The mortgage repayment calculator helps Australian home buyers and owners understand the cost of their home loan in weekly, fortnightly, and monthly terms. Knowing your exact repayment obligations is essential for budgeting and assessing the affordability of a proposed property purchase.
Mortgage repayments depend on three key variables — the loan amount, the interest rate, and the loan term. Small changes in any of these variables can have a significant impact on both the regular repayment amount and the total interest paid over the life of the loan.
Australian home loans are typically structured as principal and interest loans over a 25 or 30 year term. Extra repayments can significantly reduce both the loan term and total interest cost. Most variable rate home loans allow unlimited extra repayments, while fixed rate loans may restrict additional repayments during the fixed period.
Comparison rates include fees and charges and provide a more complete picture of loan cost than the advertised interest rate alone. Always compare the comparison rate when assessing home loan products from different lenders.
Interest rates used in calculations are indicative only. Actual rates vary between lenders and depend on individual borrower circumstances including loan size, loan-to-value ratio, credit history, and the type of loan product selected.