Home Loan Report Terms & Conditions

Terms and conditions, fees and charges, and normal lending criteria apply. Comparison rate based on a loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees and other loan amounts may result in a different comparison rate.The purpose of this Home Loan Report is to assist you in calculating your estimated borrowing power associated with purchasing or refinancing a home loan and estimated home loan repayments based on your search criteria and lender panel (powered by Australian Credit License 390502).

If you change any of the information, including the interest rate, you will obtain a different result. It does not constitute an offer of credit. The actual amount you can borrow, and the applicable loan repayments, can only be determined once you submit a full application with a lender or bank, who will assess your application with their credit criteria applicable at that time. Before acting on the results of this Home Loan Report you should seek professional advice.

Fees and charges: Not all fees, charges or duties you could incur in relation to your loan and/or property, are included. The following fees, charges, and duties provided are estimates only;

  • Stamp Duty
  • Mortgage Registration Fee
  • Transfer Fee
  • First Home Owners Grant

Monthly Repayments are an estimate only and exclude fees. The repayment amount is based on the example interest rate displayed in your Home Loan Report, your selected loan amount, and a standard loan term of 30 years. Where interest rate is fixed or has an introductory variable rate period, the calculation is based off the fixed rate or introductory variable rate during the period stated. Actual repayments may vary based on your individual circumstances and interest rate changes.

Expenses: We apply different methods, depending on the bank or lender you have been matched against. Many Australian banks use actual living costs when assessing your mortgage application however for the purpose of this Home Loan Report the Household Expenditure Measure (HEM) has been used. The result should be used as a general guide only, as your living expenses can vary significantly depending on how you choose to spend your money.

Interest rate:

  • For the purposes of our calculation, we assume a variable interest rate. A static rate has been applied for the full 30-year loan, as we cant predict what rates will do in the future.
  • The interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).
  • Repayments are principal and interest repayments.
  • One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
  • Interest rate buffers: We include an interest rate buffer in our calculations. This allows us to factor in, to a degree, the effect of interest rate increases when working out how much you may be able to afford. The bank or lender may apply higher interest rate buffers.
  • Your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).

If refinancing is selected;

  • Interest Savings is an indication of the amount saved and is the difference between the repayment of your existing loan and the example interest rate displayed in your Home Loan Report. It assumes interest rates do not change during this period and does not include application or ongoing fees. Where interest rate is fixed or has an introductory period, the revert rate is factored into the calculation for the period stated. Discharge fees, lenders mortgage insurance, and break costs are not considered and need to be obtained from your lender.
  • Current Loan Repayments are an estimate only and exclude fees. The repayment amount is based on the interest rate that you have provided, your selected loan amount, and a standard loan term of 30 years. Actual repayments may vary based on your individual circumstances and interest rate changes.
  • New Loan Repayments are an estimate only and exclude fees. The repayment amount is based on the example interest rate displayed in your Home Loan Report, your selected loan amount, and a standard loan term of 30 years. Where interest rate is fixed or has an introductory variable rate period, the calculation is based on the fixed rate or introductory variable rate during the period stated. Actual repayments may vary based on your individual circumstances and interest rate changes.
  • Interest Only repayment type is defaulted to 5 years at Interest Only and then reverts to a Principal (i.e. amount borrowed) and Interest repayment for the remainder of the loan term.