Property Calculator Australia 4+

Glossary

The definitions in the glossary seem to be missing some information. Other than that it’s a good app, does what it says it will

Calculations make no sense

The calculation under loan balance makes zero sense…calculates equity required (deposit + stamp duty) but then to calculate a loan balance subtracts the deposit (correct) but adds the equity??? How does that make sense? The loan balance should just be purchase price - deposit + LMI(if required), and there is no way to tell if the projected repayments are reflecting the correct calculation or this oddly calculated amount. Maybe that second column should be total cost and then have a third calculation for loan amount.

Also are you updating the stamp duties regularly?

Developer Response ,

Hello, thanks for your comments.
When you select "equity" in the first page under the "Deposit" question, it means that you are borrowing the deposit amount. While you would generally have two different loans (one for the deposit and one for the balance) you still need to make repayments on both loans. For this reason, the app adds back the equity amount.
If you select "cash" in the first page under the "Deposit" question, it means that you haven't taken out a loan for the deposit and are likely using saved cash. In this instance, the app will calculate the loan balance as per your comments in the review.
I hope this clarifies the calculations.
With regards to stamp duty, we are currently working on this and expect to have them updated shortly.

Best app ever!!!

One stop shop for everything you need to know about buying property. Updated with the latest information for all states. If your buying a property this is the only app you need.