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Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 25, 2024. View disclaimer.

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                Saving Target Calculator

                The calculator assumes you retain your interest earned in the savings account. It does not allow for inflation, income tax, or fees.

                Interest
                The calculator uses the interest rate input by the user, and assumes that interest rate does not change for the entire savings period. It compounds on the frequency basis selected by the user. It assumes each year consists of 52 weeks, 26 fortnights, or 12 months of equal lengths, and that each savings deposit is made at the start of the period selected by the user.

                How much Money Should you be Saving?

                There's no one-size-fits-all answer when it comes to how much you should be saving. Everyone has their own unique circumstances, but the general recommendation is to save a minimum of 20% of your income every month.

                While 20% is a good amount to start saving, it’s still best to consider your financial goals. For example, if your savings goal is short-term or long-term will play a big role in determining your savings goal. It’s also important to know what you're saving for - an emergency fund, retirement, a new car, or a home loan deposit?

                Using a savings calculator is a helpful tool to understand how long it will take for you to reach your saving goal. To use this tool, you just need to input the following details:

                • Your starting deposit

                • How much you will be depositing and the frequency (weekly, fortnightly, monthly)

                • The interest rate

                • Savings term

                It can also be beneficial to seek a high-interest savings account to take advantage of the interest accrued over time. With a myriad of choices in the market, it pays to compare different savings accounts to get to know which one is best for you. This is where a savings calculator will come in handy to compare different savings options. You'll be able to see how your savings could be impacted by having different deposit amounts, interest rates and savings terms.

                How to Calculate Interest Earnt on Savings

                The interest you could earn on your savings is based on your initial deposit, along with the interest you'll continue to earn, usually on a daily basis. You'll earn interest immediately on the amount you initially deposit to your savings account, and you'll also continue to earn interest on the accrued amount. This is known as compound interest.

                A savings calculator will automatically calculate the interest you could earn from your savings, but if you wanted to calculate it manually, a formula you can use is:

                A = P(1 + r/n)nt

                Where:

                A = ending balance

                P = initial deposit

                r = annual interest rate, as a decimal rather than percent (also called APR)

                n = number of time interest is compounded per time period (nt)

                t = time period

                To use as an example, let’s say you have an initial deposit of $10,000 and an annual interest rate of 5% for over 5 years, with interest compounding on a monthly basis.

                A = ending balance

                P = $10,000

                r = 0.05%

                n = 12

                nt = 1

                So using the formula, it will be:

                A = P(1 + r/n)nt

                A = 10,000 x (1 + 0.05/12)(12)(5)

                A = 10,000 x (1 + 0.004166667)(60

                A = $12,833.59

                You’ll have $12,833.59 by the end of the 5-year term. The more money you regularly deposit and the longer you save, the more you can earn on interest. So, it’s recommended to save regularly to take advantage of compound interest and high interest savings accounts.


                Savings Calculator FAQs

                According to the Association of Superannuation Funds of Australia, it's recommended to have at least $28,254 - $44,412 for single individuals, or $40,829 - $62,828 for couples by the age of 65 to live a modest to comfortable lifestyle every year.

                This figure below is based on rough calculations from Australian Financial Review. These are the median net worths listed by age group in Australia:

                18 to 25 years old: $5,850

                31 to 35 years old: $44,500

                36 to 40 years old: $69,750

                41 to 45 years old: $125,100

                46 to 50 years old: $192,400

                51 to 55 years old: $197,300

                55 to 60 years old: $275,300

                61 to 65 years old: $306,650

                The average savings of a 25-year-old in Australia is around $22,532 according to Finder data.

                At the age of 60, the average savings is around $40,463 according to Finder data.

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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