See important terms and conditions of Variable Investor Home Loan 90 P&I and terms and conditions of Variable Investor Home Loan 90 I/O. +Rates as at 7 February 2024 for Variable Investor Home Loan up to 90% LVR investment security. Target Market Determinations for this product available. See important terms and conditions of Variable Home Loan 90 P&I and terms and conditions of Variable Home Loan 90 I/O. ***Rates as at 7 February 2024 for Variable Home Loan up to 90% LVR owner-occupied security. When selecting interest-only (IO) repayments, it is assumed the loan reverts to principal and interest (P&I) repayments after five years.Ĭonditions, eligibility, and lending criteria apply. Weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively. In practice, repayment amounts can change for a variety of reasons. We assume that this repayment amount is payable for the loan term. Only your initial repayment amount is calculated. 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). 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). We make the following assumptions about repayments:
Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate. 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:Īn interest-only rate which, in practice, will only apply for a limited period after which a different rate will apply.
Loan term and loan amount: We assume the loan term and loan amount have been correctly entered into the calculator. We've made a number of assumptions when producing the calculations including: The figures are based upon the information you put into the calculator. The estimated repayments provided should be used as a guide 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. So what's next? Now that you've estimated your repayments, see how much you can borrow with our borrowing power calculator. Our calculator can also help you understand how different factors like changing interest rates, additional repayments and the frequency at which you make your repayments can impact the interest owed.įor example, lower interest rates, making additional repayments, and paying your mortgage off fortnightly, or even weekly rather than monthly can all help reduce the cost of the loan over time.īy using our mortgage calculator, you'll be able to compare different buying scenarios and avoid falling into the trap of buying a house you can't afford, as well as manage your future repayments better. Once you get an idea of your mortgage repayments you'll know what property price range you can realistically afford. We’re here to help you make an informed decision for your next home loan, and encourage you to use our mortgage calculator to compare different home loan options and calculate potential repayments. So, it's important to budget accordingly. Taking out a home loan is an important step in the home buying process and your loan repayments will be one of your biggest living costs once you do by a home. Our home loan repayments calculator also allows you to opt for either a principal and interest or interest-only loan, and see how much you could save in interest if you made regular extra repayments over the life of your loan. If you're not sure about what interest rate to apply, you can use the default interest rate provided or use an advertised comparison rate to get a more accurate estimate of your home loan repayments. For example, if the property is valued at $650,000 and you have a 20% deposit of $130,000 then the principal loan amount is $520,000. The principal loan amount is the amount of money you plan to borrow from your bank or lender. To use our mortgage repayment calculator, there are a few key pieces of information you will need to get the most accurate estimate of your mortgage repayments. When you take out a home loan, you are required to make regular minimum interest repayments (as well as any fees) for the amount you have borrowed. How to calculate your mortgage repayments