Ever feel like your mortgage is a bit of a mystery? You make repayments every month, as your bank tells you to, but you are never quite sure if they are right! What if you discovered the bank's repayment schedule is more about bank's making profits instead of helping you become mortgage free sooner?
Navigating the complexities of a mortgage can feel overwhelming but that's where Australian mortgage software can be your secret weapon for taking control of your mortgage and beating the bank!
Imagine having a handy app that tracks your progress, helps you plan for the future, double checks all your interest calculations and shows you have to save. Sound too good to be true? Keep reading to find out how Aussie mortgage software can turn you from a vulnerable borrower into a mortgage master!
Let's start things off with seven cool ways mortgage software can put you in control of your mortgage.
Mortgage Software - Scenario Planning
Ever wondered what would happen if you could throw some extra cash at your mortgage each month? Aussie mortgage software lets you plug in different scenarios, like making bigger repayments or if interest rates changed. This way you can see the real impact before you commit, making you a smarter borrower.
Mortgage Software - Budgeting Tools
Imagine your mortgage payments fitting seamlessly into your overall budget. Many Aussie mortgage software options come with built in budgeting tools. This lets you see your mortgage alongside your home expenses, groceries and nights out, giving you a complete picture of your finances. No more wondering if that weekend getaway will mess up your home loan goals!
Mortgage Software - Offset Account Tracking
Got an offset account linked to your mortgage? Aussie mortgage software can connect to it, showing you how much money you have in there and how much it's reducing your interest payments. Basically, good mortgage software is like having a live scoreboard telling you exactly how much you're saving by keeping your cash in that account and whether it is worth the extra fees the bank is charging for the offset account.
Mortgage Software - Track Progress
Forget staring at confusing bank statements! Aussie mortgage software acts like a fitness tracker for your home loan. The mortgage software shows you exactly how much of your repayments are going towards the actual loan (principal) and how much is interest. This helps you see if you're on track to pay it off sooner and save a heap of cash in the long run.
Mortgage Software - Goal Setting
Want to be mortgage-free by 30? Aussie mortgage software lets you set specific goals for faster repayment. Just pick your target date and the mortgage software will track your progress, showing you if you're on track or need to adjust your strategy. It's like having a personal coach for your mortgage and financial goals!
Mortgage Software - Reminders & Notifications
Life gets busy, but forgetting about your mortgage can be costly. Aussie mortgage software can prompt you with handy reminders to review your mortgage, check the impact of interest rate rises plan and check your progress, so you'll never miss a beat.
Mortgage Software - Checking for Errors
Let's face it, mistakes happen. While Aussie mortgage software can't magically fix errors, it can help you identify hidden bank errors. By recalculating all of your interest charges and comparing to the amount charged by your bank, you can catch any issues early on and get your refund from your bank. The right mortgage software is like having an extra set of eyes watching over your mortgage!
Not sure where to start with mortgage software? or what sort of mortgage software your need? Don't worry, we'll review three mortgage software options from Australia and New Zealand giving you a quick comparison to help you pick the perfect one.
MoneyFormula App (Australia)
MoneyFormula App Features
MoneyFormula mortgage software is an all-in-one mortgage solution that helps Australian homeowners crush their mortgage, beat the cost of living, pay down debt and check for hidden bank errors.
Locally produced and supported in Australia, it has grown over the last 20 years from a humble desktop app (originally called HomeLoanManagerPro) into a modern mortgage software and personal finance app that supports mobiles, tablets, laptops and desktops.
MoneyFormula App Benefits
MoneyFormula mortgage software provides mortgage auditing, offset tracking, reminders, scenario planning, expense management, budgeting and buckets, goal setting, 99 year projections and debt optimization.
MoneyFormula App When to Use
Consider using the
MoneyFormula mortgage software if you want to proactively manage your mortgage, track expenses and uncover potential bank errors.
Frollo App (Australia)
Frollo App Features
Frollo provides budgeting, spending analysis, and expense categorisation.
Frollo App Benefits
Frollo focuses on everyday banking and bill management. While not strictly mortgage software it can connect to your mortgage account and show you your transactions, upcoming repayments and help you stay organised. It’s great for tracking daily spending and understanding your financial habits.
Frollo App When to Use
Suitable for new homeowners or those who want a simple tool to track their mortgage alongside other bills and everyday finances
PocketSmith (New Zealand)
PocketSmith Features
PocketSmith is highly customisable, allows you to create complex cashflow forecasts and has open banking support.
PocketSmith Benefits
It integrates seamlessly with your mortgage and allows for in-depth budgeting and cashflow forecasting, including planning up to 30 years ahead, linking to global banks and plenty of customisation.
Pocket Smith App When to Use
Great for number-crunchers who love to customise and want to get super technical with their personal finances and scenario planning.
Which Mortgage Software?
Remember there's no one-size-fits-all solution and we've only covered three mortgage software options here. Consider your needs and what features are most important to you and take them for a test ride, of if none of them fit the bill look further afield.
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