Home Loan Calculator

Backed by Finance Experts

  Our Home Loan Calculator is backed by insights from Carlisle Homes’ finance experts, designed to reflect current Australian home loan conditions. With years of expertise in housing and finance, this tool is tailored to Australian regulations and market trends, giving you valuable insights as you plan your home loan.  

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Meet Our Finance Experts

Our finance experts are here to help you navigate the complexities of home loans and building costs. From understanding your borrowing power to comparing loan options, our team has the knowledge to guide you every step of the way.

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How to calculate home loan interest?

To calculate the home loan interest, you’ll need to know the loan amount, the interest rate, and the loan term. Most home loans calculate interest based on the outstanding loan balance. A simple way to estimate interest is by using this formula:

Interest = Loan Amount × Interest Rate / 12​

This gives you the monthly interest portion of your repayment. However, as the loan progresses and you make payments, the principal decreases, and so does the interest charged on the remaining balance. Use our home loan interest calculator to quickly determine your interest payments and see how they change over time based on the type of loan (fixed or variable).

How accurate is the home loan repayments calculator?

The home loan repayments calculator provides an estimate based on the details you enter, such as loan amount, interest rate, and loan term. For more precise figures, it is recommended that you consult with a financial expert or lender.

What’s the difference between a principal and interest loan and an interest-only loan?

A principal and interest loan requires you to repay both the principal (the amount borrowed) and the interest repayments, reducing your loan balance over time. An interest-only loan means you pay only the interest for a set period without reducing the principal, which results in lower initial repayments.

Should I choose a fixed-rate loan or a variable-rate loan?

A fixed-rate loan locks in your interest rate for a set period, which means your home loan repayments will remain consistent during that time, protecting you from rate increases. A variable rate loan fluctuates with the market, which could lower or increase your home loan repayments depending on interest rate changes.

Can I use the home loan repayment calculator for different types of loans?

Yes, our home loan repayment calculator can estimate repayments for various types of loans, including principal and interest loans and fixed-rate loans. This tool is designed to help you compare different loan options and see how they will affect your monthly repayments.

Can you get a home loan without a deposit?

Lenders usually require a deposit when applying for a home loan, typically around 20% of the property value. However, it is possible to get a home loan without a deposit, usually through a no-deposit home loan or by using a guarantor.

With a guarantor loan, a family member (usually a parent) uses the equity in their property to secure your loan, eliminating the need for a deposit. Remember that loans with less than a 20% deposit may also require lenders mortgage insurance (LMI), which adds to the overall cost.

How does paying off a home loan work?

Paying off a home loan involves making regular repayments that cover both the principal (the loan amount) and the interest the lender charges. Over time, your repayments gradually reduce the loan balance. In the early years, most of your repayments go toward paying off the interest, while later payments reduce more of the principal. The loan can be structured as a fixed-rate, variable-rate, or interest-only loan, each with different repayment methods. Extra repayments or lump sum payments can help you pay off your loan faster and reduce the total interest paid.