Mortgage Calculator for Australia
Calculate your Australian home loan repayments including LMI for deposits under 20%.
Typical Rate
5.5%
Common Term
30 years
Min Down Payment
5%
Max Term
30 years
Calculate Your Mortgage Payment in AUD
Enter the home price and loan details to estimate your monthly payment. Default values are based on typical Australia market conditions.
Home Price
Down Payment
$020% of home price
LMI (Lenders Mortgage Insurance) will be required because down payment is less than 20%.
Loan Details
Additional Monthly Costs
Optional: Include property tax and insurance in your monthly estimate
Monthly Payment
Loan Summary
Mortgage Tips for Australia
Consider an offset account to reduce interest on your home loan
First Home Owner Grant (FHOG) available for eligible buyers
Compare variable and fixed rate options from multiple lenders
Factor in stamp duty - it varies significantly by state
Get pre-approval before attending auctions
Important Considerations in Australia
- LMI (Lenders Mortgage Insurance) required for deposits under 20%
- Stamp duty varies by state (some offer exemptions for first-home buyers)
- Variable rates are more common than fixed rates in Australia
- Council rates and strata fees are separate ongoing costs
Frequently Asked Questions
What is the typical mortgage term in Australia?
In Australia, common mortgage terms are 25, 30 years. The most popular option is 30 years, balancing monthly affordability with total interest paid. The maximum term typically available is 30 years.
What is the minimum down payment required?
The minimum down payment in Australia is typically 5% of the home price. However, if your down payment is less than 20%, you'll typically need to pay LMI (Lenders Mortgage Insurance), which adds to your monthly costs. A 20% down payment is often recommended to get the best terms.
How much would a typical monthly payment be?
For a A$980,000 home with 20% down (A$196,000) at 5.5% for 30 years, the principal and interest payment would be approximately A$4,451 per month. Add property taxes and insurance for your total housing payment.
How much mortgage can I afford on my salary?
A common rule is to keep your total housing payment (mortgage + taxes + insurance) under 28-30% of your gross monthly income. For example, with a A$5,000/month income, aim for housing costs under A$1,500/month. Use this calculator to see what home price fits your target monthly payment, then work backwards to determine affordability.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves significantly on total interest—often 50% or more compared to a 30-year term. A 30-year mortgage offers lower monthly payments and more flexibility. The right choice depends on your income stability and other financial goals. Use the term selector above to compare payments for different loan lengths.
Does this calculator need my bank information?
No. This calculator is 100% private. There's no bank connection, no account creation, and no data collection. Everything is calculated in your browser and never sent anywhere. Your financial privacy is completely protected.
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