Australian Home Loan Calculator — Variable, Fixed & Split
Monthly repayments using current Big 4 rates and digital lender alternatives. Includes LMI, stamp duty, and offset account scenarios. Free. No email capture.
Current Australian home loan rates (April 2026)
| Loan type | Big 4 banks | Digital lenders |
|---|---|---|
| Variable owner-occupier P&I | 5.85% – 6.45% | 5.65% – 6.05% |
| 1-year fixed owner-occupier | 5.95% – 6.60% | 5.75% – 6.25% |
| 3-year fixed owner-occupier | 6.10% – 6.70% | 5.90% – 6.35% |
| Variable investor P&I | 6.10% – 6.80% | 5.90% – 6.40% |
| Interest-only investor | 6.40% – 7.20% | 6.20% – 6.80% |
RBA cash rate: 3.85%. Comparison rates (which include fees) are typically 0.05–0.15% higher than headline rates. Package discounts (Wealth Package, Breakfree) can cut 0.3–0.5% for bundling insurance/credit card.
Major Australian home loan lenders
- Commonwealth Bank (CBA) — largest mortgage lender; CommBank app + offset account ecosystem
- Westpac — Rocket Repay (reduce interest faster); strong LMI-waiver programs
- ANZ — ANZ Plus app-based experience; good expat/investor products
- NAB — Tailored Home Loan; NAB iSaver offset account
- Macquarie Bank — often the sharpest rates among tier-2 lenders
- ING, UBank, Athena — digital-only, frequently below Big 4 by 0.2–0.4%
The real cost of an Australian mortgage
Example: A$600,000 loan at 6.20% variable, 30-year P&I.
- Monthly repayment: A$3,677
- Total repaid over 30 years: A$1,323,827
- Total interest: A$723,827 — more than the loan itself
- LMI if <20% deposit: A$15,000–A$40,000 one-off (can be added to loan)
- Stamp duty on $750k home (NSW, not first-time buyer): A$29,000
- Package fee: A$395/year (often waived as a sweetener)
With a $50k offset balance maintained, you save ~$3,100/year in interest — equivalent to earning 6.20% tax-free. This is why offset accounts are so popular in Australia.
First home buyer schemes (2026)
- Home Guarantee Scheme — 5% deposit with no LMI (government guarantees the difference). Income limits apply.
- Family Home Guarantee — 2% deposit for single parents. No LMI. Up to 10,000 places/year.
- First Home Owner Grant — varies by state. NSW/QLD/VIC: $10k for new builds. WA: $10k for new regional homes.
- Stamp duty concessions — NSW: $0 up to $800k; $800k-$1M partial; VIC: up to 50% off; QLD: full exemption up to $700k.
- First Home Super Saver Scheme (FHSS) — voluntarily contribute to super for first-home deposit (taxed at 15% instead of your marginal rate).
Frequently Asked Questions
What is the current variable rate?
Big 4 variable rates: 5.85% to 6.45%. Digital lenders: 5.65% to 6.05%. RBA cash rate is 3.85%.
Variable or fixed?
Variable lets you use offset and make unlimited extra repayments. Fixed locks your rate but limits flexibility. With rate cuts expected, variable is currently more popular.
What is an offset account?
Transaction account linked to your mortgage. Money in it reduces the interest-charged balance but remains fully accessible. More tax-efficient than a savings account.
Do I need 20% deposit?
No, but below 20% means LMI ($15k-40k). First home buyers can use Home Guarantee Scheme (5% deposit no LMI) or have a parent go guarantor.
What about stamp duty?
Varies by state. First home buyers get major concessions — full exemption up to $800k in NSW, $700k in QLD. Check your state revenue office.