Loan Repayment Calculator

Loan details

Loan amount
Loan term
Interest rate (check out our special rates)
Loan repayment type
Loan repayment frequency

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  


  • Repayment chart
  • Repayment table
Year Principal paid Interest paid Loan balance

Tips for your situation


You can use this calculator to work out your home loan repayments with different loan sizes, interest rates, loan terms and repayment options.

What interest rate should I use?

You can use the Bank Standard Variable Rate (BSVR) of one of the major banks, less a 0.7% discount.

This is a good rough guide, although it is likely that we may be able to get your a better interest rate than this.

However, to determine what your payments would be if interest rates were to increase, put in an interest rate around 1.5% higher than the current BSVR.

This will help you figure out if you would be able to afford the loan, if rates went up.

What loan term should I use?

Generally, most mortgages in Australia are for a 30 year term. You can choose any term you like even up to 40 years, which is the maximum term offered in Australia.

Please keep in mind the shorter your term, the higher your repayments. However, the faster you pay off the loan, the less interest you will ultimately pay.

Is it better to pay weekly, fortnightly or monthly?

Despite what you might have heard in the media, there is no benefit to paying weekly or fortnightly as opposed to making monthly repayments. Some lenders divide the monthly repayment by two to work out how much you would pay if you were to make fortnightly repayments.

This is actually paying more than the true fortnightly repayments. If you make extra repayments then you will pay the loan off faster and will save money, this is why paying fortnightly appears to give you a benefit.

Making monthly repayments and paying more than the minimum is the most effective way to save money on your mortgage. If this is combined with an offset account you can easily reduce your interest expense without making a noticeable change to your lifestyle.

What does interest only mean?

If you are making interest only repayments then you are not actually paying off your home loan. You are just paying the monthly interest to the bank.

The advantage is that your repayments are smaller. The disadvantage is that you will not actually pay off your loan and ultimately you will pay much more in interest.

Investors often use interest only loans on their investment properties to keep their monthly commitments low and to allow them to use their spare funds to pay off their non-tax deductible debts first.

Can I pay interest only payments on a weekly basis?

The majority of lenders only allow interest only repayments to be made on a monthly basis. There are a few ways around this, however very few people choose to do this as there is no benefit in paying weekly or fortnightly if you are paying interest only.

How can I work out my borrowing capacity?

To do this, first determine how much you would feel comfortable repaying each month, then use a 1.5% higher rate than the current BSVR. This method can help you work out how much you could comfortably borrow without having to change your lifestyle or current spending habits.

This is a simplified method of working out your borrowing capacity. However, you can also use our borrowing power calculator or our mortgage brokers can give you a more exact figure using our software.

We never recommend that you borrow to your limit as this leaves you very little surplus money to spend on holidays or to keep on stand by for unforeseen circumstances.

Speak to a mortgage broker

Our mortgage brokers are here to help you apply for a loan that suits your needs. If you are trying to minimise your loan repayments or pay off your loan as quickly as possible, we can help you develop a strategy.

Please enquire online or call us on 1300 889 743 for more information.


The results from this calculator should be used as a guide only and does not constitute a loan approval, quote or an offer to lend. The calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product.

Code errors or delays with updating the calculator may cause your result to be inaccurate. You should obtain a formal approval from a lender before making any offer on a property or any financial decision that relies on a new mortgage.

  • Harry Bearfield

    Hi, will the repayment amount change with the changes in the market rates, as I have a mortgage with AMP under standard variable rate.

  • Hi Harry,

    Yes, as the name suggests, with a standard variable rate your rate will vary based on the changes in the lender’s interest rate. If you want certainty and a known amount to be paid each month, you can go for a fixed rate. If the market interest rates are in increasing trend, you will benefit with a fixed rate, however, if they are decreasing, you might not be better off.

  • Zulek

    What things do I need to consider if I want to go for an interest only home loan?

  • Hi Zulek,

    You’ll need to weigh in the pros and cons of your decision, e.g. it can be a great idea if you’re a property investor but if you’re buying your first home to live in then it may not make all that much sense. We have a whole page on interest only home loans which includes a lot of info that you may find useful. Please check it here:

  • Tesla

    Why don’t banks pass on the full RBA rate cut? According to my calculations, that would really help me enough to allow me to buy another IP…

  • Hey Tesla,

    Some lenders don’t pass on the full RBA rate cut as it can increase the spread between their cost of funds and the interest rate charged to borrowers. The less spread between these two factors, the less profit the lender stands to make. Lenders are in a constant balancing act of keeping both their customers and shareholders happy. Unfortunately, sometimes their customers lose out. Please feel free to contact us if you want a better rate that what you’re being offered.

  • Joe

    Hi, how much do we need to be earning to be able to qualify for a no LMI home loan?

  • To qualify for a no LMI home loan, you’ll need to be earning over $150,000 per annum. Some lenders can consider rental income. Please have a look at the LMI discounts and no LMI page for details:

  • Rahar

    How much in extra repayments can I make in a mortgage? FYI, I have a fixed 2 year loan with one of the major banks.

  • Hi Rahar,
    It really depends on the loan product and the lender as the extra repayment amount varies with each lender. However, for fixed home loans, they usually have a certain limit that you could repay in the loan.
    Also, you could split your home loan into both variable and fixed or get a flexible rate fixed loan. You could know about this here
    You can try our extra repayments calculator or speak directly with your lender to determine the exact amount of additional repayments that you can make towards your mortgage.

  • Roxy

    Hi there, we currently have a mortgage balance of 265k on a variable rate. We have around 80k in offset account. Does the interest only apply for the 185k leftover?

  • Hi Roxy,
    The 80k in your offset account “offsets” the interest payable on your mortgage. So, yes, the interest only applies to the 185k.