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how to calculate mortgage repayments in Australia ?

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To calculate your mortgage repayments in Australia, you will need to consider the following factors:

  1. The loan amount: This is the total amount you are borrowing from the lender to purchase the property.
  2. The interest rate: This is the percentage of the loan amount that the lender charges as interest. The higher the interest rate, the higher your monthly repayments will be.
  3. The loan term: This is the length of time over which you will be paying back the loan. The longer the loan term, the lower your monthly repayments will be, but you will pay more in interest over the life of the loan.
  4. The repayment frequency: This is how often you will be making repayments. You can choose to make weekly, fortnightly, or monthly repayments.

To calculate your mortgage repayments, you can use an online mortgage calculator or a spreadsheet. Here is an example of how to calculate your mortgage repayments using a spreadsheet:

  1. Enter the loan amount in cell A1.
  2. Enter the interest rate in cell A2.
  3. Enter the loan term in years in cell A3.
  4. Enter the repayment frequency in cell A4 (e.g. “Monthly”).
  5. In cell A5, enter the formula “=PMT(A2/A4,A3*A4,A1)”. This formula calculates the monthly repayment amount based on the loan amount, interest rate, and loan term.
  6. Press Enter to see the monthly repayment amount.

You can also use this spreadsheet to see how different loan terms and interest rates will affect your repayments. Just change the values in cells A2 and A3 and the formula will automatically recalculate the monthly repayment amount.

It’s important to remember that this is just an example and your actual mortgage repayments will depend on a variety of factors, including your lender’s fees and charges, the type of loan you choose, and any other debts you may have.