Our 'Debt reduction calculator' allows you to see that by increasing your repayments to loans with higher interest rates you will not only save money but will also pay your loans off more quickly. You may be better off merging your loans into one with a lower interest rate.
This calculator generates factual information about loans, interest rates and fees. It does not constitute a recommendation or statement of opinion about loans, interest rates and fees and is not intended to be relied upon for the purpose of making a decision in relation to a financial product. We suggest you consider seeking advice from your Hillross Financial Planner before making any financial decision. The calculator only considers a limited range of issues and does not consider all of your personal circumstances.
How to use this calculator
1.
Enter current loan details and new repayment amounts in 'Step 1 - Enter details'.
2.
Go to 'Step 2 - Results-Interest' to see what the amount of interest saved will be.
3.
Go to 'Step 3 - Results-Fees' to see what the amount of fees saved will be.
4.
Go to 'Step 4 - Summary' to see what the summary of total amount of interest and fees saved will be.
5.
Go to 'Step 5 - Next steps' to find a planner.
The calculator is based on a series of assumptions. Details on those assumptions can be found below. You should also check these assumptions carefully as they may not be appropriate to your personal circumstances. Where possible, we have allowed you to change these assumptions within certain limits.
