How are my home loan repayments calculated?
We use the loan amount, interest rate, and loan term to estimate your regular repayments. The result includes both principal and interest.
Do the calculators assume the interest rate stays the same?
Yes, the calculator assumes a fixed rate for the full loan term. It doesn’t predict rate changes, so it’s best to re-run the numbers if rates move.
Are lender fees included in the repayment estimate?
No – the calculator shows principal and interest only. It doesn’t include things like application fees or monthly charges.
Are the calculator results 100% accurate for my situation?
Not quite – they’re estimates based on general assumptions. Your actual repayments may differ depending on your lender and circumstances.
Will my actual repayments differ from the estimate shown?
They might. Things like fees, rate changes, or lender policies could affect your real repayments.
Is this calculator a loan offer or pre-approval?
No, it’s just a guide. To get a pre-approval or formal offer, you’ll need to speak to a broker or lender.
How do I know what interest rate to enter?
Use a current market rate (e.g. around 5–6%) or a quote you’ve been given. Try a few scenarios to see the impact of rate changes.
What’s the difference between principal & interest vs interest-only?
Principal & interest loans pay off your loan over time. Interest-only means you pay just the interest for a period; repayments are lower, but your loan balance doesn’t reduce.
What happens after an interest-only period ends?
Your loan switches to principal & interest repayments, which are higher. Plan ahead for the change.
How often should I make repayments, weekly, fortnightly, or monthly?
It’s up to you. Fortnightly or weekly can save you interest by reducing your balance more often. Pick what suits your pay cycle.
If I make extra repayments, will my monthly repayment reduce?
Not usually, your regular repayment stays the same, but your loan finishes sooner, and you’ll pay less interest.
Can I redraw extra repayments later if needed?
Suppose your loan has a redraw facility, yes. Just keep in mind that redraw rules and fees can vary.
When should I talk to a broker after using this tool?
Anytime, especially if you’re ready to buy, want to check your borrowing power, or have questions. It’s free and helpful.
What are extra repayments on a mortgage?
They’re any payments above the minimum. Extra repayments go straight toward your loan balance, reducing interest.
Are there limits or penalties for extra repayments on fixed-rate loans?
Often yes – many fixed loans cap extra repayments or charge break fees. Always check your loan’s terms.
How does the interest rate affect my repayments?
Higher rates = higher repayments. Even a small change can have a big impact on your budget and total interest paid.
Does the calculator show how repayments change if interest rates rise?
Not automatically. To test changes, adjust the rate manually and re-run the calculator.
Can I switch from variable to fixed rates mid-loan?
Usually, yes, many lenders allow it. A broker can help with the process and timing.
Does stamp duty affect my repayments?
Not directly. It’s an upfront cost, not part of your regular loan repayments, unless you add it to your loan, which increases the amount you’re borrowing.
