Calculator

It's important to understand how mortgage repayments work, the terminology lenders use, and how much your repayments will be before you take out a loan.

Whether or not your mortgage repayments go up or down over time, has more to do with the interest rate you are paying rather than how much time you have left on the loan. When determining whether to approve you for a certain mortgage amount, lenders pay close attention to your credit score, you assets and your liabilities. Beyond the factors your bank considers when pre-approving you for a mortgage amount, consider how much money you’ll have on-hand after you make the deposit. - Mortgage insurance: Also known as lenders mortgage insurance, or LMI, this protects the lender in case you default on your mortgage, and you will need to factor this in if your deposit is less than 20%. This portion of the calculator lets you view your monthly payments as well as the total cost of the loan, and the total interest paid. [Stamp duty](https://www.forbes.com/advisor/au/property/what-is-stamp-duty/): Last but not least, we come to stamp duty, a levy that is imposed by each state as a percentage of the purchase price of the property. The more additional money you pay off, the lower the total cost of the loan and interest paid. Once you enter all of the relevant information on the left side of the screen, the calculator will auto-populate your payment breakdown on the right. The longer the loan term, the lower the repayments, but the more you will pay over the long term in interest. Note: that while many people elect for monthly loan repayments, you will pay off your mortgage sooner if you elect for weekly instalments. If you don’t have a specific amount in mind, you can experiment with this number to see how much you can afford. And if you’re considering making an offer on a home, this calculator can help you determine how much you can afford to pay.