The objective of posting this table is to illustrate some of the many variables that can affect the overall cost or effectiveness of a home loan or a no deposit home loan.
This comparison was assembled in June 2006 and is obviously out of date.
Interest rates, fees and charges can and usually do change regularly.
Loan sizes, property types, locations and different borrower types dramatically alter the costs and effectiveness of different loans.
Ability Finance always use the latest up to date loan analysis software to help our customers choose a loan.
Ability Finance use two completely separate home loan database systems to cross check data and provide comparisons for our customers.
| Product | Interest rate June 06 | Loan | Repayment 1 | Repayment 2 | Total Cost | Yrs | Month Fees | Setup Costs | Discharge Fee | DEF 1 | DEF 2 | DEF 3 | DEF 4 | DEF 5 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No Deposit Home Loan A | 6.89% | $350,000 | $2,302 | $0 | $490,047 | 30 | $0 | $11,054 | $150 | $1,400 | $1,400 | $1,400 | $1,400 | $0 |
| No Deposit Home Loan B | 6.87% | $350,000 | $2,298 | $0 | $490,339 | 30 | $0 | $13,030 | $450 | $800 | $800 | $0 | $0 | $0 |
| No Deposit Home Loan C | 6.90% | $350,000 | $2,305 | $0 | $491,698 | 30 | $0 | $11,862 | $0 | $1,400 | $1,050 | $700 | $350 | $0 |
| No Deposit Home Loan D | 6.89% | $350,000 | $2,302 | $0 | $494,331 | 30 | $0 | $15,338 | $500 | $4,375 | $3,500 | $2,625 | $1,750 | $0 |
| No Deposit Home Loan E | 6.94% | $350,000 | $2,314 | $0 | $496,635 | 30 | $0 | $13,425 | $295 | $7,000 | $7,000 | $5,250 | $0 | $0 |
| No Deposit Home Loan F | 7.02% | $350,000 | $2,333 | $0 | $500,418 | 30 | $0 | $10,444 | $0 | $750 | $750 | $0 | $0 | $0 |
| No Deposit Home Loan G | 5.99%/7.07% | $350,000 | $2,096 | $2,340 | $500,474 | 30 | $0 | $11,128 | $0 | $750 | $750 | $0 | $0 | $0 |
| No Deposit Home Loan H | 6.57%/7.07% | $350,000 | $2,228 | $2,343 | $502,721 | 30 | $0 | $10,739 | $50 | $750 | $750 | $0 | $0 | $0 |
| No Deposit Home Loan I | 7.34% | $350,000 | $2,409 | $0 | $526,663 | 30 | $0 | $9,416 | $0 | $4,200 | $4,200 | $4,200 | $2,800 | $2,100 |
| No Deposit Home Loan J | 7.34% | $350,000 | $2,409 | $0 | $530,031 | 30 | $0 | $12,784 | $360 | yes | yes | yes | yes | |
| No Deposit Home Loan K | 6.99%/7.57% | $350,000 | $2,326 | $2,459 | $544,250 | 30 | $3,600 | $8,750 | $350 | 1.5%/Bal | 1.5%/Bal | 1.5%/Bal | $0 | $0 |
| No Deposit Home Loan L | 7.29%/7.87% | $350,000 | $2,397 | $2,534 | $573,008 | 30 | $3,600 | $8,850 | $350 | 1.5%/Bal | 1.5%/Bal | 1.5%/Bal | $0 | $0 |
| No Deposit Home Loan M | 7.14%/8.14% | $350,000 | $2,361 | $2,588 | $573,510 | 30 | $0 | $0 | $0 | $4,375 | $4,375 | $4,375 | $4,375 | $4,375 |
| No Deposit Home Loan N | 7.90% | $350,000 | $2,543 | $0 | $579,954 | 30 | $0 | $14,180 | $0 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| No Deposit Home Loan O | 7.95% | $350,000 | $2,555 | $0 | $584,334 | 30 | $0 | $14,179 | $0 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
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* DEF Deferred Establishment Fee Interest rates are subject to change and have! without notice. The above table is to be used as a relative, comparative guide only to illustrate the many variables that can affect the overall cost and effectiveness of a $350,000 no deposit home loan in Australia based on rates that were in effect in early June 2006. |