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What if the cash rate changes?

What if the cash rate changes?

Loan Details
Repayment with the new cash rate
  • New Interest Rate4%
  • New Repayment amount$ 2121
  • Monthly addition of$ 91

The result provided is an estimate only. Please read our for more information.

Calculator Assumptions and Disclaimers

  • Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
  • Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
  • Months are assumed to be of equal length. However given some months are longer than others interest charged may vary depending upon the month.
  • One year is assumed to contain exactly 52 weeks or 26 fortnights. Thus each year has 364 days.
  • All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
  • Calculator does not include the cost of fees or other extra charges.
  • This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances.Read our full disclaimer.

What is a home loan calculator?

Also called a "mortgage calculator", a home loan calculator can help you to:

  • Find a low rate: Work out the lowest interest rates you can afford, and how much you could save compared to a higher rate loan.
  • Find out how much you can borrow: Use your income and saved deposit to work out how much you can afford to borrow and comfortably repay.
  • Find out how much you’ll pay in interest: Break down the total cost of your loan, and see how much total interest you’ll pay when you buy a property.

Keep in mind that a mortgage calculator does not take every aspect of your personal situation into account, and is not a substitute for professional financial advice.

When should I use a home loan calculator?

Home loan calculators can be useful at almost any stage of your home loan journey.

  • Before you start looking for properties, you can estimate how much a bank may offer to lend you, giving you a better idea of your real estate budget.
  • When you’re seeking home loan preapproval, you can determine the maximum repayments you could potentially afford, and how this could change if interest rates were to rise or fall.
  • When making offers on properties, you can determine how different purchase prices and property values can affect the LVR and LMI on your home loan.
  • Once you have a home loan, you can work out how refinancing to a different interest rate could affect your repayments and potentially put you in a better financial position.

What type of calculator should I use when I’m looking to buy?

  • Home loan repayment calculator: By using this calculator to estimate your mortgage repayments with different variables, you can work out which loans match your needs and financial situation. 
  • Borrowing power calculator: This calculator can help you determine how much money a lender may offer to lend you when you’re seeking pre-approval, so you can have a maximum budget in mind when making an offer on a new home or investment property.
  • Stamp duty calculator:Estimating the stamp duty you may have to pay on a property can help you calculate your upfront costs when buying a property.
  • LMI calculator: If your deposit is on the smaller side, this calculator can help estimate how much Lender’s Mortgage Insurance you might have to pay for when you apply for a home loan.
  • Mortgage stress calculator: Comparing the potential cost of mortgage repayments with your household income can help you work out if a change in interest rates or a similar financial shock could put your budget under stress.
  • Refinance calculator:Working out what interest repayments look like from one loan, compared to your current loan, can help you work out if now is the right time to consider switching mortgages.

Get a property's value and work out what you can afford

Using a mortgage calculator is just one part of the journey. Find out how much a property is worth and you'll know how much you need to borrow before using a calculator.

*Instant Report, Obligation Free

Why should I use a mortgage calculator?

Mortgage calculators, such as those found on RateCity, can help you quickly and easily compare the costs and benefits of home loans in Australia from a variety of different mortgage lenders – simply enter the details of each offer to estimate its overall value. Knowing the monthly (or weekly or fortnightly) repayments on a home loan can also help you estimate the total cost over the full loan term.

Useful for anyone considering buying a home, a home loan calculator can offer a way to understand your future financial outlook, whether you're a first home buyer, you've bought before, or you’re buying an investment property.

Will using a bank or lender's calculator offer the best results?

Using a bank’s home loan calculator, such as those from the Commonwealth Bank, ANZ, NAB, Westpac, or another major lender, may help you estimate the cost of repayments for that bank’s own mortgage products. This may be helpful if you’re looking for a home loan from a specific bank or lender, whether you're looking mortgages of all sizes, even up to repayments on mortgages as big as one million dollars or higher. 

However, a bank’s mortgage calculators may not always let you adjust the figures in your calculation (e.g. the interest rate, loan term etc.) to something other than what’s offered by their own loan products, preventing you from being able to easily see how each factor may affect the loan. Plus, there may not be an easy way to compare the calculated cost of the bank’s mortgage offers to the value of home loans from other mortgage lenders.

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What a home loan comparison calculator offers

A mortgage calculator from a home loan comparison site may allow you to enter your own interest rate, loan term and more, giving you more control over your calculations, and a greater understanding of which home loan features and benefits may affect the final cost and value.

