There is a simple and free way to observe a fascinating yet little-known aspect of Australia’s banking system.
By browsing the internet to a bank-based ‘Home Loan Repayment Calculator’, you can, by entering certain information, get a fast estimate of the required monthly repayments for various loan amounts.
I input into the calculator that the property I wanted to buy was valued at $1 million, and the loan amount I needed was $400,000.
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