So, you’re thinking about buying a home. Congrats! Having your own place means the freedom to make it yours, and no more panic cleans before a forgotten rental inspection…
But then, the dreaded question hits. Can you afford it? That’s where our Home Loan Repayment Calculator* comes in handy.
Guessing your budget is how you end up with a trolley full of Kmart storage hacks… and no money for fuel. Oops.
Our Home Loan Repayment Calculator takes the guesswork out of your home purchase. Plug in the details and let it show you a clearer picture of what the bank’s likely to lend you, before you accidentally manifest a mortgage stress spiral.
In other words, how much are other people paying? Well, the average monthly repayment in Australia is $4,096. But the good news is there’s no need to ‘out-mortgage’ your neighbours; it’s a better flex to get your dream house for a lower amount.
We’ll help you design a space that fits your budget, so you can own a remarkable home without giving up the *essential* perks of life (AKA that annual Bali trip for poolside mojitos and borderline life-threatening scooter rides!)
Ah, the million-dollar question! Or, you know, however much you’re hoping to borrow.
Lenders will consider:
It depends. Some people go in with as little as 2%, while others aim for the traditional 20%. The thing to know is, your deposit size influences how much you can borrow. But if you’ve got a guarantor, you can borrow up to 100% of your home loan with a deposit of 0%!
Check out our guide on minimum deposits to get the full scoop.
Let’s say you suddenly come into some money (maybe those old Furbies finally become collector’s gold!), then you might want to pay off your loan early.
Here’s what you need to know:
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Usually, yes! This is called a ‘split home loan’, and it lets you hedge your bets.
But in all realness, mortgage details are pretty complicated, which is why we always recommend speaking to a professional. They can help weigh up your options and will make sure those rate hikes don’t catch you off guard.
With a fixed rate loan? No impact until your term ends. But with a variable rate loan, your repayments will likely go up.
And what about interest rate cuts? Well, if you have a variable loan, you might see savings—but remember, banks are under no legal obligation to pass on rate cuts to their borrowers.
Did you know you can get a home of your own with a couple of grand in savings, pending you meet a few criteria? No - well, now you do!
The one that gets you the free money. $10k worth.
The one for those with just a little in the bank. It all counts.
The one backed by the WA Government. Thanks Roger.
The one that lets you pay as you go.
The one backed by mum and dad. Love you guys.