Question 1

How do I calculate my Australian mortgage repayments?

Accepted Answer

Enter your property value, deposit percentage, loan term and interest rate into MortgageCalc.AU. The calculator uses the standard amortisation formula and shows repayments weekly, fortnightly, monthly or yearly. It also deducts your real after-tax income using ATO FY2024–25 tax brackets so you see what you can actually afford.

Question 2

What is the First Home Owner Grant in Australia?

Accepted Answer

The First Home Owner Grant (FHOG) is a one-time state government payment for eligible first home buyers purchasing a new home. Amounts vary: QLD and TAS offer $30,000, SA offers $15,000, and NSW, VIC, WA and NT offer $10,000. ACT no longer offers the FHOG. This calculator adds the grant to your deposit automatically.

Question 3

What is DHOAS and how does it work?

Accepted Answer

DHOAS (Defence Home Ownership Assistance Scheme) is a monthly subsidy on your home loan interest for eligible current and former ADF members. The subsidy ranges from approximately $515 to $1,031 per month depending on your years of service. It is administered by the Department of Veterans Affairs and requires a DHOAS-approved lender such as Defence Bank or Australian Military Bank.

Question 4

How much can I borrow for a home loan in Australia?

Accepted Answer

Australian lenders typically allow you to borrow up to 6 times your gross annual income, subject to APRA's serviceability buffer of 3% above the loan rate. For example, a combined household income of $190,000 may allow borrowing of approximately $1,140,000. This calculator estimates your maximum borrowing power and checks affordability as a percentage of gross income.

Question 5

What is LMI and how do I avoid it?

Accepted Answer

Lender's Mortgage Insurance (LMI) is charged when your deposit is less than 20% of the property value (LVR over 80%). It protects the lender, not you, and can cost $8,000–$20,000+. You can avoid LMI with a 20% deposit, by using the First Home Guarantee (5% deposit), Family Home Guarantee (2% deposit for single parents), or Regional First Home Buyer Guarantee.

Question 6

Does HECS debt affect my mortgage borrowing power?

Accepted Answer

Yes. HECS-HELP debt is repaid through the tax system at approximately 4% per year once your income exceeds around $54,000. Lenders factor this into their serviceability assessment, reducing your borrowing power. This calculator includes HECS repayments in your monthly outgoings so you see a realistic surplus figure.

Question 7

What is the APRA serviceability buffer?

Accepted Answer

APRA requires Australian lenders to assess your ability to repay at your actual interest rate plus 3%. So if your loan rate is 6%, the bank tests whether you could afford repayments at 9%. This reduces maximum borrowing amounts across the board and is reflected in the borrowing power panel of this calculator.

Question 8

What is stamp duty and do first home buyers get an exemption?

Accepted Answer

Stamp duty is a one-time state government tax paid when purchasing property. It can range from $10,000 to $40,000+ depending on the state and purchase price. Most states offer first home buyer concessions or full exemptions below certain price thresholds. This calculator estimates stamp duty savings by state and optionally adds them to your deposit.

What will your
home actually
cost you?

Australian Mortgage Calculator 2025 — Free Home Loan Repayment Estimator

Calculate Your Real Mortgage Repayments in Australia

Australian Government Home Buyer Grants and Concessions

DHOAS — Defence Home Ownership Assistance Scheme Calculator

Mortgage Calculator by Australian State

How to Calculate Home Loan Repayments in Australia

Frequently Asked Questions

What is LMI in Australia?

What is the APRA buffer rate?

How does HECS affect a mortgage in Australia?

What is the First Home Guarantee?

What will yourhome actuallycost you?