Home loan rate change calculator
What should you do if interest rates rise?
Keep calm
Lenders factor in potential interest rate changes as part of every loan application and approval.
Do the sums
Estimate what changes to repayments could be to ensure you keep your monthly budget in check.
Consolidate debt
If you can, try to reduce any debt you’re carrying on credit and store cards or personal loans.
Ask for help
Speak to a lender about your options, especially if you’re having trouble making your repayments.
Estimate your new repayments
What's my next step?
Frequently asked questions
The Westpac home loan rate change calculator, shown above, is designed to show how principal and interest loan repayments could change with increases or decreases in interest rate.
To use the rate change calculator on this page, simply:
- Input the current interest rate of an existing loan, or if you don’t have a mortgage yet, input a rate that you may have been quoted or have seen advertised.
- Next, select the ‘Increase by’ button if you want to know how repayments will change if interest rates increase or the ‘Reduce by’ button if you want to know how repayments will change if interest rates decrease.
- To the right of these buttons, you can input the interest rate increase or decrease.
- Finally, input your current loan balance (ie. the remaining loan amount) and the number of years remaining on your loan if you have an existing loan, and if you don’t have a loan yet, the loan balance will be the loan amount you’d like to borrow and the number of years you’d like to take the loan out for.
How much will my mortgage increase or decrease?
At the bottom of the calculator, you’ll then be shown the estimated monthly changes to your minimum repayments.
More help with tools and support
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Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
The interest rates used in the calculator:
- are current, as indicated on our home loan interest rate pages;
- are Westpac's standard interest rates and include any package or promotional discounts; and
- are subject to change.
The output or result of these calculators:
- is subject to the assumptions which are subject to change;
- is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you. If you need more information, please call 1300 786 029. We recommend that you consult your financial adviser before taking out a loan;
- does not represent either a quote or pre-qualification for a loan;
- may not be taken into account if you apply for a loan with us as we will make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested
^ Changing repayment amount or frequency: Cannot be performed on an interest-only loan. However, you may make extra repayments. For more details on interest-only home loans.
^^Offset is available on a Rocket Repay Home Loan or a Rocket Investment Loan. The same offset transaction account cannot be linked to multiple Rocket Loans. The linked offset transaction account must be in the same name(s) as the loan. Only one offset transaction account can be linked to each Rocket Loan.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.