Call us now 1300-889-743

Interest Rate Calculator

Interest Rate Calculator

Loan type

Calculate interest rate for
Loan amount
$
Loan term
years

Loan details

Interest rate type
Loan repayment type

Upload a copy of your most recent home loan statement.
You can download this from your Internet Banking account (click here for instructions).

Supported file types are .pdf, .jpg, .jpeg, .bmp, .png, .doc, .docx, .xls and .xlsx

Most recent interest charged ?
$
When was this charged? ?
When were you charged interest before this? ?
What was the loan balance at this time? ?
$
I have no idea, I need an easier way.

Contact a mortgage broker

Please email me a copy of the results:
Yes No
Talk to one of our mortgage brokers about your situation: Yes  No  
  • Your current interest rate is
  • Do you have an offset account?
    This could be messing up our calculations.

    Enquire online and one of our mortgage brokers will check your rate.
ENQUIRE ONLINE RE-CALCULATE
Disclaimer: The interest rate quoted is the best available rate for someone with your loan size. In some cases we can obtain better pricing via negotiation with our lenders however if you cannot qualify with this lender you may end up paying a higher interest rate with an alternate lender. Estimates of your current rate include some assumptions for example, you have not had the balance change during the period over which interest was calculated and that you do not have an offset account. Please speak to our mortgage brokers to confirm your current rate and which interest rates you are eligible for.

Our ‘Interest Rate Calculator’ takes into account the size of your home loan and the loan term to calculate the interest rate you may be eligible for.

It also provides an estimate of your monthly repayments depending on whether you choose to go with a fixed or variable rate.

Alternatively you can use our calculator to work out the current rate that you are paying on your home loan.

Am I getting a good interest rate?

Banks don’t always advertise their lowest interest rates so we’ve done it for you on our interest rates page.

You’ll find that if your loan is over two years old then there is a very good chance that you are no longer on a competitive interest rate. If you went to a bank directly, you may well get a good deal at the start of your loan but you could be charged fees and a higher interest rate as the term of the home loan progresses.

We do annual reviews on our clients loans and make sure they are still getting the best deal possible from the bank.

Why not call us on 1300 889 743 or fill in our free assessment form. Our brokers may be able to negotiate special interest rate discounts depending on the size of your loan and asset position.

Calculating your rate from a statement

You can enter in your recent payment details into our calculator and it can work out what interest rate you are being charged.

It does this by dividing the interest you have been charged by the number of days since the last repayment. It’s quite accurate unless the loan balance changed during the month or you have an offset account with a significant balance.

Fixed or variable?

Fixing your rate is a great way for you to lock in a rate you’re comfortable with for up to the first 5 years of your loan. Despite this, some people may be better off going with a variable rate.

The reason is that fixed rate loans have high fees if you pay off your loan early or when you make large additional repayments. These fees are known as break costs.

Do not fix your rate if you are planning to:

  • Sell your property
  • Make a large lump sum repayment
  • Refinance your home loan

What loan term should I choose?

Choosing the right loan term really depends on your situation. Most mortgages in Australia are for a 30 year loan term, but you can pay your loan off earlier than that if you can afford it.

Alternatively, you can choose to pay off your loan over 40 years, the maximum loan term offered in Australia. Keep in mind though that although your repayments will be lower with a longer loan term, you will ultimately pay more in interest.

If you currently have a mortgage, our calculator can also work out the current interest rate you’re paying based on your monthly repayments.

If you are trying to minimise your loan repayments or pay off your loan as quickly as possible, our mortgage brokers can help you develop a strategy.

Please call us on 1300 889 743 or fill in our free assessment form today.

  • Anthony

    Hello, how can one get a good interest rate with a minor credit record. To be precise, I missed out to change my address while I moved on and hence I missed a couple of bills mailed to me. I’ve already sorted the issue but it had stayed on my credit record, I hope I don’t have to go for higher interest rates with a small lender due to this?

  • Hi Anthony,

    Depending on several factors, you may or may not be able to get a loan with major lender. Most major lenders have a very strict policy and take this very seriously as they feel that any kind of credit issues in the past has the possibility of being repeated but if we could provide them a strong explanation, they may approve your home loan.

    It is still possible to get a home loan by going to the specialist lender, as not all lenders will accept a default.