Loan Calculator
Calculate your monthly repayments, total interest and more with our easy-to-use loan calculator.
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Loan Summary
Regular Payment
$0.00per month
Total Repayments
$0.00
Total Interest
$0.00
Principal$300,000.00
Interest Rate6% p.a.
Loan Term30 years
Number of Payments360
Principal vs Interest
Principal (Infinity%)
Interest (NaN%)
Payment Breakdown
First Payment$0.00
Principal: $0.00Interest: $0.00
Mid-Term Payment$0.00
Principal: $0.00Interest: $0.00
Loan Types
- Fixed Rate: Interest rate stays the same for a set period.
- Variable Rate: Interest rate can change based on market conditions.
- Interest Only: Only pay interest for a set period before paying principal.
- Split Loan: Part fixed rate, part variable rate to balance stability and flexibility.
Money-Saving Tips
- Make extra repayments when possible to reduce interest and loan term.
- Consider making fortnightly instead of monthly payments.
- Set up an offset account to reduce the interest calculated on your loan.
- Refinance when better interest rates are available in the market.
Understanding Your Loan Options
Australian Home Loans
The Australian mortgage market offers a variety of loan types to suit different financial situations. Understanding these options is crucial for making informed decisions about your home loan.
- Fixed-rate loans provide stability with consistent repayments over a set period (typically 1-5 years).
- Variable-rate loans offer flexibility with rates that change with the market, often featuring offset accounts.
- Split loans allow you to divide your loan between fixed and variable rates.
- Interest-only loans let you pay just the interest for a limited period, useful for investors.
Understanding Comparison Rates
When comparing loans, look for the comparison rate, which includes both the interest rate and most fees. This gives you a more accurate picture of the loan's true cost. Remember that the lowest interest rate doesn't always mean the best loan, as features like offset accounts and redraw facilities can also save you money over time.
Tips for First-Time Borrowers
Before Applying
- Check and improve your credit score
- Save for a larger deposit (aim for 20% to avoid LMI)
- Reduce existing debts
- Research government assistance programs
- Calculate your borrowing power realistically
During the Loan
- Consider making fortnightly instead of monthly payments
- Set up an offset account if available
- Make extra repayments when possible
- Review your loan annually and refinance if beneficial
- Avoid unnecessary fees by understanding your loan terms