Calculator Disclaimer
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan. All applications are subject to each lender's credit assessment criteria. Terms and conditions, fees and charges apply. Interest rates are subject to change. Credoleap Finance Pty Ltd (ABN: 26 697 965 683) is a Credit Representative of Australian Finance Group Ltd#.
Loan Repayment FAQs
Transitioning to fortnightly repayments can often alter the total interest paid over the life of the loan. Because there are 26 fortnights in a year, you effectively make the equivalent of an extra monthly payment annually, which can help reduce your overall loan term, subject to lender structures.
No, this calculator provides a baseline estimate of your Principal and Interest (or Interest-Only) repayments. It does not account for annual package fees, monthly account keeping fees, or Lenders Mortgage Insurance (LMI).
If you choose a variable rate home loan, your repayments will fluctuate with market movements. When calculating your budget, it is strategic to test your capacity against an interest rate that is 2% to 3% higher than the current market rate to help establish a comfortable safety buffer.
Principal & Interest (P&I) payments gradually reduce your actual loan balance while covering the interest charged. Interest-Only payments cover only the interest component, keeping your short-term commitments lower but leaving the initial loan balance unchanged.