How to calculate your mortgage repayments?

Your mortgage payments are influenced by several key factors. Consider these details to get an accurate estimate using the Home Loan Repayment Calculator:

  • Loan Amount
  • Loan Term
  • Interest Rate Type: Fixed or Variable
  • Repayment Type: Principal and Interest (P&I) or Interest Only (IO)
  • Product: The loan product that suits your needs
  • Extra Repayments: Any additional repayments that exceed the minimum monthly payment

Take note: The calculator rates can change, impacting what you pay. Rates for variable loans fluctuate throughout the term, and that for fixed loans become variable after the fixed period ends.

Why should I use a mortgage repayment calculator?

The Mortgage Repayment Calculator shows potential borrowers their monthly, fortnightly, and weekly payments before they apply for home loans or consider refinancing.

It displays the exact costs, so you can see the total expense over your loan's term. This enables you to make informed decisions.

Here's how the insights from the Home Loan Repayment Calculator can work for you:

For First Home Buyers
The process of purchasing your first home may seem daunting at times, but it demands careful consideration of all mortgage alternatives. Using a calculator means you can:
  • Discover how mortgage payments impact your finances in the long term.
  • Know how much to put aside to be on-time for your monthly payments whilst meeting other expenses.
For Refinancing
Refinancing may present new opportunities depending on your situation. You may get reduced rates or better terms. Using a mortgage calculator will help you:
  • Compare your current mortgage repayments with the potential repayments after refinancing.
  • Take into account all details to ensure that refinancing aligns with your long-term financial goals.
For Investors
For investors, selecting an appropriate loan product is essential for optimising returns and managing repayments. With a repayment calculator, they can:
  • Calculate the repayments and determine the ROI to align with their investment objectives.
  • Consider how repayments may change over time, especially with variable rates.

How can you save money on your home loan repayments?

How can you save money on your home loan repayments?

Maximising savings on your mortgage repayments is important for any borrower. There are some effective ways to minimise your mortgage repayments.

  1. Lower Your Interest Rate
    Lower interest rates cut down your payments. With a $300,000 loan over 25 years, reducing the interest rate from 7% to 6% saves thousands of dollars in interest and monthly costs.
  2. Make Additional Repayments
    Paying extra or using an offset account can help you pay down the loan balance faster, cutting down your overall debt.
  3. Increase Repayment Frequency
    Opting for fortnightly repayments can help reduce your loan balance more quicker, as it adds up to an extra payment each year.

Apply for your loan today with expert assistance

Apply for your loan today with expert assistance

Complete your application at your own pace – your progress will be saved so you can return later. We’ll provide status updates throughout the process, keeping you fully informed. Once complete, we’ll recommend loan products with competitive rates suited to your financial situation. Take your time deciding, as we only perform credit checks after you’ve submitted your application.

What we offer:

  • Track the status of your application at any time
  • Receive the best rate suited to your needs
  • No credit check until after submission

We’re here to assist you with any questions throughout the process.

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