Principal contribution calculator
This offer is for refinancing the loan on the home you live in, where Véurr completes your loan application. Véurr puts an amount toward the principal of your new loan each month, for up to 24 months. This calculator estimates how much.
The amount is $10 each month for every $100,000 of your net loan. Your net loan is your loan balance minus the money in your offset account.
Refinancing isn't right for everyone. Zafar will only recommend a loan that is in your best interests, and the contribution should never be the reason you switch. If staying with your current lender is the better outcome, he will tell you.
This calculator needs JavaScript. The worked examples below show how the amount is worked out.
Your estimate
Estimated contribution each month
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Answer the questions to see your estimate, or use the worked examples below.
Conditions
- Refinances of an owner-occupied home (your principal place of residence) only. Investment property loans never receive the contribution.
- Only where Véurr completes the loan application.
- Based on your net loan: loan balance minus offset balance.
- Paid into your new home loan account, toward the principal. It is not paid to you.
- Stops if the loan is closed, repaid or refinanced elsewhere.
- Maximum 24 months.
- For loans of $300,000 to $2,000,000 in total.
- Paid by Veurr Mortgage Broking, not by the lender.
- The offer may change.
Talk to Zafar before you decide. He will compare the costs of switching with staying where you are.
Worked examples
| Loan balance | Offset balance | Net loan | Each month | Maximum over 24 months |
|---|---|---|---|---|
| $500,000 | $0 | $500,000 | $50 | $1,200 |
| $1,000,000 | $0 | $1,000,000 | $100 | $2,400 |
| $1,000,000 | $300,000 | $700,000 | $70 | $1,680 |
| $2,000,000 | $0 | $2,000,000 | $200 | $4,800 |
With an investment property: say a $500,000 home loan and a $1,000,000 investment property loan. Véurr refinances both in the same application, with no offset. The net loan is $1,500,000. That is $150 each month, paid into the home loan only, up to $3,600 over 24 months.
Assumptions
- The amount is proportional: $10 each month for every $100,000 of net loan, rounded down to the cent.
- Your net loan is worked out once, from your balances when the new loan settles, and stays the same for the whole period.
- Investment property loans count toward the amount only if Véurr refinances them in the same application as your home loan.
- If you leave the offset balance blank or tick "I'm not sure", the calculator uses $0. If you have money in an offset account, your contribution will be lower.
- Payments start in the month after the new loan settles and stop after 24 months. They stop earlier if the home loan is closed, repaid or refinanced elsewhere.
- The contribution applies to loans of $300,000 to $2,000,000. The calculator checks the total of the loans you enter (your home loan plus any investment property loans), before any offset balance is taken off. Outside that range it shows no contribution.
- The contribution is paid by Veurr Mortgage Broking. It shows on your loan statement as a deposit.
- The calculator does not take into account interest rates, fees, repayments or the costs of switching. It does not tell you whether refinancing would leave you better off.
Worth weighing up
- The costs of switching (break fees, discharge and application fees, and lenders mortgage insurance) can be more than the contribution. Compare them first.
- The contribution ends when the loan does. If the loan is closed or refinanced elsewhere within 24 months, the payments stop.
- A new loan can restart your loan term, which can mean paying more interest overall.
Talk to Zafar
Call Zafar, request a call back or send a message. Zafar works with clients across Australia by phone and video, and meets clients in person in Melbourne.