What will my repayments be?
Standard principal-and-interest repayments for any loan amount, rate and term.
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Interest-only is common for investment loans during the early years.
A 0.25% lower rate on a $600k loan saves around $35,000 over 30 years. We compare 50+ lenders.
Why even a small rate difference matters
Repayment calculations look like simple maths, but the long-term impact of small rate differences is genuinely surprising. On a $600,000 loan over 30 years, dropping your rate from 6.25% to 6.00% reduces your monthly repayment by about $96 — but saves you over $34,000 in lifetime interest. From 6.50% to 5.85%, the lifetime saving exceeds $90,000.
This is why refinancing — or simply negotiating with your existing lender — is rarely "not worth the effort". A 30-minute conversation with a broker can identify lenders willing to offer 0.25–0.50% below your current rate, and the paperwork to switch is straightforward.
Fortnightly vs monthly
Many borrowers ask whether fortnightly payments save money. The honest answer: only if the lender treats fortnightly as half of monthly. Done that way, you make 26 half-payments a year — the equivalent of 13 monthly payments. The extra one goes straight to the principal, shaving years off your loan. Some lenders prorate fortnightly to be exactly equivalent to monthly, in which case there's no advantage. Always check before assuming the saving.
Principal-and-interest vs interest-only
Interest-only repayments are lower in the short term but you make no progress on the loan balance. Most lenders cap interest-only periods at 5 years for owner-occupiers and 5–10 years for investors, after which the loan reverts to principal-and-interest — usually with a higher repayment than if you'd been paying P&I from day one. Use interest-only deliberately, not by default.
Repayments, explained.
How is this calculated?
Using the standard Australian amortising loan formula. Same maths every lender uses. The only thing it can't model is your specific lender's fee structure or any offset/redraw activity.
Do fortnightly payments really save money?
Yes, but only if your lender takes fortnightly payments as half of monthly (26 half-payments per year = 13 monthly equivalents). Some lenders prorate fortnightly to be exactly equal to monthly, in which case there's no benefit. Confirm with the lender.
Why isn't my real repayment exactly this number?
Lenders may add monthly account fees ($5–$15), package fees ($395/year is common), or apply a slightly different daily-interest calculation. The repayment shown above is principal-and-interest only.
Should I choose a 25-year or 30-year loan?
30-year loans have lower minimum repayments but cost much more in interest over the life of the loan. A practical middle ground: take the 30-year loan for flexibility, but voluntarily pay it like a 25-year loan (or use the extra repayments calculator to see the impact). Most loans allow you to drop back to the minimum if your circumstances change.
What's the difference between rate and comparison rate?
The advertised rate is the interest rate alone. The comparison rate factors in fees and charges, giving you a more accurate picture of the loan's true cost. Always compare loans on comparison rate, not headline rate.