Free, instant mortgage calculations. Understand your repayments, borrowing power, and compare home loan options across Australia.
Purchasing property is likely the biggest financial decision you will ever make, and understanding the true cost of a mortgage before you commit is absolutely essential. Our suite of Australian mortgage calculators has been specifically designed to give you clarity and confidence in the home loan process. Unlike generic calculators found elsewhere, our tools incorporate Australian-specific factors including current RBA cash rate influences, typical lender assessment criteria, state-based stamp duty considerations, and realistic LMI cost estimates.
Whether you are a first home buyer wondering how much you can afford, an existing homeowner considering refinancing to a better rate, or a property investor analysing potential returns, these calculators provide the accurate, instant insights you need. Every calculation updates in real-time as you adjust the sliders and inputs, allowing you to explore multiple scenarios within seconds. The transparency our tools provide empowers you to walk into conversations with lenders and mortgage brokers fully informed about your financial position and borrowing capacity.
Calculate your estimated monthly and fortnightly repayments based on your loan details
Estimate how much you could borrow based on your income and expenses
Based on typical Australian lender criteria
⚠️ This is an estimate only. Actual borrowing capacity varies between lenders and depends on a full credit assessment.
Compare different loan scenarios side by side
💡 Insight: Scenario 2 saves you $142,725 in interest over the life of the loan, despite higher monthly repayments.
Understanding your options helps you choose the right mortgage
Interest rate fluctuates with the market. Offers flexibility with features like offset accounts and extra repayments.
Lock in your interest rate for 1-5 years. Provides certainty for budgeting with predictable repayments.
Divide your loan between fixed and variable portions. Get the best of both worlds with flexibility and security.
Pay only interest for a set period (typically 1-5 years). Lower initial repayments but higher total cost.
Designed for property investors. Interest may be tax-deductible. Different features and rates than owner-occupied loans.
For building a new home. Funds released in stages as construction progresses. Interest only during build.
How the RBA cash rate affects your mortgage in January 2026
The Reserve Bank of Australia (RBA) sets the official cash rate, which influences the interest rates lenders charge on home loans. When the RBA changes the cash rate, most lenders adjust their variable mortgage rates accordingly.
Rates typically move in line with RBA decisions. A 0.25% RBA increase usually means a similar rise in your variable rate.
Existing fixed rates don't change, but new fixed rates are influenced by market expectations of future RBA moves.
On a $500,000 loan, a 0.25% rate rise increases monthly repayments by approximately $76.
See how additional payments can save you thousands and reduce your loan term
Government schemes, grants, and tips for entering the Australian property market
A one-off grant to assist with buying or building your first home. Amount varies by state.
Buy with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI). Government guarantees up to 15% of the property value.
Helps single parents buy with just 2% deposit. 5,000 places available annually.
Designed for regional areas. Buy with 5% deposit without LMI in eligible regional locations.
Save for your deposit inside super with tax benefits. Withdraw up to $50,000 of voluntary contributions.
Most states offer stamp duty exemptions or reductions for first home buyers under certain price thresholds.
While 5% is possible, 20% avoids LMI and gives you better loan options.
Know your budget before house hunting. Pre-approval is typically valid for 90 days.
Allow 3-5% extra for stamp duty, conveyancing, inspections, and moving costs.
Don't just go with your bank. Compare rates and features from multiple sources.
Estimate LMI costs when borrowing more than 80% of property value
LMI can be paid upfront or capitalised into your loan. If capitalised, you'll pay interest on the LMI amount over the loan term.
A complete guide to getting the most accurate results from our tools
Our mortgage calculators are designed to be intuitive and user-friendly, but understanding how to input your data correctly will ensure you get the most accurate estimates possible. Each calculator serves a specific purpose in your home loan research journey, and using them in combination provides a comprehensive picture of your borrowing situation.
Start with the Borrowing Power Calculator to understand your maximum loan potential. Enter your gross annual income (before tax), include your partner's income if applying jointly, and be honest about your monthly expenses. Remember that lenders use the Household Expenditure Measure (HEM) as a minimum benchmark, so underestimating expenses will not increase your actual borrowing capacity when you apply.
Once you know your borrowing capacity, use the Mortgage Repayment Calculator to see what your actual repayments would be. Adjust the loan amount slider to different property price points, experiment with various interest rates to stress-test your budget, and compare 25-year versus 30-year terms to see the trade-off between monthly affordability and total interest paid.
Use the Loan Comparison Tool to evaluate different scenarios side by side. This is particularly useful when comparing offers from different lenders, or when deciding between fixed and variable rates. The insights provided will show you exactly how much you can save by choosing one option over another.
Our calculator uses general Australian lending criteria, but each bank has its own proprietary assessment model. Factors like your employment type (PAYG vs self-employed), industry, credit score, existing assets, and specific bank policies all influence the final figure. Use our estimate as a starting point, then get pre-approval from actual lenders for accurate figures. The variance between lenders can be significant, often $50,000 to $100,000 or more.
Most lenders will consider regular overtime and bonuses, but typically at a discounted rate (often 80% of the average over two years). For our calculator, you can include these amounts in your gross income, but be aware that lenders will verify this income with payslips and may apply their own adjustments. Commission-based income and rental income are also assessed differently by each lender.
Our LMI calculator provides a reasonable estimate based on typical premium rates in Australia. However, actual LMI costs depend on your specific lender (some have preferential arrangements with insurers), your loan-to-value ratio, the loan amount, whether you are a first home buyer, and other risk factors. Some lenders also offer LMI waivers for certain professionals like doctors, lawyers, and accountants. Always get an exact LMI quote from your lender before committing.
