Government website designed specifically to help increase financial literacy, and give access to information. No calculators are perfect, but I find that these are at least unbiased, simple to use, provide many different options, and have little to no hidden information behind the scenes.

Stamp Duty Calculator

https://stampduty.calculatorsaustralia.com.au

This calculator is managed by a third party who we have no affiliation with whatsoever. You will likely receive ads while using the calculator, and we do occasionally find that the stamp duty calculations are off slightly (less than $100). However we personally use it in the business as an accurate way to estimate stamp duty quickly and efficiently for all states and territories.

Income Tax Calculator 

https://www.paycalculator.com.au/classic/

Again, while this is run by a third party and will show you ads, we find it to be clean, simple, and accurate. There is a new, more complicated version, but we prefer the old-school simple one linked above.

Borrowing Power Calculator

This one is a trick question!
Generally speaking, online borrowing power calculators are not particularly helpful. Borrowing power is different for every single lender because their policies and assessment guidelines are different. When we are assessing your ability to borrow, we will use a different calculator for each lender, but we are starting from a basis of knowing the lender policies. Blindly using online calculators is likely to yield far more incorrect answers than helpful information.
For a general rule of thumb, people can usually borrow around 5-6x their gross household income for the purpose of purchasing a home, and around 6-7x their gross household income (including potential new rent, but minus any current rent being paid), for investment purposes.
But, these figures are VERY vague and should not be relied on. They will vary based on how much you earn, where you live, your family size, your debt position, and many other factors.
However, that calculation should give you a broad idea of what you are looking at and can help you work out where you stand in the market.
Better yet, call us and we can do this for you!