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Your lender will issue you a home loan statement every month. This document will show you how much of the loan you have repaid and how much is remaining. It should include other information too such as any money you've saved in your offset account plus your interest rate.
If you're struggling to make sense of your home loan statement we've got you covered.
Here are some common terms you'll find on a home loan statement and what they mean:
This depends on what repayment type you have agreed to:
Most financial institutions allow you to choose to make your repayments on a weekly, fortnightly or monthly basis. The more repayments you make, the faster you can pay off your home loan. Below is the general formula of how the interest is calculated on your home loan.
John Packer has a standard ING Mortgage Simplifier home loan with a variable interest rate of 5.72% p.a. with no ongoing monthly or annual fees and a free redraw facility.
The same standard home loan with an initial interest rate of 6.22% which decreases to 5.72% per annum part of the way through the month and a repayment of $1950.89 with an additional deposit of $700 on the 14/11 and $400 on the 04/12.
Here the formula used to calculate the interest of John's loan during 12 October to 24 December before the interest rate decreased.
A number of reasons can make this happen:
And if you think you're not getting a competitive interest rate, compare and switch to a better deal or talk to a mortgage broker.
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