Find out how much your loan will really cost you
Use a bank calculator to find out how much you can afford to borrow, and also which loan will give you a good deal. Bank calculators are offered by certain lenders to help show you the true cost of a loan, and simplify the borrowing process by letting you calculate your repayments online. Because bank calculators are available online, you can get the answers you want anywhere and at any time simply by entering a few basic details.
How to use bank calculators
While bank calculators vary in style, the one thing they all have in common is that they’re very easy to use. Take these three calculators from Defence Bank, Easy Street and Nexus Mutual to discover the possibilities offered by these handy online tools.
Defence Bank personal loan calculator
The fields to enter your details in is on the left side, including the amount you want to borrow, the interest rate, the loan term, the repayment frequency and the repayment type (principal & interest or interest only). Your results are then displayed on the right-hand side in both graph and table form, showing your monthly repayments and the total interest payable.
Easy Street Financial Services personal loan calculator
This calculator has a different layout, but the results are the same. You enter your details at the top, with the loan amount, payment frequency, interest rate and loan term all being required, and your results are displayed at the bottom. These results will be shown in both graph and table form, including your monthly repayments and how much interest you will pay over the life of the loan.
Nexus Mutual personal loan calculator
Very similar to the Easy Street calculator, this tool from Nexus Mutual requires you to enter details in the top section. Requirements include your loan amount, payment frequency, interest rate and loan term. The results are then displayed at the bottom (monthly repayments and total interest payable).Back to top
When will these bank personal loan calculators come in use?
The crucial time to use a bank calculator is when you are thinking seriously about applying for a personal loan. It will not only tell you whether you can actually afford it or not, but it will also provide you with the following benefits:
- Bank calculators let you find out the true cost of a personal loan for yourself before you borrow. This can save you time on your personal loan search and can help you narrow down on your most competitive options.
- The calculators are quick and easy to use — especially with the guide finder.com.au has put together for you on this page!
- Enjoy the convenience of accessing calculators online, wherever you might be.
- You can alter your results in real-time. If the rates on your loan change, you can change them on the calculator and see your repayments change as a result.
Personal loan calculator
finder.com.au's personal loan repayment calculator helps you compare your loan options while you're searching for a personal loan. While the bank calculators let you see your repayments for their own loan, this calculator lets you compare loan options and find the most competitive one for you. Compare loans from different lenders and see which provider can offer you the lowest ongoing repayments, and which one will see you paying the least amount of interest in the long run.Back to top
What personal loans do these banks offer?
Like to know what types of personal loans are out there? Here’s a look at what three major lenders are currently offering their customers.
- Personal Loans. Finance a range of needs at a competitive rate of 11.74% p.a. You can repay your loan over a 1 year(s) to 7 year(s) period and enjoy a free redraw facility and no ongoing, extra repayment or early payout fees.
- Consolidation Loan. Have existing debts that you want to consolidate? Bring them to Defence Bank and pay a rate of 13.99% p.a. There are no ongoing fees, helping you to keep your costs low and help you get in control of your debt.
- Cadet Loan. If you're an Australian Defence Force Cadet you can apply for a low interest Cadet Loan with Defence Bank. These loans are designed to cover the costs of studying, whether they be for a new computer or even an approved tour. A competitive rate of 9% p.a. is available.
Easy Street Financial Services
- Personal Loans. Easy Street offer both a fixed and variable rate personal loan, giving you power over your choice of repayments. You can borrow between and , with competitive rates available for both loans — 9.99% p.a.. for fixed and for variable. Terms of between and are available, as are a free online redraw facility and no monthly, extra repayment or early payout fees.
- Unsecured Personal Loan. Borrow between $3,000 and $30,000 for a variable rate of 12.59% p.a. You have your choice of terms up to seven years and flexible repayment options, including the convenience of a redraw facility.
- Deposit Secured Personal Loan. This loan is secured by an Nexus Mutual deposit, with the maximum amount you're able to borrow dependant upon the deposit amount. This is a variable rate loan, with the rate available at a competitive 4.75% p.a. No ongoing fees apply and, as with the other loans available, you have your choice of terms up to 7 year(s).
- Fully Secured Personal Loan. Attach an asset to your loan and enjoy more flexible loan amounts and competitive rates. If you use a car as security you can borrow between $5,000 and $80,000 for between two and seven years. If you use a property as security, you can borrow up to $100,000 for a longer loan term of 15 year(s).
Since online banking became a reality, tools such as bank calculators have made applying for a personal loan so much easier. Rather than filling out endless forms and trying to work out how much you can afford to borrow, you can calculate your ideal loan with just a few clicks of your mouse or taps on your mobile screen. Offering convenience, flexibility, speed, transparency and value for money, bank calculators have totally transformed the way we borrow money.