Home loan calculator

✅ Fact checked | 🗓️ Updated: April 2026 | ✍️ FinSight Editorial Team | ⚡ Free to use — no signup required
🏠 Home Loan Repayment Calculator
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🏦 Compare Home Loan Rates

Updated: April 2026
LenderInterest RateComparison Rate*Loan TypeFeatures

*Comparison rates are based on a $150,000 loan over 25 years. Rates are indicative only and subject to change. Always confirm current rates with the lender. Compare more rates at Lendi →

How to Use the Home Loan Calculator

Enter your purchase price, deposit amount, interest rate and loan term to instantly calculate your monthly repayments, total interest payable and full repayment schedule. You can also add extra repayments to see how much time and interest you can save by paying more than the minimum.

Home Loan Repayments in Australia — What to Expect

As of April 2026, the RBA cash rate sits at 4.10%. Most variable home loan rates range from around 5.7% to 6.5% p.a., while 2-year fixed rates are broadly similar. On a $600,000 loan over 30 years at 6.2%, your monthly repayment would be approximately $3,672 — with total interest of around $721,800 over the life of the loan.

A 0.5% reduction in your interest rate on a $600,000 loan saves roughly $185/month and over $66,000 in total interest — which is why comparing lenders matters enormously.

Key Home Loan Terms Explained

  • Principal & Interest (P&I): You repay both the loan amount and interest each month. Most owner-occupier loans are P&I.
  • Interest Only (IO): You only pay interest for a set period (usually 1–5 years). Monthly repayments are lower but you’re not reducing the loan balance.
  • LVR (Loan-to-Value Ratio): Your loan amount divided by the property value. An LVR above 80% usually triggers Lenders Mortgage Insurance (LMI).
  • Comparison Rate: Includes fees and charges on top of the interest rate — gives a more accurate picture of the true loan cost.
  • Offset Account: A savings account linked to your mortgage. Every dollar in your offset reduces the interest charged on your loan.

Frequently Asked Questions

How much deposit do I need for a home loan in Australia?

Most lenders require a minimum 5% deposit for owner-occupiers, but a 20% deposit avoids Lenders Mortgage Insurance (LMI). The First Home Guarantee allows eligible buyers to purchase with just a 5% deposit and no LMI.

What is the current lowest home loan rate in Australia?

As of April 2026, the lowest variable home loan rates in Australia start from around 5.74% p.a. (comparison rate 5.76%). Rates vary significantly between lenders — always compare the comparison rate, not just the headline rate.

Should I fix my home loan rate in 2026?

Most economists expect the RBA to continue cutting rates through 2026. Variable rates may fall further, which means fixing now could lock you into a higher rate. However, fixed rates offer certainty on repayments. Splitting your loan (part fixed, part variable) is a popular compromise.

How much can I borrow for a home loan?

Borrowing power depends on your income, expenses, existing debts and the interest rate used for assessment. Use our Borrowing Power Calculator to get an estimate, or speak with a mortgage broker for a personalised assessment.

This calculator provides estimates for educational purposes only and is not financial advice. Always consult a licensed mortgage broker or financial adviser before making borrowing decisions. Rates shown are indicative and subject to change.

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