Savings .com.au

How much will a mortgage cost me

To answer this simply, a lot. Hundreds of thousands of dollars usually. Home loans cost much more than just the purchase price of the property. You’ll also need to pay:

  • Interest on the loan

  • Upfront home loan and property buying fees

  • Ongoing home loan fees

Our home loan total cost calculator can help you work out how much a mortgage will really cost you.

Home loan total cost calculator

To use the Savings.com.au mortgage cost calculator, firstly enter:

  • The purchase price of the home you are seeking a loan for

  • Your deposit

Next, indicate whether you are a first-home buyer. The calculator will apply concessions and discounts extended to first-home buyers in the various Australian states and territories.

Then, enter:

  • The property type

  • The purpose of the property (whether you plan to live in it or rent it out)

  • Which state the property is situated in

Next, enter:

  • The loan term

  • The interest rate

Finally, enter the home loan fees that apply to your loan. These include:

  • The settlement fee

  • The application fee

  • The discharge fee

  • Ongoing monthly fees

These fees apply to many home loans but leave out any that don’t apply to your loan. As well as giving you the total cost of your home loan, the calculator will break down the figure. That way you’ll have a good idea of where the costs lie and what difference concessions, if any, can make to your total loan.

Should I use the comparison rate?

To give borrowers some idea of the effect of fees and charges on their loan, lenders are also required to state a loan’s comparison rate* alongside its advertised interest rate. The comparison rate* bundles the fees and charges a borrower will pay and expresses it as a percentage figure. If you use the comparison rate*, you don’t need to add in the fees and charges that will apply to your loan. However…

While the comparison rate gives a more accurate figure of the cost of a home loan than the advertised rate, bear in mind, the * that accompanies a comparison rate* figure discloses that comparison rates are set for loans of $150,000 over a 25 year period. It is highly likely you will be borrowing a far higher amount than $150,000 and your loan term may not be 25 years. The comparison rate* also doesn’t cover all fees and charges involved with taking out a loan. For a more accurate picture tailored to your particular loan, use the advertised interest rate and enter the fees and charges separately.


Looking for a home loan?

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

Lender

Variable
More details
Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Online ExclusiveUp To $4K Cashback

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Variable
More details
Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Apply In Minutes

Unloan – Variable Rate Home Loan LVR < 80%

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Variable
More details
4.6 Star Customer Ratings
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
    More details
    Flexible Home Loan Options
    • $0 application fee & fast turnaround times
    • Estimate your borrowing power in as little as 1 minute
    Flexible Home Loan Options

    Macquarie Bank – Offset Package Home Loan (Principal and Interest) (LVR 60%-70%)

    • $0 application fee & fast turnaround times
    • Estimate your borrowing power in as little as 1 minute
    Variable
    More details

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR ≤ 80%)

    • Home loan specialists available today
    Fixed
    More details

    Macquarie Bank – Basic Home Loan Fixed (Principal and Interest) (LVR 70%-80%) 3 Years

      Fixed
      More details

      Westpac – Premier Package Fixed Options Home Loan (Principal and Interest) 1 Year (LVR < 70%)

        Variable
        More details

        Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 70% - 80%)

          Variable
          More details

          NAB – Base Variable Home Loan (Principal and Interest) (New Customer)

            Fixed
            More details

            ANZ – Fixed Rate Home Loan (Principal and Interest) 5 Years (LVR < 80%)

              Variable
              More details

              loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

                Variable
                More details

                Heritage Bank – Discount Variable Home Loan ($150k+) (LVR < 70%)

                  Fixed
                  More details

                  Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan Special (Principal and Interest) 2 Years

                    Fixed
                    More details

                    Commonwealth Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years

                      Fixed
                      More details

                      HSBC – Package Fixed Rate Home Loan (Principal and Interest) 4 Years (LVR < 80%)

                        Fixed
                        More details

                        IMB Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR ≤ 80%)

                          Fixed
                          More details

                          ING – Fixed Rate Home Loan 5 Years (LVR < 80%)

                            Fixed
                            More details

                            Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 5 Years

                              Fixed
                              More details

                              Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan (Principal and Interest) 1 Year

                                Important Information and Comparison Rate Warning

                                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 28, 2024. View disclaimer.