Calculate your home loan repayment
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Home loan comparison
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
loans.com.au – Variable Home Loan (LVR < 90%) | |||||||||||||
| Variable | More details | ||||||||||||
HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Homeloans.com.au – Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) | |||||||||||||
| Fixed | More details | ||||||||||||
Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%) | |||||||||||||
| Variable | More details | ||||||||||||
Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest) | |||||||||||||
| Fixed | More details | ||||||||||||
IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%) | |||||||||||||
- Low rates for purchase and refinancing
- Simple online application process
- No fees, unlimited redraws, 0.10% offset
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 17, 2024. View disclaimer.
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Calculator Assumptions: Mortgage Calculator
The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
- Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
- Interest rates: We assume that the rate you enter, is the rate that will apply to your loan for the full loan term – even if you choose:
- a variable rate; or
- an interest only rate which, in practice, will only apply for a limited period after which a different rate will apply.
- Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate. We make the following assumptions about repayments:
- repayments are made monthly.
- your annual interest charge is divided equally over 12 monthly payments (in practice, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
- interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case in practice).
- only your initial repayment amount is calculated. We assume that this repayment amount is payable for the loan term. In practice, repayment amounts can change for a variety of reasons.
- weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.
if added, your extra repayment is taken to be made at the same time as your monthly repayment.
Home Loan Rates Comparison
Buying a home is a life-changing experience, from saving a deposit to making the repayments. There are many home loan products in the market, and as a home buyer, you want a loan that will best suit your financial situation. Here’s a quick guide on how you can compare home loan rates:
Interest rate
Interest rates can make a huge difference to the total amount you end up repaying on your home loan. Even a small change to your interest rate could make a huge impact to the overall amount you pay back on your loan.
Comparison rates
We often look at the advertised interest rate when comparing home loans. Looking at the comparison rate instead will give you a much more accurate representation of the loan because it includes the interest rate, fees and charges related to the loan.
Fees
Many home loans come with upfront and ongoing fees, depending on the product. This may include application fees, monthly service fees or lender’s mortgage insurance, which is why it's wise to pay attention to these.
Features
Interest rate is not the only thing to look out for. Home loan features such as redraw facility or an offset account can be useful to save interest on your home loan.
Home loan calculator
A home loan calculator is a helpful tool when comparing home loans. It can help you gauge the amount of your repayments as well as the overall amount you will pay back on the loan based on your loan amount, term, and interest rate.
Approval Requirements for a Home Loan Application
Applying for a home loan will have different requirements depending on the lender. Generally, to be eligible for a home loan in Australia you must be:
-
at least 18 years old
-
a citizen or a permanent Australian resident
Here are the most common requirements for a home loan application. You must have:
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Personal identification: To verify your identity, residency, and age. This can be your passport, driver’s license, or State or Territory-issued photo ID card.
-
Proof of income: Lenders will check your financial stability to measure your ability to repay the loan. This will also include your assets and liabilities.
-
Credit history: This will be used to assess your risk as a borrower. With a high credit score, it’s more likely your home loan application will be approved.
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Home loan deposit: Typically, at least 20% of the property’s value is needed for a down payment. It’s also possible to provide a 10% deposit, however, you will pay Lender’s Mortgage Insurance, just in case you default on the loan.
Home Loan FAQs
With a loan amount of $500,000 and home loan interest rate of 2.47%, you will be paying approximately $1,967.81 per month for 30 years. On a fortnightly basis, it will be $983.91, and on a weekly basis it will be $491.95.
Home loan calculators are tools that can help you give rough estimates on how much you will be spending on your mortgage. The amount will be based on factors such as loan amount, term, interest rate, repayment frequency (monthly, fortnightly, weekly), and repayment type (principal and interest, interest only).
With a loan amount of $200,000, and an interest rate of 2.47%, you could expect to pay indicatively $787.13 per month. On a fortnightly basis this would be $393.57, and weekly this would be $196.78.
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 made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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. Rates correct as of 6 March 2024.
^The addition of offset sub-account means your comparison rate will change.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843