Relying On A Mortgage Calculator Can Be Risky
A friend in Australia recently sought my advice about the usefulness or otherwise of a mortgage calculator. My friend was looking at refinancing her mortgage in Australia but was unsure as to the long-term benefits of such a move. She had heard about a mortgage calculator that could compare products and wanted to run her own scenario. We tracked down one mortgage calculator but this was a simple “how much can I borrow?” mortgage calculator which required you to input your salary and other liabilities or debts to work out your borrowing capacity.