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Our repayment calculator takes into account how much you need to borrow, the loan term (for example 30 years), and then calculates the interest charge based on which loan structure you choose.
From there, it can work out based on the loan principal plus the interest what the total figure it is you need to pay over the loan term.
For example, if you borrowed $500,000, and your total interest charge was $350,000 over 30 years, then the total amount payable would be $850,000. This is divided by the total months in your loan term to get to your monthly repayment amount. If interest rates change, or your loan type changes – say from variable to fixed – or if you have a feature such as an offset account, our system will keep track of these changes and update the monthly direct debit.
Keep in mind that there may be fees and other charges added to the total payable amount, such as Lenders Mortgage Insurance.
Try out our repayment calculator, exploring different loan terms and types of loan structures to see what may work for you.
Things you should know
^Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our for full details.
^^Rate Lock: We’ll apply the fixed rate available on the loan settlement date or the date your fixed rate term starts, unless you lock a fixed rate on your loan using our Rate Lock feature. The fixed rate lock-in fee is 0.10% of your loan amount. At the end of the fixed rate term, the interest rate will roll onto our standard variable home loan interest rate, unless a new fixed rate term’s selected and then the fixed rate is determined two business days before the end of the fixed term.
* An automated valuation model estimate (AVM Estimate) is a statistically derived estimate of the value of the subject property. An AVM Estimate is generated (i) by a computer driven mathematical model in reliance on available data; (ii) without the physical inspection of the subject property; (iii) without taking into account any market conditions (including building, planning, or economic), and/or (iv) without identifying observable features or risks (including adverse environmental issues, state of repair, improvements, renovations, aesthetics, views or aspect) which may, together or separately, affect the value. An AVM Estimate is current only at the date of publication or supply. An AVM Estimate must not be relied upon as a professional valuation or an accurate representation of the market value of the subject property as determined by a valuer. CoreLogic expressly excludes any warranties and representations that an AVM Estimate is an accurate representation as to the market value of the subject property. To the full extent permitted by law, CoreLogic excludes all liability for any loss or damage howsoever arising or suffered by the recipient, whether as a result of the recipient's reliance on the accuracy of an AVM Estimate or otherwise arising in connection with an AVM Estimate.
**Available for Owner Occupier and Investment Property Loans with Principal & Interest and Interest only repayments. Excludes Line of Credit, Equity Access Loans.
#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Contains property sales information provided under licence from the Land and Property Information (“LPI”). RP Data Pty Ltd trading as CoreLogic is authorised as a Property Sales Information provider by the LPI.