Whether it is a house renovation, vacation or tuition fee Westpac loans can be used for several personal purposes. Westpac bank has realized that a customer's major problem lies in computing the rate of interest, the EMI (Equated Monthly Installments) charged and the loan tenure applicable on their home loan amount. That is why, it has come out with a very useful tool called the Westpac Home Loan Calculator which helps you to calculate the interest rate and the loan period. A number of questions that arise in the minds of a borrower are:
Westpac Home Loan Repayment Calculator answers the following:
- How much of amount can I borrow from the bank?
- How much of deposit will I need?
- How will my repayments be and for how much?
- What will be my upfront cost?
- How much of equity do I have in my property?
The answers to all such questions or any other questions are easily answered by the bank customer care. If you want to know the amount of home finance you will be able to borrow, you would have to enter your income and expenses inside the repayment calculator. Also you can calculate and compare different figures, interest rates and make an estimate of your repayments and savings. If you need you can design your own home loan combining both fixed and variable rates. The calculator will will assist you in knowing the housing loan amount that you will be eligible to. To know about the deposit you will have to enter the price of the property without mortgage insurance. The upfront cost would depend on two factors – the state you live in and the type of property you are going to buy. To know about the existing equity you will have to enter the outstanding loan debt and market value of the property. You can also track the progress of your loan application easily by just entering your Loan Application Number.
Once you get all the answers to your questions, you can decide whether to go in for the loan, or shrink the loan amount. You can also compare different Westpac home loan packages and see for yourself how much saving would be possible if a different package of housing loan is taken. You can also get a rough idea by calling their number 131 900 for more information on Westpac home loan calculator, current interest rates and so on.
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