Home loan repayment calculator

To estimate home loan repayments with a new home loan

1. Enter the details of the type of home loan you’re looking for then choose an ANZ rate from the interest rate drop down. 
2. You can ‘Add a new scenario’ and choose a different ANZ home loan rate to compare estimated repayments for different scenarios side by side.

To compare current and future estimated repayments based on a different rate

1. Enter the details of your existing home loan. If you have a redraw balance on your loan, add that amount on top of your existing loan amount. For instance if you have a loan balance of $600,000 plus a $50,000 redraw amount, enter $650,000 as your loan amount. Any redraw balance will have an effect on your estimated repayments.
2. Choose ‘Enter my own interest rate’ and enter your current interest rate to see your approximate current repayments. (To check your current interest rate, log in to ANZ Internet Banking and click on your home loan account, or in the ANZ mobile app tap your home loan account and go to 'View home loan details’.) 
3. Tap ‘Add a new scenario’ and either choose an ANZ rate from the drop down menu or enter your own rate to see estimated repayments based on the different rate.
4. Compare your current and estimated new repayment for a different scenario to see the difference.

Home loan repayments are influenced by several factors including the loan amount and length of the loan term, the fixed or variable interest rate that applies, whether you’re paying principal and interest or interest-only, and whether or not you intend to live in the property you’re buying.

Based on the combination of factors that you select, the loan repayment calculator (or mortgage calculator) will automatically adjust the interest rate per annum and estimate your repayments accordingly. Estimated repayments are calculated on a monthly basis by default, but you can adjust the frequency to weekly or fortnightly if you’d like to compare the difference.

Keep in mind that the interest rates in the calculator are subject to change, which can impact on repayment amounts. If a variable rate loan is selected, the interest rate will be subject to change throughout the term of the loan. For a fixed rate loan, once the fixed rate period expires, the loan reverts to a variable rate loan and repayment amounts may change. The repayment calculator doesn’t include all interest rates, fees and charges. See our home loan rates and offers for all available rates.

If you’d like to know how to calculate stamp duty and other upfront costs, use our deposit, costs and stamp duty calculator.

Depending on the type of loan you select, making extra repayments could reduce the interest charged on your loan and may help you pay off your loan earlier.

In the early years of a principle and interest loan, most of your minimum repayments go towards paying interest on your principal loan amount. Any repayments above your minimum go directly towards the principal – so as this amount reduces, so does the interest charged on it. In turn as the interest payments get smaller, the portion of your repayments going onto the principal increases.

So by making extra loan repayments you’re not only chipping away at your principal amount but reducing the interest you owe on it – ultimately saving on the interest you’ll pay over the life of the loan. With an ANZ Standard Variable home loan and ANZ Simplicity PLUS home loan there are no fees applied to extra repayments, so you have the option to make additional payments to pay off your loan faster. Note that if you have a fixed rate loan, early repayment costs may apply if you make early or additional repayments.

The frequency of your repayments could have an impact on the total interest you pay over the life of your loan, so it’s worth considering how often you make them. This is because the interest owing is calculated based on the unpaid daily balance of your loan. Generally, the more frequent your repayments, the faster you reduce your loan principal and the less interest you pay.

Use the home loan repayment calculator to compare the difference between estimated weekly, fortnightly and monthly repayments.

This depends largely on whether you have a fixed or variable rate home loan.

As their name suggests, fixed rate home loans tend to be quite set in their repayment terms (during the fixed rate term). Fixed rate loans can provide certainty and stability, however you may be charged costs if you want to make additional repayments, pay off your loan early or refinance during the fixed rate period. Variable rate loans can be more flexible, however as rates can change there is less certainty about your repayment amounts.

If you decide a variable rate home loan suits your circumstances, changes you can make to your repayments include:

• Change the amount you pay in each repayment (starting from minimum)
• Make extra repayments to pay off your loan faster, with no extra fees
• Choose the frequency of your repayments (weekly, fortnightly or monthly)
• If you’d like to switch between principal and interest and interest only repayments or vice versa on your variable loan, contact one of our home loan specialists who will talk to you about your options

For more tips and options available with a variable rate home loan see getting the most out of your home loan.

LVR stands for 'Loan to Value Ratio' and it's the amount you’re looking to borrow, calculated as a percentage of the value of the property you want to buy (as assessed by ANZ). For instance if you’re borrowing $400,000 to buy a $500,000 property, your LVR would be 80% (because $400,000 is 80% of $500,000).

LVR is important because it may affect your borrowing power. Generally, the lower the LVR the better, as it carries less risk for the lender. If your LVR is above 80% (that is, you're looking to borrow more than 80% of the value of the property you want to buy), you may need to pay Lenders Mortgage Insurance (LMI). This insurance protects the lender - ANZ, not you - if you default on your home loan and there’s a shortfall following the sale of the property. Generally speaking the higher your LVR, the more LMI will cost.

Learn more about ANZ LMI with our Key Fact Sheet (PDF) or read our article on Lenders Mortgage Insurance.

*Property value is ANZ's valuation of the security property and may be different to the price you pay for a property.

Interest is calculated based on the unpaid daily balance of your loan. For example, if you had a loan balance of $400,000 and your interest rate was 3% p.a., your interest charge would be $400,000 x 3% divided by 365 days = $32.87 for that day. For most ANZ home loans, interest is usually calculated daily and charged monthly. 

For details refer to the ANZ Consumer Lending Terms and Conditions (PDF) and your letter of offer.

A comparison rate is designed to help you work out the total cost of a home loan by building the known costs like up-front and ongoing fees into that rate. It doesn’t include things like government charges, redraw fees or fee waivers. 

You can use comparison rates to help you compare the cost of different home loans with similar features. When deciding which home loan is right for you, it’s important to think about what features each home loan offers, and how much these matter to you. Keep in mind that you may not necessarily pay the comparison rate that is advertised for your loan type.  This is because, for example, you may not pay all the fees and charges which the comparison rate includes.

If you choose interest only, the minimum payment amount on your loan will be lower during the interest only period because you are not required to repay any of the loan principal. You will have to repay the principal down the track and so you may end up paying more over the life of your loan. There may be additional restrictions on the amount you can borrow or loan type you can select if you choose to pay interest only.

Choosing to repay principal and interest means that, with each repayment, you're paying off interest charges as well as some of the loan principal.

Learn more about payment types.