Introductory rate loan calculator
Many lenders offer prospective borrowers a discounted rate for a set period of time at the beginning of a loan. Often this is done to incentivise people to choose that particular lender, and then raise the interest rate to the standard variable rate once that introductory period ends. Remember, though, that once reverted to the standard variable rate, some lenders will not offer any further discounts for the life of the loan. As such, make sure that you check this with any potential lender or your broker before locking in to an introductory offer. With our introductory rate calculator, just input your loan amount and term, how long to repay the loan repayment frequency, and the details of the introductory period (term and rate); and then the variable rate you’ll be reverted to after the discount period. You’ll then see the savings that the introductory rate can bring to your entire loan – potentially tens of thousands of dollars depending on the rate and how much you’ve borrowed.
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