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Are online mortgage calculators accurate? Laura Sillano, Pod Financial

Fri 10:00am 23 Nov 2018
Podcast Audio

We can say that online calculators are accurate because of what they are; calculators. You put in your numbers, and the software with a particular set of formulas crunches them, and then it comes up with a result. However, whether the banks and lenders would use the same numbers and formulas or not is the real question. For something like online software to be accurate requires a deep understanding of Lender policies to have a more comprehensive calculation of one's income, expenses, and others.

Going through these stats and facts is more complicated than filling up five or six lines in an online form. These complications were addressed in our previous talks with Laura on the eCentral Business Show, so make sure to check them out.

The only time these calculators could come up with a fairly accurate calculation is when everyone is living on a very normal and straightforward financial situation, with very little personal expenses. If that's the case for everyone, then the lending business would be very profitable in its lack of complications, but we all know that reality is very different—different Lenders follow different policies and those policies change every time.

Breaking down one's expenses requires the professional expertise of mortgage brokers. They require more than six lines of numbers, mortgage brokers need to assess information and put the data through the best lending policies appropriate in the situation, put it through a real calculator which lenders would use, and simulate a scenario that best fits the client's living situation.

Using online mortgage calculators are fun, and that's all it should be. Lenders could get very complicated about your finances. Fortunately, mortgage brokers are there to be a helpful guide. For real accuracy and comprehensive guidance, talk to your mortgage broker about it. You can contact Laura Sillano at 0422 320 497, or visit www.podfinancial.com.au to learn more.

DISCLAIMER: The topics discussed in the video and the accompanying media are shared for general information purposes only. If one or more points in these contents have appealed to your personal situation in any manner, we highly encourage you to contact Laura Sillano personally. Again, Laura can be reached through her phone number 0422 320 497. A more detailed disclaimer is shown at the end of the video, please check it out for more details.

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Meet our resident experts

Robert King

Robert King

Accountant

Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.

Laura Sillano

Laura Sillano

Mortgage Lending

Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.

Helen Baker

Helen Baker

Financial Planning

Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.



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