🏠 Finance & Money

Mortgage Calculator

Work out your monthly mortgage repayment, loan-to-value ratio and total interest paid.

Understanding your mortgage

A mortgage is a loan secured against your property. In Australia, most home loans are principal-and-interest, where each repayment reduces both the interest and the outstanding balance over the loan term.

Loan-to-Value Ratio (LVR)

LVR is your loan amount divided by the property value. An LVR above 80% usually requires Lenders Mortgage Insurance (LMI), which protects the lender and can add thousands to your loan costs.

LVR ≤ 80% — No LMI required. A 20% deposit is the standard target.
LVR 80–90% — LMI applies, but some government schemes offer exceptions.
LVR > 90% — Higher LMI costs and fewer lender options.

First Home Buyer? The Australian Government's Home Guarantee Scheme allows eligible buyers to purchase with as little as 5% deposit without paying LMI. Check NHFIC for current eligibility.