The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
Loan term and loan amount: We assume the loan term and loan amount are what you enter into the calculator.
Interest rates: We assume that the rate you enter, is the rate that will apply to your loan for the full loan term – even if you choose:
- a variable rate; or
- an interest only rate which, in practice, will only apply for a limited period after which a different rate will apply.
Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate. We make the following assumptions about repayments:
- repayments are made monthly.
- your annual interest charge is divided equally over 12 monthly payments (in practice, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
- interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case in practice).
- only your initial repayment amount is calculated. We assume that this repayment amount is payable for the loan term. In practice, repayment amounts can change for a variety of reasons.
- weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.
- when selecting interest-only (IO) repayments, it is assumed the loan reverts to principal and interest (P&I) repayments after three years.
If added, your extra repayment is taken to be made at the same time as your monthly repayment.