In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Most lenders calculate interest daily on your home loan and then multiply it by the number of days in that particular month. You will need to have your loan balance, your interest rate and loan term left to work out what interest you will pay each month.
For example, if you had a $250,000 loan with a 5% interest rate, you would calculate it by:
- *Dividing the interest rate by 100, equals 0.05
- *Work out the annual interest rate by multiplying $250,000 x 0.05, equals $12,500 annual interest
- *To work out the daily interest rate divide $12,500 / 365 days, equals $34.24 per day
- *Times by the days in that month, for example January has 31 days, so $34.24 x 31 days, equals $1,061.64 monthly interest payable