Common questions about mortgages and home loans in Australia
A mortgage is a loan used to purchase property, where the property itself serves as security (collateral) for the loan. In Australia, mortgages typically have terms of 25-30 years. You make regular repayments (usually monthly) that include both principal (the amount borrowed) and interest (the cost of borrowing). If you fail to make repayments, the lender has the right to sell the property to recover their money.
The minimum deposit is typically 5% of the property value, but borrowing with less than 20% deposit means you'll need to pay Lenders Mortgage Insurance (LMI). For a $700,000 property:
First home buyers may be eligible for government schemes that allow a 5% deposit without LMI.
Variable Rate: The interest rate can change at any time based on market conditions and RBA decisions. Offers flexibility with features like unlimited extra repayments, redraw facilities, and offset accounts. Your repayments may go up or down.
Fixed Rate: The interest rate is locked in for a set period (usually 1-5 years). Provides certainty with predictable repayments but may have restrictions on extra repayments and break costs if you exit early.
Many borrowers choose a split loan, fixing a portion for security while keeping the rest variable for flexibility.
An offset account is a transaction account linked to your home loan. The balance in your offset account is "offset" against your loan balance, so you only pay interest on the difference. For example:
This can save you significant interest over the life of your loan while keeping your money accessible. Offset accounts are typically only available with variable rate loans.
Lenders Mortgage Insurance (LMI) is insurance that protects the lender (not you) if you default on your loan. It's required when borrowing more than 80% of the property value (LVR above 80%).
Ways to avoid LMI:
Your borrowing power depends on several factors:
As a rough guide, you may be able to borrow 5-6 times your annual household income, but this varies significantly between lenders. Use our borrowing power calculator above for an estimate.
Beyond your deposit, budget for these additional costs (typically 3-5% of property value):
Making extra repayments is one of the most effective ways to reduce your total interest and pay off your loan faster. Benefits include:
Even small additional payments make a difference. An extra $100/month on a $500,000 loan at 6.25% could save you over $45,000 in interest and cut more than 2 years off your loan term.
Note: Check if your loan has limits on extra repayments, especially fixed rate loans.
Expert articles to help you navigate the Australian property market
Everything you need to know about buying your first home, from saving a deposit to settlement day.
A detailed comparison of fixed and variable rate mortgages to help you make the best decision.
Practical tips and strategies to reduce your loan term and save thousands in interest.
Welcome to Mortgage Quote Australia, your trusted online resource for understanding home loans and calculating mortgage repayments in the Australian property market. Whether you're a first home buyer taking your first steps onto the property ladder, an investor expanding your portfolio, or a homeowner looking to refinance, our comprehensive suite of free calculators and educational resources will help you make informed decisions about your borrowing needs.
The Australian mortgage landscape continues to evolve in 2026, with lenders offering a diverse range of products to suit different borrower needs. From traditional variable and fixed rate home loans to innovative split loan arrangements and specialist investment products, understanding your options is crucial to securing the right financing for your property purchase. Our mortgage calculators provide instant estimates of your potential repayments, helping you compare different loan scenarios and make confident decisions.
Interest rates in Australia are set with reference to the Reserve Bank of Australia's (RBA) official cash rate, which influences the rates offered by banks and non-bank lenders across the country. As of January 2026, borrowers have access to competitive rates across both variable and fixed loan products, with the market offering various features such as offset accounts, redraw facilities, and flexible repayment options to help Australians manage their mortgage effectively.
Our website offers a comprehensive range of free mortgage calculators designed specifically for the Australian market. Our repayment calculator helps you understand your monthly, fortnightly, or weekly payment obligations based on your loan amount, interest rate, and term. The borrowing power calculator estimates how much you might be able to borrow based on your income, expenses, and existing financial commitments—giving you a realistic view of your purchasing capacity before you start house hunting.
For those concerned about Lenders Mortgage Insurance, our LMI estimator provides an indication of potential costs when borrowing with less than a 20% deposit. Our extra repayments calculator demonstrates the powerful impact of making additional payments on your mortgage—showing you exactly how much interest you could save and how many years you could shave off your loan term by paying a little extra each month.
Entering the property market for the first time can feel overwhelming, but Australian first home buyers have access to various government schemes and incentives designed to make homeownership more achievable. From the First Home Owner Grant (FHOG) available across all states and territories to the First Home Guarantee scheme that allows eligible buyers to purchase with as little as 5% deposit without paying LMI, there are genuine pathways to property ownership for those willing to plan and save.
Our first home buyer guide provides up-to-date information on grants, stamp duty concessions, and government guarantee schemes available in 2026. We explain eligibility criteria, application processes, and how these schemes can work together to maximise your benefits and reduce the upfront costs of buying your first home in cities like Sydney, Melbourne, Brisbane, Perth, Adelaide, and regional areas across Australia.
At Mortgage Quote Australia, we believe that informed borrowers make better decisions. Our educational resources cover everything from the fundamentals of how mortgages work to advanced strategies like using offset accounts effectively, understanding the true cost of interest-only periods, and knowing when refinancing might benefit your financial position. We explain complex concepts in plain language, helping you navigate the home loan process with confidence.
While our calculators provide valuable estimates and our guides offer comprehensive information, we always recommend consulting with qualified financial professionals before making major borrowing decisions. Every individual's financial situation is unique, and what works for one borrower may not be optimal for another. Use our tools as a starting point for your research, then seek personalised advice to ensure your mortgage strategy aligns with your broader financial goals and circumstances.