Australian Mortgage Calculator - Home Loan Calculator Australia

Use our free Australian mortgage calculator to calculate your home loan repayments, interest costs, and total loan amount. Our home loan calculator Australia helps you estimate monthly, weekly, and fortnightly repayments for your Australian mortgage.

Calculate Mortgage Repayments

Loan Amount

Interest Rate (% p.a.)

Loan Term (Years)

Payment Frequency

How to Use This Calculator

Enter your loan amount (the amount you're borrowing)
Enter the current interest rate (check with your lender)
Select your loan term (typically 25-30 years)
Choose your payment frequency
Click calculate to see your repayment details

Current Australian Interest Rates

• Variable rates: 6.0% - 7.5% p.a.

• Fixed rates: 5.8% - 7.2% p.a.

• Rates vary by lender and loan type

• Check with your bank for current rates

Mortgage Repayment Details

Enter your loan details to calculate mortgage repayments

How to Use This Mortgage Calculator

Step-by-Step Guide

1Enter the loan amount you want to borrow
2Input the annual interest rate (as a percentage)
3Select the loan term in years (typically 15-30 years)
4Choose your payment frequency (weekly, fortnightly, monthly)
5Click "Calculate" to see your repayment details

What You'll Learn

✓Your periodic repayment amount
✓Total interest you'll pay over the loan term
✓Total amount you'll repay (principal + interest)
✓How different payment frequencies affect your loan
✓Impact of different interest rates and loan terms
✓Visual charts showing your repayment breakdown

Understanding Australian Home Loans and Mortgage Repayments

Our Australian mortgage calculator helps you understand exactly how much you'll pay for your home loan over time. Whether you're a first-time buyer calculating your mortgage repayments or looking to refinance, this comprehensive tool provides accurate estimates based on current Australian interest rates and loan terms.

How Australian Mortgage Interest Rates Work

Australian mortgage interest rates are typically between 5% and 7% for owner-occupier loans, though rates vary by lender, loan type, and your financial situation. Variable rate mortgages can change with the Reserve Bank of Australia's cash rate, while fixed rate mortgages lock in a rate for 1-5 years. Our calculator works with both types.

Loan-to-Value Ratio (LVR) and Deposit Requirements

Most Australian lenders require a minimum 5-10% deposit, but a 20% deposit helps you avoid Lenders Mortgage Insurance (LMI). First home buyers may be eligible for government schemes like the First Home Owner Grant and stamp duty concessions. Use our Australian stamp duty calculator to estimate property purchase costs.

Additional Costs When Buying Property in Australia

Beyond your loan amount, budget for stamp duty (varies by state), legal fees, building inspections, loan establishment fees, and ongoing costs like council rates and home insurance. First-time buyers may be eligible for stamp duty concessions. Calculate all costs with our stamp duty calculator.

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Frequently Asked Questions About Mortgages

What is a mortgage calculator and how accurate is it?

A mortgage calculator helps you estimate your home loan repayments based on the loan amount, interest rate, and loan term. Our calculator provides accurate estimates for standard home loans, but actual repayments may vary due to fees, insurance, and other factors. Use it as a guide and consult with lenders for exact figures.

What's the difference between variable and fixed interest rates?

Variable rates can change over time based on market conditions and lender decisions, while fixed rates remain the same for a set period (usually 1-5 years). Variable rates offer more flexibility and often lower initial rates, while fixed rates provide payment certainty and protection against rate rises. Many borrowers choose a combination of both.

How much deposit do I need for a home loan?

Most lenders require a minimum 5-10% deposit, but a 20% deposit helps avoid Lenders Mortgage Insurance (LMI). First home buyers may be eligible for government schemes with lower deposit requirements. The larger your deposit, the better your interest rate and loan terms. Consider saving for a 20% deposit to avoid LMI costs.

What additional costs should I budget for when buying a home?

Beyond the loan amount, budget for stamp duty (varies by state), legal fees ($1,000-$3,000), building inspections ($500-$1,000), loan establishment fees ($500-$1,500), and ongoing costs like council rates, home insurance, and maintenance. First-time buyers may be eligible for stamp duty concessions or exemptions.

Should I make extra repayments on my mortgage?

Making extra repayments can significantly reduce your loan term and total interest paid. Even small extra payments can save thousands in interest over the life of the loan. Check if your loan allows extra repayments without penalties, and consider making extra payments when you have surplus funds or receive bonuses.

What's the difference between principal and interest vs interest-only loans?

Principal and interest loans require you to pay both the loan amount and interest each month, gradually reducing your debt. Interest-only loans require only interest payments for a set period (usually 1-5 years), after which you must pay both principal and interest. Interest-only loans have lower initial payments but cost more overall.

How do I choose between weekly, fortnightly, or monthly repayments?

More frequent payments (weekly or fortnightly) can reduce your total interest and loan term because you make 26 fortnightly payments per year (equivalent to 13 monthly payments). This effectively makes an extra monthly payment each year. Choose the frequency that aligns with your income schedule and budget.

What factors affect my mortgage interest rate?

Your interest rate depends on several factors: your credit score, loan-to-value ratio (LVR), loan amount, loan term, property type, and whether you're a first-time buyer. A higher credit score, lower LVR, and larger deposit typically result in better rates. Shop around and compare offers from multiple lenders to find the best deal.

How Our Australian Mortgage Calculator Works

Our Australian mortgage calculator calculates your home loan repayments using the standard mortgage formula. Simply enter your loan amount, interest rate, and loan term, and the calculator shows your repayment amount, total interest, and total loan cost.

The calculator supports weekly, fortnightly, and monthly payment frequencies, allowing you to see how different payment schedules affect your loan. Making more frequent payments can reduce your total interest and help you pay off your loan faster.

You may also want to use our Loan Comparison Calculator to compare different loan options, or our Stamp Duty Calculator to estimate additional property purchase costs.

Who Should Use This Mortgage Calculator?

First home buyers: Calculate repayments to determine how much you can borrow
Property investors: Analyze investment property loan repayments and cash flow
Homeowners refinancing: Compare new loan terms with your current mortgage
Property buyers: Estimate monthly costs before making an offer
Financial planners: Help clients understand mortgage affordability

Why Use CalculatorQuest's Mortgage Calculator?

100% free and instant: No registration, no fees, unlimited calculations
Multiple payment frequencies: Compare weekly, fortnightly, and monthly repayments
Comprehensive breakdown: See total interest, total cost, and loan-to-value ratio
Mobile-friendly: Works perfectly on all devices
Privacy-focused: All calculations done in your browser, no data stored