FAQs & tips

Why is a longer term not always better?

It lowers the monthly payment, but you pay interest for longer. Compare total interest, not just the monthly figure, before choosing a term.

What happens if rates rise?

Enter the higher rate in the calculator. On a variable loan, your repayment will usually rise, and the total interest will rise with it. Budget for a rate above today's rate, not just today's rate.

Do extra repayments help?

Yes, in general, because they reduce the balance that interest is charged on. This calculator does not model them; use it as a baseline, then ask your lender for an extra-repayment comparison.

What is not included?

Fees, mortgage insurance, stamp duty, offset accounts, redraw facilities, and rate changes. None of those are in this estimate, which is why it is labelled an estimate, not a quote.