myHomeCalc is the ultimate iPhone app to help you purchase a property in Australia.
Key features are:
* Stamp Duty Calculator
- plus Mortgage Registration and Transfer Fees
* First Home Owner Grant and other State Concessions
- Principle Place of Residence
- Incorporate Vacant Land
* Loan Calculator
- Loan Term
- Payment Frequency and types
* Lender Mortgage Insurance Estimator
* Loan to Valuation Ratio Calculator
* Land Size Calculator with value per square meters
* Auction Day Assistance
Explore the 'what-if' when purchasing the property.
Email the entire calculations to family, friends or customers.
This app is ideal for Brokers, Lending manager, Real Estate Agents, Conveyancers, First Home Buyers or the Property Investor.
The Auction Day Assistance is unique to myHome. For example, you have organised with your bank the loan, you know what all the costs are but on auction day, the bids are coming thick and fast. With the Auction Day Assistance dynamic price picker, you can quickly see the changes in your repayments and liabilities (including Stamp Duty) throughout the auction.
Stamp Duty Calculator – from the main screen, tap myHomeCalc icon then you will enter the Australian Stamp Duty Calculator. Select the State or Territory that you are planning to purchase your property. The Property Value will come from the main menu but you can change it here. Stamp Duty on mortgages have been abolished so it is here for your information. You can change it from the Loan Calc screen.
Select whether you are buying an investment or your Principle Place of Residence. The calculator will dynamically change the fees depending on your selections of First Home Buyer and the type of property you plan to purchase.
Loan Calculator – tap on the Loan Amount button and the Loan Calc appears. Here you set Loan Amount, Interest Rate, Loan Term, Repayment Type (Principle & Interest or Interest only) and Frequency (Weekly, Fortnightly or Monthly).
Lender Mortgage Insurance Estimator – tap on the LVR button to bring up the estimator. The picker at the bottom determines the 'what-if' characteristics of the LMI estimator.
Edit deposit, alter loan – here you enter your deposit and it will work out your loan from the property value.
Edit loan, alter deposit – enter your pre approved loan and it will work out your deposit from the property value.
Set LVR at 80% - most financial institutions will not require insurance if your Loan to Valuation Ratio is 80% or less for a full doc application.
Set LVR at 60% - most financial institutions requires a 40% deposit for a low doc loan, this setting will help you determine the loan amount.
Set deposit at 10% - the typical loan requires a 10% deposit, this option fixes the LMI calculator to an LVR of 90%.
Once you selected how the LMI estimator to work, go back to the main menu. Now, if you change the purchase price, everything will calculate according to your setting. For example, if you only have a $50, 000 deposit, pick the option Edit deposit, alter loan, enter $50, 000 into the Deposit field. Return to the main menu, now changing the Property price will keep your deposit at $50, 000 but will effect your Loan Amount and in turn reflect a change in repayments, LVR, LMI Estimate and cost per square metre of land.
Land Size Calculator – tap the Land Size button. If it is a rectangular block, you can enter the width/depth in meters or feet and it does the corresponding conversion for your. If you have an irregular block, you can find out the land area from the Title's office in your State and enter it in the corresponding field.