Home loan calculator
Use our mortgage calculator as a general guide to what your repayments are likely to be on your new home loan.
Our calculator will tell you how much you will pay in total over the life of your loan and allows you to add extra repayments and lump sum.
To use this online home loan calculator, just enter your expected loan amount, interest rate, home loan term, payment frequency, and payment type (either principal & interest or interest only).
Once you get an idea of your mortgage repayments, you'll know what kind of home you can realistically afford. Next step: calculate your borrowing power and get closer to owning your dream home.
Whether it is a two bedroom apartment, a free standing home on a big block, or a studio apartment, our calculator will let you look with confidence, safe in the knowledge that it is within your budget.
You might even find out that you can buy a better home than you expected!
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Your estimated repayments are
$ {{workbookData.repaymentPerMonth}} monthly f/nightly weekly
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Home Loan Calculator Assumptions
The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
- Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
- Interest rates: We assume that the rate you enter, is the rate that will
apply to your
loan for the full
loan term – even if you choose:
- a variable rate; or
- o an interest only rate which, in practice, will only apply for a limited period after which a different rate will apply.
- Interest and repayments: The displayed total interest payable is the
interest for the
loan term, calculated
on the entered interest rate. We make the following assumptions about
repayments:
- repayments are made monthly.
- your annual interest charge is divided equally over 12 monthly payments (in practice, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
- interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case in practice).
- only your initial repayment amount is calculated. We assume that this repayment amount is payable for the loan term. In practice, repayment amounts can change for a variety of reasons.
- weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.
if added, your extra repayment is taken to be made at the same time as your monthly repayment.
Home loan FAQs
loans.com.au requires a minimum deposit of 10% of the purchase price of the property, or the current value of the property if you are refinancing.
To avoid paying Lenders Mortgage Insurance (LMI), borrowers need a 20% deposit in most cases.
Most home loans are 'principal and interest', which means your repayments reduce the amount of debt outstanding (the principal) as well as covering the interest charges for the period. With a principal & interest loan, you will pay off the loan over time.
With an interest-only loan, you only pay the interest on the amount you have borrowed.
These loans are for a set period (for example, five years) after which the loan changes to a principal & interest loan.
The Loan to Value ratio (LVR) is the amount of your loan compared to the value of your property. LVR is calculated by dividing the amount of the loan by the value of the property. For example, if the property is worth $500,000 and you have a deposit of $100,000, the LVR will be 80%.
It affects your loan application because lenders will not give you a home loan if your LVR is above a certain level, usually 90%.
If your LVR is between 80-90% (in other words, you have more than 10% deposit but less than 20%), you will usually have to pay Lenders Mortgage Insurance (LMI).
Yes, you can split your home loan to have both variable and fixed interest rate payments. Splitting your home loan provides the certainty of a fixed rate, but lets you enjoy the benefit of any rate cut, make additional repayments and get access to your offset redraw facility.
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