Calculate your Australian mortgage repayments and borrowing power for 2024. Includes principal, interest, LMI estimates, and loan-to-value ratio (LVR) calculations.
*Figures are estimates and may vary slightly. Consult a financial professional for personalised advice.
Monthly:
Fortnightly:
Weekly:
Loan Amount:
Total Interest:
Total Cost:
LVR:
Deposit:
Interest to Loan Ratio:
Income Needed:
Mortgage interest rates are influenced by several factors:
It's important to compare rates from different lenders and consider both the headline rate and comparison rate when making decisions.
Principal:
Interest:
Shorter loan term (e.g., 15 years):
Longer loan term (e.g., 30 years):
When getting a mortgage, you need to budget for several upfront costs:
It's recommended to save an additional 5-7% of the property's value for these extra costs.
LVR (Loan-to-Value Ratio) is a measure used by lenders to assess lending risk. It's calculated as:
Example: For a $500,000 property with a $400,000 loan, the LVR is 80%.
Key LVR thresholds:
A lower LVR generally means better loan terms and lower interest rates, as it represents less risk to the lender.
Lender's Mortgage Insurance (LMI) is a one-off insurance premium that protects the lender (not you) if you default on your home loan. Key points about LMI:
Ways to avoid LMI:
While LMI can help you enter the property market sooner, consider the additional cost in your long-term financial planning.
Stamp duty (also called transfer duty) is a state government tax paid when purchasing property. Important points about stamp duty:
Factors affecting stamp duty:
Concessions available:
Check your state revenue office website for current rates and concessions, as these can change with government policies.
I write about personal finance in Australia, hoping to make it a bit easier to understand. Check out my articles on salary sacrifice, crypto tax, CGT, and the FIRE movement.
