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Understanding Secured and Unsecured Finance
Finance can spread the cost of a purchase or support business needs, but repayments, fees and interest affect your budget over time. Understanding the loan structure and total borrowing cost can help you weigh up your options.
Common finance categories include home loans, car and bike loans, personal loans, business and commercial loans, boat loans, travel loans and truck finance. The purpose of the borrowing, the repayment period and any asset used as security can influence the costs and conditions.
Secured or Unsecured?
A secured loan uses an asset, such as a vehicle or property, as security. That asset may be at risk if repayments are not maintained. An unsecured loan does not require a specific asset as security, but you remain responsible for repaying the debt. Compare the actual rates, fees and conditions rather than assuming one structure will always cost less.
What to Compare Before Borrowing
- Interest rates, whether they are fixed or variable, and any establishment, ongoing or early repayment fees.
- The loan term and total amount repayable: a longer term may reduce regular repayments while increasing total interest.
- Features such as extra repayments, redraw and any balloon payment due at the end of the term.
- Repayment affordability after everyday expenses, existing debts and an allowance for unexpected costs.
When refinancing, weigh any potential reduction in interest against switching costs and the effect of extending the loan term. For business finance, consider how repayments fit with cash flow and the useful life of the asset being financed.
Planning Your Repayments
Loan calculators can help you explore how different loan amounts, interest rates and terms affect repayments. Their results are mathematical estimates based on inputs and assumptions, not loan offers, approval outcomes or personalised recommendations. Check which fees and payment structures are included before using an estimate in your budget.
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Finance Calculators
Our financial calculators are provided for your free use on this website and are designed to remove some of the guess-work to help you make more informed financial decisions.
Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy.
We recommend that you seek professional financial advice from a licensed professional before proceeding with a loan.
Loan Repayment and Finance Modeling Calculators
Fortnightly Mortgage Repayment Comparator
Compare the effect of paying monthly mortgage payments as opposed to paying fortnightly.
Bike Loan Calculator
Calculate and compare monthly repayments for a motorcycle loan at varying interest rates
Boat Loan Calculator
Calculate and compare monthly boat repayments for different loan values, deposit amount, etc
Business Loan Calculator
Calculate and compare monthly repayments at varying interest rates for a business loan
Business Equipment Lease Calculator
This calculator will help to calculate the lease finance repayments on new business plant and equipment.
Car Loan Calculator
Calculate and compare monthly car loan repayments with/without a deposit or trade-in
Car Lease Calculator
This calculator will help to calculate the lease finance repayments on a new car, including optional balloon/residual
Caravan Loan Calculator
Calculate and compare monthly caravan repayments
Caravan Commercial Hire Purchase Calculator
Calculate and compare monthly commercial hire purchase repayments on a caravan loan
Home Refinance Calculator
Compare the cost/benefits of refinancing your home loan.
Mortgage Repayments
Calculate monthly mortgage repayments on various home loan amounts and interest
rates.
Jetski Loan Calculator
Calculate and compare monthly jetski repayments
Personal Loan Calculator
Calculate and compare monthly repayments on a personal unsecured loan
Truck Loan Calculator
Calculate and compare monthly repayments on a truck loan
Truck Lease Calculator
This calculator will help to calculate the lease finance repayments on a new truck or commercial vehicle
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