How Long Will It Take To Pay Off My Mortgage?

See how a few smart decisions could help you pay off your home loan faster.

Enter the following details into the calculator to get an indication of how long it will take you to repay your mortgage.

  • Loan amount - This refers to how much you've borrowed, or plan to borrow from a lender.
  • Interest rate - This is the fee a lender charges a borrower for the use of their money. Interest is calculated daily on the outstanding amount of the loan and you can find this rate out by looking at the product review page for the home loan you're interested in an comparing with your own home loan statement if you already have a loan.
  • Repayments - These are the payments you make towards your loan to pay if off.
  • Repayment frequency - This refers to how often you'll make repayments to pay your loan off. You can choose weekly, fortnightly or monthly installments depending on your pay structure, loan terms and personal preference.

Tips to pay off your mortgage faster

  • Increase your repayments, more often - Weekly and fortnightly repayments will save you money in interest and if you increase your repayments then you are also cutting down your principal. Double win.
  • Repay more when you have unexpected funds - Consider dumping your tax refunds, work bonuses or dividends from any other investments. This can also help you cut down the interest payable.
  • Increase your repayments when interest rates are low - The Reserve Bank of Australia's decision to cut interest rates in May had pushed many banks to cut their interest rate. Keep your mortgage repayments at the same level and you can cut years off your loan.
  • Consider an offset account to have your wages paid into - This is when your savings compensate for a portion of the interest charged on your principal. The more funds you have in your offset account, the less interest you pay.
  • Conduct a mortgage health check - Your loan may not be the most competitive product in the market anymore. Look at refinancing with your current lender and determine whether its worth staying.

Looking for an affordable loan? Compare some of finder's cheapest home loans

Rates last updated June 17th, 2019
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Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.44%
3.44%
$0
$0 p.a.
70%
A simple mortgage with no application or ongoing fees that has extra repayments plus split and redraw options. Requires a 30% deposit.
3.59%
3.59%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees. UBank will cut its variable rates for new and existing customers on June 28, making this rate even lower.
3.47%
3.48%
$0
$0 p.a.
90%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
3.39%
4.41%
$300
$10 monthly ($120 p.a.)
90%
A low fixed rate loan that lets you borrow up to 90% of your property's value.
2.99%
4.09%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.58%
4.26%
$0
$395 p.a.
80%
Get a low 3 year fixed rate with a 100% offset account and package discounts.
3.24%
3.88%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.44%
4.51%
$300
$10 monthly ($120 p.a.)
90%
Home buyers can lock in a very competitive fixed interest rate for 2 years.
3.54%
3.54%
$0
$0 p.a.
80%
Low fee loan with extra repayments. Pay no application and ongoing fees and take advantage of split and redraw options.
3.74%
4.31%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Extra repayments up to $30,000 over the life of the fixed period can be made.
3.65%
3.66%
$500 (if over 80% LVR)
$0 p.a.
80%
A competitive variable mortgage for home buyers. This loan has flexible repayments and an optional redraw facility.
3.57%
3.61%
$0
$0 p.a.
95%
A simplified mortgage with a low interest rate and a redraw facility. Approval fee waived for a limited time.
3.89%
4.29%
$0
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.44%
3.48%
$0
$10 monthly ($120 p.a.)
80%
Get a competitive variable rate and a 100% offset account.
3.63%
4.85%
$0
$0 p.a.
90%
A low fixed rate package loan that's available with a 10% deposit.
3.49%
3.49%
$0
$10 monthly ($120 p.a.)
95%
Lock in a competitive rate for three years while you pay off your home. 100% offset account attached.
3.59%
3.99%
$0
$395 p.a.
95%
Get interest rate discounts and waived fees on this package loan with a 100% offset account. $500 cashback offer for first homebuyers borrowing over 80% and paying LMI.
3.64%
4.63%
$300
$10 monthly ($120 p.a.)
90%
Low fixed rate loan for home buyers. Available with a 10% deposit. 100% offset account attached.
3.79%
3.79%
$0
$0 p.a.
95%
Competitive, flexible rate mortgage with simple features and low fees. Low deposit option available.
3.99%
4.00%
$500 (if over 80% LVR)
$0 p.a.
80%
A variable investment mortgage with flexible repayments and an optional redraw facility.
3.99%
3.99%
$0
$0 p.a.
80%
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required. UBank will cut its variable rates for new and existing customers on June 28, making this rate even lower.
3.59%
3.48%
$0
$0 p.a.
70%
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit.
3.69%
4.21%
$0
$10 monthly ($120 p.a.)
90%
Get a low discounted rate for 2 years plus a 100% offset account. And you can get the loan with a 10% deposit.
3.97%
4.28%
$0
$299 p.a.
80%
A competitive package rate for loans above $150,000. Optional 100% offset account.
3.79%
4.22%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.74%
4.13%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.44%
3.70%
$0
$248 p.a.
70%
Borrowers with a 30% deposit can get this competitive rate. Cut down on interest costs with a 100% offset account.
3.74%
3.74%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. UBank will cut its variable rates for new and existing customers on June 28, making this rate even lower.
4.19%
4.22%
$0
$0 p.a.
90%
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
3.74%
3.74%
$0
$0 p.a.
70%
Investors with a 30% deposit can get this low rate loan to fund their property portfolio. Take advantage of split and redraw facilities.

Compare up to 4 providers

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Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

Logo for HSBC Home Value Loan - (Owner Occupier P&I)
HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

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