You can also quickly compare the results from the calculator on a comparison site with other home loan offers from other banks and lenders. This can help you find alternative home financing options, perhaps even with a mortgage lender you hadn’t previously considered.

Can mortgage calculators be used for investment loans?

There is no real difference between a home loan calculator and an investment property loan calculator. Most mortgage calculators can be used to calculate repayments on investment loans just as easily as for owner occupier home loans. Simply enter the details of the investment loan you’re looking at to calculate the repayments or estimate your borrowing power.

Keep in mind that investment loans often have higher interest rates and stricter eligibility criteria than home loans for owner occupiers. This could affect the cost of your repayments, especially if you opt for interest only repayments on your investment loan for a limited time. Also, your borrowing power may be slightly lower, as some lenders consider investment mortgages riskier than home loans for owner occupiers.

How do I use a home loan repayment calculator?

To find the estimated repayments on a home loan, simply enter a few details into our home loan calculator. Using this information, we can calculate:

  • Your estimated repayments (weekly, monthly, or fortnightly)
  • The total interest payable
  • The total amount payable
  • Your repayment schedule

Our calculator can also show you how much you could potentially save by adjusting your loan term or other figures, and help you compare home loans that may suit the requirements you’ve entered. 

How to use a home loan repayment calculator

  1. The loan amount you’d like to borrow: Essentially, how much you need to purchase your property.
  2. The interest rate you’d like to pay: You can find interest rates from a variety of lenders here, using those numbers to simulate how much you'll need.
  3. Your preferred repayment type: Principal and Interest or Interest Only.
  4. Your borrower type: Are you borrowing to be an Owner Occupier, or are you borrowing as an Investor?
  5. The loan term you’d like to take to pay off your debt: Home loan terms can be as short as one year and go all the way to 30 years.

How do I view my mortgage calculator repayment schedule?

If you click to view your repayment schedule in your mortgage calculator results, you’ll be shown a graph illustrating how your mortgage can be paid off over time. You can see at a glance how much of each home loan repayment will be made up of your loan’s principal, how much will be made up of interest charges, and how these percentages will change over time as you pay off your loan.

You can also click to view your repayment schedule as a table, showing a full breakdown of the dollar values that make up each repayment. This can be handy if you like to precisely manage your household budget, or want to get a better idea of exactly where your money will be going.

Keep in mind that your repayment schedule is an estimate based on the values entered into the mortgage calculator. It does not take into account:

  • increases or decreases to variable interest rates
  • any fees you may be charged
  • the use of loan features such as an offset account or redraw facility

What's the next step after using a mortgage calculator?

After the mortgage repayment calculator has told you how much you could expect to pay for your home loan, the next step is to compare the range of home loans that are available on the market, and to consider their interest rates, fees, features and other benefits, such as offset and redraw, and whether or not the loan product offers a fixed rate or variable rate. These loan products can vary wildly, and there may also be other eligibility criteria or lending criteria for you to fulfil when you’re home buying.

Keep in mind that as well as interest, there may be upfront and ongoing fees and other charges to consider. To get a better idea of a home loan’s overall cost, look at its comparison rate. A mortgage’s interest and standard fees and charges are included when calculating its comparison rate, so you can tell at a glance which loans could end up costing more or less. Just remember that home loan comparison rates are calculated using pre-set assumptions for consistency – different terms will likely apply to your loan, so the comparison rate should provide a guideline only.

Will a mortgage broker make it easier than doing it myself?

Once you find a loan that may match your needs, you can contact the lender directly to make an application. If you’re having trouble working out which mortgage offer may be right for you, a mortgage broker may be able to provide personal financial advice

Mortgage brokers are home loan experts who can help you with every step of searching and applying for a mortgage. A broker can look at your finances and personal goals, and calculate what repayments may best suit your budget, including the effect of making extra repayments or using home loan features such as offset or redraw. 

Brokers can help you choose from home loan products that may suit your needs, including special mortgage deals that are exclusive to brokers. A mortgage broker can even help you manage the home loan application paperwork, saving you time and hassle.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Fact Checked

The information on this page was fact checked by Chris Brown, a broker in New South Wales specialising in home loans, car financing, debt consolidation, short-term finance, non-conforming finance, business finance, and asset financing. For more information on how brokers like this can assist you, look for a broker near you

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