July 5, 2024
How Much Do You Need for a House Deposit?
One of the first things you'll need to consider before applying for a home loan is the amount you need to save for a deposit. Your initial deposit will affect…
Whether you want to know the stamp duty, how much you could save by refinancing your home loan or if it’s better to rent or buy, our range of home loan calculators and tools can help provide the information you need to make the most informed home loan decision.
Get more than a better deal with Homestar Finance.
For great rates, great savings and great service, Homestar Finance has you covered. Fill in your details to connect with a dedicated lending specialist who will guide you through your refinancing options
March 29, 2023
Renting vs Buying a Property in Australia in 2023
When looking to find a home to call your own, it always seems to come down to the debate between renting vs buying; whether it is for your financial and…
December 15, 2022
Is Stamp Duty Tax Deductible?
What is stamp duty? Stamp duty, also known as 'transfer duty', is the tax you have to pay to the state and territory governments when making certain transactions. These transactions…
Frequently Asked Questions
I want to know how much I can borrow, what calculator should I use?
The Borrowing power calculator would be a great place to start. It allows you to enter some basic income information, living expenses and any other loan facilities you might have. It will give you a guide on how much you can borrow and what your monthly, fortnightly or weekly payment would look like for a loan of that size. This gives you a great visual on budgets before getting started.
Calculating Living expenses, what do I count and what don’t you count?
Understanding your budget is important when looking at what your life with a mortgage will look like. Using our Budget planner calculator is a great resource to use to ensure you capture all life expenses. Its so easy to miss some expenses that you only pay once a year like insurance policies.
How to understand how much you will save by refinancing your mortgage?
The Refinance calculator is best to understand your savings, you can enter all the details of your current loan along with the details of the new loan you are looking at and it will show how much you can save over the life of the loan by making the change. Another option is the Loan Comparison calculator, again you enter both loan details in side by side so you can see savings that can be had.
Does it make a difference if you pay your mortgage weekly compared to monthly?
Looking at the Home Loan Repayment calculator is best for this, using the fortnightly and weekly option is best. If you pay monthly you make 12 payments a year, if you split that monthly payment you make 24 payments a year. If you pay fortnightly you make 26 payments a year, it’s a sneaky way to get ahead without even noticing it!
Deciding between renting and buying?
The Rent vs buy calculator is what you need, with some simple information it will help you understand in 30 years time which is the financial option for you. But when deciding to buy or rent there is many things to consider, not just the financial ones, we have tried to help here to with the calculator.
How is my fortnightly payment calculated with Homestar Finance?
Paying your mortgage fortnightly can be beneficial to the overall time it takes to pay of your mortgage. At Homestar Finance we take your monthly payment and split it is half to work out what your fortnightly repayment will be. By using the Home Loan Repayment calculator and selecting the fortnightly and weekly option you will be able to see what the repayment amount is and the positive impact it can have on your mortgage over its lifetime.
How is the interest calculated on my home loan?
Your interest is usually expressed in a term of percentage, called the Annual Percentage Rate or APR. At Homestar Finance, we’ll take your principal loan amount and multiply it by your interest rate. Since APR is calculated by year, we will then divide this amount by 365 (or 366 for leaps years) to see what amount of interest you are paying each day. Or even easier use our Home Loan Repayment calculator.
