Jade Agri Finance FAQs

The amount that borrowers have for a deposit is not directly factored into the repayment estimates generated by online mortgage calculators. Users of these devices should allow for their deposit by entering only the amount they need for their finance. This may be the purchase price less the deposit and allowing for upfront costs. If upfront costs are to be paid from the deposit savings, this would reduce the available deposit and increase the loan required.

No. LMI is Lender Mortgage Insurance. It is a cost which is required to be paid by home loan borrowers with a deposit below the standard 20%. It is an upfront cost and not included in the repayment estimates generated by online mortgage calculators.

No. The location of the property for which the repayments are being calculated is not considered in the computations. The device calculates a monthly repayment figure and total interest accrued based only on a loan amount, interest rate and repayment term. The location of a property will affect the Stamp Duty, which is not factored into calculations.

A Home Loan Calculator is an online device provided by banks, mortgage brokers and other lenders in the property finance market. The devices are free to use and programmed to carry out interest and other computations based on the data entered by the user. The devices calculate repayments on mortgages based on a loan amount, rate and term entered. The results are estimates to be used as a guide only.

No. Online mortgage payment calculators work only on the loan, rate and term to generate results. Users do not need to enter their credit score. Credit scores and financials are not considered in generating the estimates.

Both fixed and variable interest rate loans can be used in the online mortgage calculation device. Users may generate results for both types of rates for comparison purposes, using the relevant term for the rate quoted by a lender.

No. An online mortgage calculation device provides repayment figures based only on the loan amount entered by the user. This figure does not have to relate to a specific property. The device can be used before a property is selected. The price of a property is not considered in the calculations.

No. Mortgage repayment estimates calculated with an online loan calculator do not include Stamp Duty or other upfront costs. Stamp Duty is a state-based tax based on the price or value of the property. The calculator generates figures based on the loan amount entered by the user. Buyers may use a Stamp Duty Calculator to obtain the amount due on their property.

No. Lender fees and charges are not included in online loan calculator estimates. Mortgages will attract fees and charges from lenders. These fees can vary with the lender, the type of property loan, and can vary with different borrower profiles. The calculator does not determine the lender or the charges that will apply to an individual’s loan.

The calculation device is formatted to generate repayments on Principal and Interest home loans. Each monthly payment would be paying down both the interest and the amount borrowed. Upfront costs including lender fees and charges, conveyancing costs, Stamp Duty and LMI are not included in the estimates.