Home Loan Repayment Calculator
We’re bendy because you never know what’s around the corner. Adjust your loan amount, loan term and interest rate to see what your repayments could look like.
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What makes up my mortgage repayment?
When you pay back your home loan, the money goes to two things: paying off the amount you borrowed (the principal) and paying the cost of borrowing the money (interest). The principal’s how much you still owe on the loan, and the interest is an extra amount added to that. If your loan has a fixed interest rate, your payments will stay the same each month. If your loan has a variable rate, your payments might go up or down. The calculator above can help you estimate how much you’ll repay, and how the loan gets smaller over time.
How do I reduce my mortgage repayments?
Depending on your situation, home loan product, repayment type and interest type, if you need some financial breathing space you could:
- Repay the minimum amount by reducing any extra repayments, or switching back to monthly repayments.
- Pay Interest Only in the short-term, though you’ll pay more interest later.
- Use any redraw funds to make a lump sum payment to reduce your loan limit and repayments.
- Extend your loan term.
Bear in mind, whenever you repay less, you may end up paying more interest over the life of your loan.
How can I pay off my mortgage faster?
There are a few things you can do. You can pay a little more each month than your minimum amount. You can also make smaller payments every week, instead of one big payment each month. This adds up to around one extra repayment a year. If you come into extra money, like a tax refund, you could use that to pay off your loan too. Paying your loan off faster can also lower 'compounding interest' which is interest on your interest.
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
This calculation is not an offer of credit but an estimate only of what you may be able to borrow based on the information provided and does not include all applicable fees (except for monthly fees). Your borrowing power amount may be different when you complete a full application, and we capture all details relevant to our lending criteria. Our lending criteria and basis upon which we assess what you can afford may change at any time without notice. Before acting on this calculation you should seek professional advice.
All interest rates referred to in the calculators are current, as indicated on westpac.com.au. The interest rates represented on this page may include promotional discounts and are subject to change. 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.
The output of each calculator is subject to the assumptions provided under each calculator and are subject to change. The calculator does not take into account any future refinancing options which may be available. The calculator does not take into account any product features, grants or any applicable bank fees. For details on fees and charges, please go to westpac.com.au
Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000 ÷ 2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000 ÷ 4 = $250).
Learn more about Home loan repayment types.
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.
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.
*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**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.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank's valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won't change during the life of the loan as the LVR changes.
#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.
Premier Advantage Package Conditions of Use (PDF 295KB)
Variable Interest rates are subject to change.
^^Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
^^^Flexi First Option Home Loans and Investment Loans: Life-of-loan discount is available for new Owner Occupier and Investment Property loans. This includes both Principal & Interest and Interest Only repayments. Offer does not apply to product switches. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
Online Refinance Offer: This online refinance offer is available for new refinance Flexi First Option Home Loans and Investment Property Loans. This includes both Principal & Interest and Interest Only repayments. Includes a special life-of-loan discount for online applications only with a loan-to-value ratio up to 80%. Not available for trust or company borrowers, internal refinances or refinances from Westpac, St.George, Bank of Melbourne and BankSA. Interest rates are subject to change. Offer may be varied or withdrawn at any time.
1. The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation.
2. Reduced loan repayments: It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
3. Conditions, eligibility and suitability criteria apply.
- Reduced loan repayments: reduction of up to 50% available for up to 6 months on variable home loans held with us for over 12 months. It is important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
- Mortgage repayment pause: available for up to 6 months on variable home loans held with us for over 12 months.
- Parental leave: if your existing variable home loan has had at least 12 months of Principle & Interest repayments, you could be eligible to reduce your home loan repayments up to 50% for up to 12 months while on maternity or paternity leave, subject to approval.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.