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: 4.60% (Sep 2026). 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).
Australian home loan rates in 2026: what the numbers actually mean
As of 24 September 2026, the Reserve Bank of Australia (RBA) cash rate target is 4.35%, held at the Reserve Bank's 11 August 2026 meeting. Commonwealth Bank of Australia (CBA), the country's largest home lender, lifted its Standard Variable Rate for owner-occupiers paying principal and interest to 8.80% p.a. effective 15 May 2026, passing on the RBA's 0.25 percentage point increase in full. That published "reference" rate is not what most borrowers actually pay: CBA's discounted online-only Digi Home Loan, available to owner-occupiers with a loan-to-value ratio of 60% or less, was advertised at 5.59% p.a. (comparison rate higher) around the same period — a reminder that the headline standard variable rate and the rate you're actually quoted can differ by two to three percentage points depending on your deposit size, loan purpose and whether you negotiate.
Worked example: verifying the calculator's math
To check that an amortization calculator is producing sane numbers, it helps to do the arithmetic by hand once. Take a $500,000 loan at CBA's 5.59% p.a. Digi Home Loan rate, repaid monthly over 30 years (n = 360 payments):
Monthly interest rate: r = 0.0559 / 12 = 0.00465833
Growth factor: (1 + r)360 = (1.00465833)360 ≈ 5.328693
Monthly payment using M = P·r·(1+r)n / ((1+r)n − 1):
M = 500,000 × 0.00465833 × 5.328693 / (5.328693 − 1)
M = 12,411.86 / 4.328693
M ≈ $2,867.24 per month
Over the full 360 payments that comes to roughly $1,032,207 paid in total, meaning about $532,207 in interest on the original $500,000 borrowed — illustrating why even a rate that looks low compounds into a large lifetime interest bill over 30 years. If you instead plug in CBA's published Standard Variable Rate of 8.80% p.a. on the same $500,000/30-year loan, the monthly repayment rises to roughly $3,935, over $1,000 more per month, which shows how much the discount off the reference rate matters in practice.
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 4.60% (Sep 2026).
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.
What is the RBA cash rate right now and how does it affect my home loan?
The RBA cash rate target is 4.60%, raised at the Reserve Bank's late-September 2026 meeting (from 4.35%). Lenders like CBA generally move their variable home loan rates in the same direction and by a similar amount as the cash rate, though the timing and size of the pass-through varies by bank.
Why is CBA's advertised rate different from the rate I was quoted?
Banks publish a Standard Variable Rate (CBA's was 8.80% p.a. for owner-occupier P&I from 15 May 2026) as a reference point, but most borrowers receive a discount off that rate based on their deposit size, loan purpose, and negotiating position. CBA's discounted Digi Home Loan, for example, was advertised around 5.59% p.a. for owner-occupiers with 60% or lower LVR.
How much difference does a 1% higher interest rate make on a $500,000 loan?
On a $500,000, 30-year loan, moving from 5.59% to roughly 6.59% increases the monthly principal-and-interest repayment by a few hundred dollars and adds well over $100,000 in extra interest paid over the life of the loan — small rate differences compound significantly over 30 years.
What is the RBA cash rate right now and how does it affect my home loan?
The RBA cash rate target is 4.60%, raised at the Reserve Bank's late-September 2026 meeting (from 4.35%). Lenders like CBA generally move their variable home loan rates in the same direction and by a similar amount as the cash rate, though the timing and size of the pass-through varies by bank.
Why is CBA's advertised rate different from the rate I was quoted?
Banks publish a Standard Variable Rate (CBA's was 8.80% p.a. for owner-occupier P&I from 15 May 2026) as a reference point, but most borrowers receive a discount off that rate based on their deposit size, loan purpose, and negotiating position. CBA's discounted Digi Home Loan, for example, was advertised around 5.59% p.a. for owner-occupiers with 60% or lower LVR.
How much difference does a 1% higher interest rate make on a $500,000 loan?
On a $500,000, 30-year loan, moving from 5.59% to roughly 6.59% increases the monthly principal-and-interest repayment by a few hundred dollars and adds well over $100,000 in extra interest paid over the life of the loan — small rate differences compound significantly over 30 years.
Sources
Rate ranges are compiled from the Reserve Bank of Australia (cash rate) and the published rates of major Australian lenders. Figures are 2026 references and change frequently — confirm current rates directly with a lender. See our methodology and editorial policy for how we source and update data.