Please enter the period (number of years), interest rate and your loan amount and click calculate. The results of this loan repayment calculator are for comparison purposes only and are an approximation.
What can Mortgage Maestro do for me?
Mortgage Maestro has access to hundreds of loans, and the best interest rates. We will provide you with a completely independent, unbiased analysis of your loan requirements. Mortgage Maestro will ask you for information about your current & future financial needs. We will then research and source from hundreds of loans, Banks & Non Banks, the best loans that suit your circumstances and provide you with Solutions for your borrowing needs. All in plain English.
What are the benefits Mortgage Maestro can provide for me?
By using Mortgage Maestro you are not locked into only one bank or lender, we have access to hundreds of loans not just a few. We will save you time, money & stress. Provide you with completely independent, unbiased Solutions for your borrowing needs. We do not have our own loans, unlike some other lenders, we do not lend ourselves. This will provide you, the borrower with greater certainty about getting the best loan for you, not the mortgage consultant. You do not pay for our services, our services are free to you. Take advantage of our expertise, as this is free. We are paid by the lender that you choose.
I want to refinance my existing home loan, how can Mortgage Maestro help me?
If you are considering refinancing your existing loan, we can review your current loan and provide an alternative for you. We will provide costs for you and not mislead you, as in some cases, it may not be cost effective to refinance simply to obtain a cheaper interest rate, as there may be some large costs in changing your loan to another funder. However if you wish to refinance to obtain money for some renovations or investments, we can provide you with market leading loans and interest rates.
I am a Senior Citizen seeking a Home Equity loan (Reverse Mortgage), what can Mortgage Maestro do for me?
Mortgage Maestro will take the stress and hassle out of the loan process for you. We will source the best, market leading loans for your specific situation, as not all Reverse Mortgages are the same.
I am self employed, can I still get a loan?
Mortgage Maestro has loans for Self Employed. Can be as easy as providing a valid ABN, and self certify your income, using a form of property as security. We can provide you with highly competive interest rates and terms to suit your specific requirements.
Does Mortgage Maestro offer loans for Business, Commercial or industrial property?
Yes, Mortgage Maestro has a loan for you, in some cases the loan must be secured by a residential property. We can also access lenders that will lend against commercial or industrial property.
Can I borrow money in a Company Name / Trust?
Yes, Mortgage Maestro can access lenders that will consider lending to companies or trusts. Requirement is that residential property is used as security for the loan.
I haven't found the property I like yet, can I get pre-approval to buy a property, then find the property I like?
Yes, Mortgage Maestro can arrange written pre-approval for you. You can then seek out your ideal property with confidence that the funds are available to you. The pre-approval would be subject normal lending criteria and confirmation of the property details of the proposed purchase.
How long does it take for my loan to be approved?
In most cases pre-approval can be given in 48 hours. Formal approval usually takes between 2 & 6 weeks.
How much deposit do I need?
For most lenders 5% of the purchase price is required for a deposit for owner occupier's. For investors usually 5%-10% deposit of the purchase price. First home owners that are eligible for First Home Owners Grant (FHOG), can borrow up to 100% of the purchase price. Depending on individual circumstances, a deposit required is best discussed with Mortgage Maestro, as we can assess your situation as everyone's situation is different.
What additional costs are there?
Other costs can include Lenders Mortgage Insurance (LMI) & Stamp Duty. Some lenders require a loan application fee, other costs can include, solicitor's legal fees, building / council inspection, pest inspection, home & contents insurance, rates, moving expenses and utility connections. As a guide only, budget between 5%-7% of the purchase price, in addition to your deposit to cover fees and charges.
How much can I afford to borrow?
This can vary from lender to lender. Look at all your income / expenses and other ongoing financial commitments. Most lenders will provide you with a loan, based on the capacity to meet the minimum monthly repayment. As a guide only, this usually should not exceed 30% of your pre tax income.
How is interest calculated?
In most cases interest is calculated on you current outstanding daily balance, and charged to your loan once a month.
How are my repayments made?
Repayments can be made, weekly, fortnightly or monthly. Lump sum payments can be made also.
You can match your loan repayments to coincide with your pay cycle. The fastest way to reduce the balance of your loan is to pay either weekly or fortnightly.
What is Lender's Mortgage Insurance (LMI)?
Generally if you borrow more than 80% of the purchase price of the property, you will have to pay Lenders Mortgage Insurance. This is an insurance to protect the lender, should you default on your loan.
What documentation will I need to apply for the my loan?
Current records of incomes, salary, your most recent payslip/s.
Current bank account details
List of assets and liabilities.
Proof of identity. Photo id, licence or passport, other identification can be used also.
What is settlement?
Finalisation of payment by the buyer to complete the sale and then take possession of property.
Settlement usually takes place 4 - 6 weeks from when the home loan is formally approved.
What happens once I complete the online quote form?
Once you have completed our online enquiry form, Mortgage Maestro will be in touch with you with in 24 hours to discuss your enquiry with you. Mortgage Maestro will discuss your loan options with you, and advise of loan types and recommendations we make for you.
Once all details are confirmed and Mortgage Maestro can submit your loan application to the recommended lender for pre-approval. This service is 100% obligation free.
Leave all the running around to Mortgage Maestro and save yourself, time, money & stress.
Simply request a free quote using our online enquiry form now (top left corner) and Mortgage Maestro will do the rest.
