Home loan comparison

Buying a home or looking to refinance? The table below features home loans
with some of the lowest variable interest rates on the market for owner occupiers.

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%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

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

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Overview

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