How much will your home loan really cost you?
Our easy home loan calculator does the math for you, so you can focus on repayments.
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How we picked theseYou can use the calculator table below to figure out what your repayment would be across products from some of the best lenders in Australia.
Your home loan details
Loan amount
$
Term
Repayment type
Interest rate
%
Interest only period
Payment frequency
Extra monthly repayments
$
Overview of your loan
Once the interest only period ends, your estimated repayments will be
(including extra )
Total loan repayments:
Total interest payable:
By making extra monthly repayments of
Your loan term could reduce by:
You could pay less interest, saving:
| Years remaining | Principal remaining |
|---|
Calculator Assumptions: The above calculations are worked out assuming you’re paying off a principal and interest or interest only home loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees or lenders' mortgage insurance premiums).
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.
What different scores mean
9+
Excellent
These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
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We have $500,000 due to an inheritance. We would like to buy a home for around $850,000. We owned a home many years ago but sold and have been renting since, so we are not eligible for first home buyers. What are our options?
Hi Ama,
You may be eligible for first home buyer benefits, depending on when you owned your previous property. Eligibility for the First Home Guarantee state: Applicants can be either first home buyers or previous homeowners who haven’t owned a property in Australia in the ten years prior to the date they execute their home loan. It may be worth working with a mortgage broker to explore your options, as the loan you’re eligible for will depend on your income. Hope this helps!
my daughter has 50000 for a deposit on first home approx 380000
is this enough to get a loan?
Hi John,
That’s about 13% of the purchase price as a deposit. While 20% is the standard size, many lenders are happy to give home loans to borrowers with 10% or even 5% deposits.
However, there are many other costs that come with the purchase. When the deposit is under 20% there’s also lender’s mortgage insurance (a one-off premium) and stamp duty. Although first home buyers may get discounts or exemptions there.
So it’s certainly possible. But keep in mind there are other costs too, and each lender still has to make its own decision based on your daughter’s financial position (income, spending, existing debts and so on).
I hope this helps.