Your estimated repayments are
$ 0.00 monthly f/nightly weekly
Variable home loans P&I
|Purchase or Refi, 80% P&I Smart Home Loan||2.88%||2.90%||$1,660||More details|
|Discount Variable 80%||3.07%||3.09%||$1,702||More details|
|Low Rate Home Loan w/Offset||3.15%||3.17%||$1,719||More details|
|Base Variable Rate Special||3.20%||3.24%||$1,730||More details|
|Simplicity Plus Plus 80% Special Offer||3.24%||3.28%||$1,739||More details|
|Purchase or Refi, 80% P&I Smart Home Loan|
|Discount Variable 80%|
|Low Rate Home Loan w/Offset|
|Base Variable Rate Special|
|Simplicity Plus P&I 80% Special Offer|
Base criteria of: a $400,000 loan amount, variable, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. Rates correct as at 17 October 2019. View disclaimer.
Calculate your home loan repayments
A home loan is one of the biggest expenses you’re ever likely to have. That’s why you should calculate your potential home loan repayments before taking out a mortgage, to work out what kind of home loan you can afford.
Using Savings.com.au’s Mortgage Calculator, you can roughly calculate how much your home loan repayments could be on a monthly, fortnightly or weekly basis so you can compare it against your own budget.
To use our Mortgage Repayment Calculator, simply enter the interest rate, loan term, loan amount and whether the loan has principal and interest or interest-only repayments.
Savings.com.au’s mortgage repayment calculations are estimates only; consider speaking to a professional to get dedicated home loan advice.
Tips on paying off your mortgage faster
- Repaying a home loan fortnightly (half your monthly repayment) or weekly (a quarter of your monthly repayment) results in an extra month’s worth of repayments on your mortgage each year, which helps you pay off the loan years earlier and save thousands in interest.
- Interest accrues daily, so repaying weekly will save you more interest than repaying fortnightly, but not by much.
- Synchronising your mortgage repayment frequency with how often you get paid is a great way to help you to budget.
- You can always make extra repayments, or save on interest by parking spare cash in an offset account.
Mortgage repayment frequency restrictions
So long as the total amount repaid over the month isn’t less than the minimum monthly requirement, most lenders are generally willing to let borrowers make fortnightly or weekly principal and interest (P&I) repayments. However, for interest-only (IO) loans, lenders don’t normally allow weekly or fortnightly repayments – usually only monthly repayments are required. Lenders can also be less flexible with fixed-rate loans.
Home loan news
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in 2018. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*Comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure. The interest rate per annum is based on a loan credit of $150,000 and a loan term of 25 years.