When you get a new home, you also have to live with the finance. That's why we made home loan shopping easy with our home loan repayment calculator.
Using our home loan calculator you can adjust settings to find your ideal home finance solution. The key components of a loan includes the loan amount, the interest rate, the loan’s length and the repayment frequency. By adjusting these settings in the calculator you can find out how much you can borrow, how much repayments will be and how long it may take you to pay off the home loan.
Ready to take the next step? Talk to a home loan expert today or apply online. A Rapid Finance specialist will assess your situation and discuss home loan possibilities. You’ll be moving into your dream home before you know it.
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Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
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To secure a low mortgage rate, maintain a good credit score, save a substantial deposit, and compare different
lenders and loan products. Working with a finance broker, like Rapid Finance, can also help, as they have access to a variety of lenders and can find competitive rates tailored to your circumstances. Additionally, consider timing your application when market rates are low.
Yes, you can refinance your home loan if your credit score improves. Refinancing can potentially secure you a better interest rate and more favourable loan terms. It's advisable to review your loan periodically to see if refinancing could offer financial benefits.
For specific advice and personalised service, feel free to contact Rapid Finance at 1300 467 274 or via email at rapid@gorapid.com.au. Our team of finance professionals can guide you through every step, from improving your credit score to securing home finance tailored to your unique situation.
Additional costs in getting a home loan may include:
First home buyers in Australia can access various benefits, including:
Government grants and schemes for home buyers in Australia include:
LMI is insurance that protects the lender if you default on your loan. It's typically required if your deposit is less than 20% of the property's purchase price. Although it's an additional cost, it allows borrowers to purchase a home with a smaller deposit.
Using a home loan broker service, like Rapid Finance, offers several advantages:
Mortgage pre-approval is an indication from a lender that they would be willing to lend you a certain amount, based on a preliminary assessment of your finances. To get pre-approval, submit your financial details to a lender for review. Pre-approval can give you a clear idea of your budget when house hunting.
Vendors and estate agents look favourably on property offers with loan approvals already in place. Putting the application ahead of other applications, whose approval is not guaranteed.
To improve your chances of home loan approval:
Your credit score significantly impacts your home loan application. A higher score indicates financial responsibility, increasing the likelihood of approval and possibly securing a better interest rate. A low score can lead to higher rates or even application rejection. Rapid Finance offers services to guide you through the process and even help improve your credit score if needed.
It's possible to get a home loan with a low deposit in Australia, often as low as 5% of the property's value. However, loans with less than 20% deposit usually require LMI, which protects the lender in case of default.
Yes, you generally need to save a deposit to qualify for a home loan. The minimum deposit usually ranges from 5% to 20% of the property's value. Saving a larger deposit can improve your chances of approval and reduce the need for Lenders Mortgage Insurance (LMI).
However, you should also review our low deposit home loan options.
To qualify for a home loan in Australia, you need to meet certain criteria, including a stable income, a good credit history, and a reasonable level of debt compared to your income. Lenders will assess your financial situation, including your earnings, savings, debts, and credit score, to determine your borrowing capacity. It's also beneficial to have a consistent employment history, as this demonstrates financial stability.
Rapid Finance offers a free credit check for you to assess your credit score. We can work with you to amend any errors in the report or make improvements over time, to increase your chances of loan approval.
Your interest rate is calculated based on the Reserve Bank of Australia's rates, the lending market, and your individual financial circumstances, including your credit score, income, and the amount you wish to borrow. Lenders also consider the loan type and term when setting the rate. Rapid Finance can work with you to help fix up any issues on your credit file, prior to application, to help improve the rate you are offered by lenders. We also work closely with a panel of specialist lenders and can often advocate on your behalf to obtain your home loan approval at a rate and with repayments that work for your individual circumstances.
The typical term for a home loan in Australia ranges from 5 to 30 years, depending on your financial circumstances and preferences. Shorter loan terms mean higher monthly repayments, but less interest paid overall, while longer terms spread out the repayments but increase the total interest paid.
For a $1,000,000 home loan over a 30-year term, the estimated monthly repayments would be:
These calculations provide a general idea of the monthly repayment amounts under the specified interest rates for a loan of $1,000,000. Actual repayments may vary based on the specific terms and conditions of the loan.
For a $500,000 home loan over a 30-year term, the estimated weekly repayments would be:
These figures represent weekly repayment amounts under the specified interest rates, providing a general idea of what you might expect to pay on a weekly basis. Keep in mind that actual amounts can vary depending on the specific terms and conditions set by the lender.
To use the home loan calculator, enter the loan amount, interest rate, and loan term (Length) plus payment frequency. The calculator will then estimate your monthly, fortnightly or weekly repayments. This tool helps you understand how much you'll need to pay each month and how changes in rates or loan terms could affect your repayments.
The amount you can borrow depends on your income, expenses, existing debts, and credit history. Lenders use these factors to determine your borrowing capacity, while ensuring you can comfortably make repayments without financial strain. Using our borrowing power calculator, can give you an estimate of how much you could afford to borrow.
Ideally, you should aim to save at least 20% of the property's value as a deposit. This reduces your Loan to Value Ratio (LVR) and can help you avoid paying Lenders Mortgage Insurance (LMI). However, there are options for those who have less than 20%, though these may come with additional costs.
An offset account is a savings or transaction account linked to your home loan. The balance in the offset account is 'offset' daily against your home loan balance, reducing the interest you pay. For instance, if you have a home loan of $500,000 and $20,000 in your offset account, you'll only be charged interest on $480,000. This can significantly reduce the amount of interest you pay over the life of your loan.
Choosing between a fixed or variable rate home loan depends on your financial situation and risk tolerance. A fixed-rate loan offers stability with consistent repayments, but generally has less flexibility. A variable rate can fluctuate, which could lead to lower rates depending on market conditions but also poses the risk of increasing rates. Consider your ability to handle potential rate increases and your need for flexibility in repayments.
In Australia, there are several types of home loans available: