Australian Mortgage Calculator (2025) — LMI, Stamp Duty & Repayments

Yes — it uses the standard amortisation formula (PMT) that every Australian lender (CBA, Westpac, NAB, ANZ, Macquarie, ING, Suncorp, Bendigo, building societies, credit unions and non-bank lenders) uses. Your actual repayment from any ADI will match this calculator within a few cents. The Comparison Rate adds packaged fees on top — check your lender's Key Facts Sheet for the exact figure.

Lenders Mortgage Insurance protects the lender (not you) against default when your deposit is below 20%. On a $600K property with $60K deposit (90% LVR), LMI is approximately $13,000-$20,000 — usually capitalised onto the loan, meaning you pay interest on it for 30 years. You can avoid LMI via: 20% deposit, parental guarantor loan, First Home Guarantee, or specialist professional packages (doctors, lawyers, accountants get 90% LVR with no LMI).

Varies by state. As of 2025: NSW: 4.0% on $700K property (~$26,990); first-home buyers exempt up to $800K, concession to $1M. VIC: 5.5% on $700K (~$37,070); first-home concession up to $750K. QLD: 3.5% on $700K (~$17,425); first-home concession up to $700K. Always use your state revenue office's official calculator for the exact figure — they update concessions yearly.

A variable rate moves with your lender's discretion (loosely tracking the RBA cash rate) — your repayment changes when rates change. A fixed rate is locked for an agreed period (1, 2, 3, or 5 years) — repayment certainty but typically 0.30-0.80% above variable, and break costs apply if you refinance during the fixed period. ~70% of new Australian home loans are variable because the flexibility (offset account, unlimited extra repayments, easy refinance) is highly valued.

Determined by serviceability calculation: lenders stress-test you at the actual rate +3% APRA buffer, then calculate that 30-40% of your gross income can service it. Typical borrowing power: $100K combined income ? ~$650K-$800K depending on dependants, debt and expenses. Use HEM (Household Expenditure Measure) — lenders apply a minimum living-cost benchmark even if your actual expenses are lower.

On variable-rate loans, yes — unlimited extra repayments are standard. On fixed-rate loans, most lenders cap extra repayments at $10K-$30K per year during the fixed period; exceeding this triggers break costs. Extra repayments are stored in "redraw" — accessible but not as flexible as an offset account. For maximum flexibility with the same interest saving, use offset.

Yes — almost always, if your rate package includes one for free. Every dollar in offset reduces the principal that interest is calculated on, but remains 100% accessible like a savings account. $50,000 in offset on a $600K loan at 6.25% saves you $3,125/year in interest — and that saving is effectively tax-free (whereas savings account interest is taxed at your marginal rate).

A federal scheme allowing eligible first-home buyers to purchase with 5% deposit and avoid LMI — the government effectively guarantees the difference. Eligibility: Australian citizen, single income under $125K (couple under $200K), property value under state cap ($900K Sydney, $800K Melbourne, $700K Brisbane etc). Limited to 35,000 places per year — apply via a participating lender (most major banks).