About your loan

Your numbers, your result. The answer is only as accurate as the details you enter. Your latest home loan statement or banking app will have most of them. The example figures below are just to show how it works.

How much do you still owe?

What's left on the loan today, as your bank shows it. Not the amount you first borrowed.

Is your interest rate variable or fixed?

If your loan is split between the two, give us a call and we'll work it out with you.

What's your interest rate?

Use the interest rate, not the "comparison rate", which is usually a little higher.

How long is left on your loan?

years

months

The time remaining, not the original 30 years. It's usually on your statement as "remaining term".

How often do you make repayments?

What kind of repayments do you make?

Do you pay more than the minimum each month? (optional)

If you do, enter what you actually pay each time. We'll show how much of a rise that already covers.

Money in an offset account (optional)

An offset account is a savings account linked to your loan. Money in it lowers the interest you're charged. Leave blank if you don't have one.

Money available in redraw (optional)

Redraw is extra you've already paid off your loan that you can take back out. Your bank may still base your minimum repayment on the full amount, so we include it to be safe. Leave blank if you don't have any.

Try a rate rise

+1.00%

−1%0+1%+2%+3%

You pay now

After the rise

That's an extra

Your repayments at different rate rises

Over the rest of your loan

This assumes rates stay at that level for the rest of the loan. In real life they move up and down, so think of it as a rough guide.

Good to know

How we work out these numbers

We use the same method banks use to set your minimum repayment: what's needed to pay off what you owe, at your interest rate, over the time you have left.
Banks work this out monthly. Fortnightly repayments are the monthly amount times 12, divided by 26. Weekly is times 12, divided by 52. So you pay the same amount over a year whichever you choose.
When a variable rate changes, your bank recalculates your repayment using what you owe on that day and the time left on the loan. We do the same.
Money in an offset account reduces the interest you're charged, but banks still set your minimum repayment on the full amount you owe. That's why offset helps you pay the loan off sooner rather than lowering your repayment.
Money in redraw has already come off what you owe, so you're not charged interest on it. But many banks still set your minimum repayment as if it hadn't been paid, so we do the same to be safe. If your bank works it out on the lower balance, your real repayment could be a little less than ours.
Interest-only repayments are the interest on what you owe, less anything in your offset account.
Your bank works out interest daily and may round a little differently, so your bank's figure could be a few dollars away from ours. Fees aren't included.

Want to talk it through?

Call Jenny for a no-pressure chat. She can check your numbers, explain what a rise would mean for you, and see if there's a better rate out there. Monday to Friday 9am to 5pm, with evenings and weekends by appointment.

Call Jenny 0411 089 384 · or book a time online

General information only. These are estimates based on the details you enter, and they're only as accurate as those details. They don't take into account your objectives, financial situation or needs, and aren't credit assistance or an offer of finance. Rate changes shown are examples, not predictions. Your lender's actual repayment may differ slightly because of daily interest, rounding and fees. Speak to us before making any decisions about your loan.

If interest rates go up, what will my repayments be?