Home Loan Calculator

Updated on 10 August, 2022

Looking for a new home? If so, it's important to use a mortgage calculator to calculate how your home loan payments will fit into your budget. Our mortgage calculator makes it easy to find out what the monthly, fortnightly and weekly repayments will be for any loan. Simply enter the loan details into the mortgage calculator below to see projected mortgage payments based on the type of home loan and your mortgage repayment frequency. By taking the time to understand what you can afford, you're one step closer to buying your dream home with confidence.

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Mortgage Calculator FAQs

Home loan instalments, also called mortgage repayments, are based on the loan amount outstanding, the loan term (in years) the frequency of mortgage repayments (monthly, fortnightly or weekly), the interest rate, fees and whether the home loan is a ‘principal and interest' loan or an ‘interest-only' loan.

The total amount you will repay on a mortgage is based on the original mortgage amount, the interest rate plus fees and charges and the loan term (the length of the home loan in years). If you're a first home buyer read about price and income caps for the First Home Loan Deposit Scheme

The quicker you pay off your home loan the less interest you will pay to the lender. If you can afford to make extra repayments, less interest will be charged over time and the term of the loan will be cut as well. Even moving from monthly to more frequent repayments can cut your overall interest bill and repayments significantly. You can calculate how quickly you might be able to pay off your home loan by adjusting the level of repayments in our mortgage calculator.

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*Important Information to Note

The Mortgage Calculator calculates the type of repayment required, at the frequency requested, in respect of the home loan parameters entered, namely amount, term and interest rate.

Length of Month

All months are assumed to be of equal length. In reality, many home loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Rounding of Amount of Each Repayment

In practice, mortgage repayments are rounded to at least the nearer cent. However the mortgage calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the home loan. This assumption allows for a smooth graph and equal mortgage repayment amounts.

The results from this mortgage calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change. This mortgage calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions.

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