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Last Updated: 31st May, 2021

This calculator allows you to compare the actual cost of two different mortgages.

Input the details of your loan, including the loan amount, interest rate and ongoing fees and you can calculate the cost of the loan over the total term.


Call us on 1300 889 743 or complete our free assessment form if you’re ready for a home loan.

The interest rate isn’t everything!

Have a play around with the figures that you have entered and you will find that the interest rate can make a big difference to the cost of a loan. However a small difference in rate will sometimes be offset by professional package fees.

The secret to choosing the cheapest loan is to take a holistic approach.

When looking at the price of the loan you should compare the:

However you should also consider:

  • How much they will lend you
  • If they will approve your loan
  • How long the approval will take
  • The lender’s customer service
  • If the loan features suit your needs

Did you know that as a mortgage broker we can do all of this for you?

Simply call us on 1300 889 743 or enquire online and we can compare two or three of the most suitable mortgages for you and let you decide which to apply for.

Professional package or basic loan?

One of the first steps involved in choosing your home loan is deciding whether you want all the bells and whistles of a professional package with 100% offset, or if you will only need the limited flexibility of a basic loan.

As a general rule, if you need an offset account and will have most of your accounts (cheque account / credit card etc) with the one bank then it is better for you to choose a professional package. It is usually cheaper to use a professional package for loans over $250,000, and particularly so for larger loans over $1,000,000 with negotiated pricing.

A basic loan is usually well suited for loans under $250,000 or for investors that own multiple properties that do not require an offset account.

Common mistakes

When comparing different home loans from different lenders it is important to compare apples and apples!

Try not to make these common mistakes:

  • Forgetting to compare LMI premiums
  • Comparing the professional discount instead of the final interest rate
  • Not taking the offset benefit into account
  • Applying with a lender that has a low rate that will not approve your loan

More home loan calculators

We have a range of unique calculators on our home loan calculators page.