This calculator helps you work out:
- How much will my mortgage repayments be?
- How much can I borrow?
- How can I repay my home loan sooner?
- This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower.
- Results are based on information you have provided and do not take your personal circumstances into account.
- It applies to loans where your regular repayment includes both interest and the gradual repayment of the amount borrowed.
- Initial inputs will be displayed on the left hand side of the graph. Your 'What if' scenario (if applicable) will be displayed on the right hand side of the graph.
- It is not intended to be your sole source of information when making a financial decision. You may wish to consider getting advice from a licensed finance professional.
- Using this calculator does not guarantee you will be eligible for a loan. You will need to satisfy your lender's lending criteria.
- The average interest rate is taken from Economic and Financial Statistics data published by the Reserve Bank of Australia. https://www.rba.gov.au/statistics/tables/xls/f06hist.xls
- Interest rates do not change for the life of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly, monthly quarterly or annually.
- It does not take into account up-front fees such as loan establishment fees.
- It does not consider your ability to make the repayments shown. To help you consider the impact of interest rates changes, we suggest exploring the impact of a 2% interest rate rise. Interest rates could rise in future by more than 2%.
- Affordable repayments cannot be less than the fees entered.
FAQs - frequently asked questions
Q: How can I see the effect of a lump sum payment on the length of my loan?
A: Enter your current loan details on the 'How can I repay my loan sooner?' section. Then reduce the amount owing by the lump sum amount.