Home Loan Repayments Calculator

The  default I recommend you use is “variable with offset” which will give you a general idea.

If you are looking at fixing your interest rate, then choose a time period to fix for, from 1 to 5 years (the options usually offered by lenders). This means the repayments will be fixed each week / month for the term you choose.

Be aware that once the fixed rate period is over, your loan will automatically default onto the variable rate, so make sure you understand what that is.

I recommend you leave this at the rate that is set as the default.

If you want to see what will happen to your loan repayments after one or two rate rises, then add another 0.5%.

I always recommend you line this up with your pay frequency. 

I think that weekly is the better alternative in general as you are chipping away at your loan balance in smaller chunks rather than one large monthly repayment,  which can leave you short of cash until you are paid again.

Leave this on ‘Principle and Interest” as the default, which means you are repaying some of the actual loan balance each month, plus the interest back to the bank.

‘’Interest Only” is usually an option for construction loans or investment loans.

This means the amount of time you have to repay your loan in full.

The default of 30 years is the usual time banks will lend over. 

The exception is if you are over 45, then the bank may only offer you a reduced loan term. 

Generally the longer the loan term, the lower your repayments as they are spread over longer. 

We always recommend paying off more each month than the minimum monthly repayment.

Once you’ve entered all the required information, click the “Calculate” button to generate your estimated loan  repayment amount.

After using the Home Loan Repayments Calculator for QLD, you’ll see a breakdown of your estimated repayments. This includes the principal and interest components of your repayments and the total amount you’ll pay over the life of the loan.