Interest only mortgage calculator nz

So, how much will your mortgage repayments be? This NZ mortgage calculator will help you get a sharp estimate of how much your fortnightly or monthly repayments could be.

This is the ultimate guide on how to get an interest-only mortgage in New Zealand. Property investors love an interest-only loan. But interest-only loans, while cheaper in the short term, are much more expensive over their lifetime. This is because — ironically — borrowers who take out an interest-only loan end up paying more interest over time. Interest-only loans are popular with, and used primarily by, property investors to temporarily decrease the size of their mortgage repayments. This saves on costs and increases immediate cashflow.

Interest only mortgage calculator nz

Work out how much your home loan repayments on a property may be by adding your details below. Call us from 8am to 6pm Monday to Friday , 9am to 3pm Saturday. Log in to Westpac One. The calculator is intended as a guide only and does not provide financial advice. The calculated figures are illustrative only and it is not to be considered as an offer of finance by Westpac nor is it a recommendation or opinion in relation to the relevant products. It does not take into account your personal financial situation or goals. Calculated figures are based on the accuracy of the limited information provided by you. Interest rates are subject to change without notice. Westpac's home loan lending criteria, terms and conditions apply. An additional fee or a low equity margin may apply to home loans if the application is accepted but does not meet the standard lending criteria. View terms and conditions for all our home lending products here. Skip to main content. Get in touch All calculators.

So, if you have one, make that your focus.

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Please use your login details below to access your account. Forgotten Password. Having an account makes everything easy! Your information can be auto-populated as you go through the steps and can be the details you enter can be adjusted at any time. Enter your email to receive password reset instructions! This calculator is provided as part of our partnership with Calculate. This Interest-Only Mortgage Calculator is a practical tool for financial planning.

Interest only mortgage calculator nz

Thinking of buying a home? Use our mortgage calculator to work out your costs. Calculations are based on the interest rate s being constant for the term of the loan s. Going to an open home?

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But interest-only loans, while cheaper in the short term, are much more expensive over their lifetime. But if you think it might be an option you want to consider, have a chat with your mortgage broker. Use our Learning Centre, calculators, interest rates information and unique LoanMatch software to plan a simpler, smoother journey towards your property ownership goal. Calculate ». Learn more about mortgage types here. View terms and conditions for all our home lending products here. If you're looking for mortgage options outside the mainstream banks, here is a fair comparison between 5 commonly used non-bank lenders in New Zealand. How much do I need to earn to invest in property? Why use an interest-only loan? For more information on how to calculate your mortgage repayments, view our recent Mortgage Insight below.

We provide simple, effective services that leave our clients with more time to do what they do best.

We can introduce you to an adviser who can help you become mortgage-free sooner. That creates an incentive to pay back personal debt first. The aim of the game is to pay down your debt on your owner-occupier. If your lender will include mortgage repayment insurance premiums in your regular home loan repayments, add that in as well. Borrowing Power. Calculate ». So, while you are making a large saving in the short term, an investor will have to consider this in terms of the overall balance of things. So, with principal and interest mortgages your repayments are larger, but the interest you pay is lower - as your debt goes down. This historically has always been true over the long term. Log in to Westpac One. But if you think it might be an option you want to consider, have a chat with your mortgage broker. New Zealand superannuation is not enough for your retirement plan Secure a comfortable retirement with 3 easy steps Book your free session. Mortgage Repayments Calculator. The reason for this is cashflow on the investment property.