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.

  • Fleming

    I find this calculator quite good. Do you perhaps have a calculator that can help me estimate the cashflow positions of an investment property?

  • Hey Fleming,

    Yes, you can use our investment property cashflow calculator to accurately predict the weekly cashflow position of your next investment property, which should help you work out if it will be positively geared or negatively geared. Here’s the link to the calculator:

  • ayon

    Hi, how much can I borrow to buy an established accounting practice?

  • Hi ayon,

    You may be able to borrow up to 70% of the purchase price for freehold (standard commercial property) or 60% of actual gross fee income or projected income for leasehold. Please check out the accounting practice commercial loan page to learn about this in detail:

  • Eldred

    I want to refinance to do some renos. I just finished some work on the house but want to do about $75k more. My house is worth $1 mil, my current loan is for $900k and I earn $2,500 weekly (PAYG). Is that something you could help with? If so where can we discuss all this in detail?

  • Hey Eldred,

    Yes, we can help with this. You can email us your details at or if you’d like to discuss this directly with one of our experts, you can call 1300 889 743.

  • Leis

    Hi, can you explain a bit on how stamp duty is calculated?

  • Hi Leis,
    Stamp duty is generally calculated on a sliding scale as a percentage of the purchase price. It starts off as a relatively low percentage and increases for premium properties. You can view the stamp duty table for your state to see where the cut-offs are or discuss this with your mortgage broker.

  • Brown

    Can you give me an example of how lenders can change up their policy because of risky property locations?

  • Hey Brown.

    Okay so let’s say you apply for a 95% mortgage in a Category 3 location. The lender may decide that this is too high a risk and therefore may request that you reduce your loan to 90% or 80% LVR. If you can’t come up with a larger deposit, your loan application will be declined.

  • Fleming

    I’m told I have a very complicated trust structure and I can only have this fixed properly next year. I’d like to get a home loan of $1.6 mils ti vyt a $2.4 mils property (townhouse) using my trusts. I’m also considering selling off 2 units (I have 4) if that can help. Will your brokers be able to deal with very complex trust scenarios?

  • Yes, but it’s likely that you’ll be required to pay a fee due to the complexity of your situation as opposed to the majority of our clients who don’t need to pay us anything. We’ll need to properly assess your situation and loan needs in order to fully grasp the scenario and see which lenders can help. Please call 1300 889 743 or enquire online to discuss this with one of our experts: