Revive Financial is a team of qualified insolvency professionals who deliver full-scale debt management services.
How Much is Your Mortgage Costing You?
Sinking into mortgage debt? Unsure how much interest you’re paying on your home loan? If you are thinking about refinancing your mortgage for a better interest rate, our Mortgage Calculator can help.
Repayment settings have limited the savings options available. An Interest only repayment type usually does not allow any extra repayments to be made.
Extra Repayment Amount
Offset Account Amount
Lump Sum Amount
Lump Sum Year
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan or product. Results are based on information you have provided and does not take into account your personal circumstances. Using this calculator does not guarantee you will be eligible for a loan. You will need to satisfy your lender’s lending criteria. This calculator is not intended to be your sole source of information when making a financial decision. It is advised that you consult a professional financial advisor before taking out a loan.
Use a 100% Offset Account
Placing your savings into a mortgage offset account will reduce the interest payable against your loan. For example, if your loan is $400,000 and you have $50,000 in your offset account, you will only be paying interest on $350,000.
Repay Principal and Interest
Many lenders offer you the chance to pay just the interest on a mortgage. But if you only pay the interest, you don’t put any dents into the loan principal. A principal and interest loan allows you to start repaying the principal straight away.
Split Your Repayments
Make repayments every two weeks, not monthly. A monthly repayment schedule means you’ll make 12 repayments a year, whereas a fortnightly schedule means you’ll make 26 repayments, making one extra full repayment each year.
Consolidate Personal Debts
Generally speaking, interest rates on unsecured debts are much higher than your mortgage. Consolidating your unsecured debts into your mortgage means you’ll pay a lower interest rate and have more money available to pay off your mortgage.