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MORTGAGE CALCULATORS
How to pay off your home loan sooner
Make weekly or fortnightly repayments
On an average home loan of $250,000 simply by making half the minimum monthly repayment fortnightly instead of paying monthly will reduce a 30 year loan term by about six years. This is vital in owning your home sooner; make sure you can make weekly or fortnightly repayments.
Make extra repayments
Ask if your mortgage will allow you to make extra repayments, and if there is any fee for doing so. Some fixed rate home loans may not allow or may limit extra payments. Find out what limitations may be placed on your ability to pay off your home loan sooner. Making just a small extra repayment every week can make a massive difference to your home loan term.
Secure the best possible interest rate
Don’t just look at honeymoon or introductory rate home loans, it’s important to consider what interest rate you’ll be paying in the years to come and how this may affect your ability to service your loan. Often taking a full featured mortgage product can leave you paying a higher interest rate and for many a basic variable or fixed rate loan may be a better option. Some products named “Professional Packs” or “Standard Loans” can often in fact be more expensive for some borrowers.
Beware of lines of credit and debt reduction programs
A line of credit is like a giant credit card. If you’re not dealing with your current credit card you’re not likely to handle a line of credit very well either. While there genuinely are ways of using a line of credit to pay off your home loan sooner for many people this can create a trap that sees them ending up with credit card debt and an even higher mortgage than ever. Some companies promoting debt reduction programs charge large fee’s for their service and may not refund the fee if you’re not happy with your result. For many people a cheaper loan with a lower rate of interest and less fees is a much better option so be sure to do your home work before handing over any money or signing any documents. Townsville Financial Services does not charge you any fee’s for our service.
Mortgage Calculators
Please click on the below calculator links which will open in a new window. When finished - close the window to return to our website.
Basic Loan Repayments
Car Lease
Complete Loan Comparison
Extra Repayments
How Long to Repay?
How Much Can I Borrow?
Lump Sum Payments
Principal & Interest v. Interest Only
Stamp Duty
Split Loan
Income Tax
Reverse Mortgage
* These calculator and its resulting calculations do not constitute a loan offer, application or home loan approval
Frequently Asked Questions
How does Townsville Financial Services work?
Do I have a wide choice of Home Loan packages
We are accredited with over 40 leading lenders and can offer more than 400 different home loan packages for everyone from first home buyers to professional property investors. So whether you're looking for a loan through the big banks, smaller Building Societies or Credit Unions, we'll be able to assist you to get the result you're looking for.sit
What about Honeymoon rates or low interest loans
This offer includes honeymoon rates, low interest loans and professional packages. As long as we assist in processing your application we will put money in your pocket.
What fees do we charge our customers
We dont charge any fees for our services! Most mainstream mortgage brokers will not charge you any fees for their service. Even if you've had a troubled credit history you can still find brokers who will assist you free of charge. We do not charge you any fee's for our service as your lender pays us for processing your loan application. It is our policy to disclose all commissions paid to us by your lender.
What is Churning?
We do not recommend changing lenders on a regular basis. Some mortgage brokers try to refinance your home loan every year. This practice is also known as churning. This not only can be very costly to the borrower but is also unethical and we do not recommend this type of practice. Don't be fooled into changing loans unless you have a genuine need to switch lenders. To report a mortgage broker for any unethical practice contact the Mortgage Industry Association of Australia on (02) 9967 5142.
What if you've already been approved for a home loan
If you have already had a home loan approved it is our policy not to resubmit another application to the same lender as we feel this is not in the best interest of the client. If you already have a great relationship with your bank manager why change it? You can't put a price on good service.
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