Mortgage Calculator for 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.

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.

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.

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.

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.

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.