Obtain an estimate of how much in useable equity you could unlock and what the new repayments of your existing home loan would be.
Put simply, equity is the difference between the amount you owe on your home loan and the current value of your property. When buying a second home, you could use some or all of the available equity in your current property as a deposit for your new loan.
Do you wish to calculate the useable equity in your current property? Our handy tool can help!
For best results, fill in the outstanding loan amount (including interest rate and home loan duration) and your property value to obtain an estimate of how much in useable equity you could unlock and what the new repayments of your existing home loan would be.
You may be able to borrow more but Lender's mortgage insurance may be applicable.
This would be your new repayment if you unlock all of your usable equity
You need to apply to increase your home loan in order to access useable equity. Applications are subject to RAMS credit criteria, and fees and charges apply.
Interest rate and property value
We assume interest rate does not change, the property value is accurate and does not decrease.
Length of month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.
Number of weeks & fortnights in a year
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.
Rounding of amount of each repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.
Other calculators and tools you might want to check now:
Whether buying a new home, refinancing an existing home loan or investing in property, RAMS mortgage calculators can give you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you'll be paying. Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget, you'll start to see whether you can realistically afford the home you want to buy. Your local RAMS franchisee can also help guide you through this process.
View all of our calculators.
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