Best Rate Mortgage Calculator


What is the price of the property that you want to buy?
How much do you want to borrow?
What type of loan do you require?

Full Doc: Home loan suitable for people who are able to provide full evidence of their income when applying for a loan.

Low Doc: Home loan suitable for the self employed or people who are unable to provide full financial documents when applying for a loan.

Full Documentation

Low Documentation

Do you want a fixed or variable rate loan?



Mortgage Deal Interest Rate Annual Fee Comparison Rate Repayments
Monthly Fortnightly Weekly

Important Disclaimer: This information is intended as a guide only. The calculation of fortnightly and weekly instalments varies with the specific loan product. Higher loan repayments will be required on principal and interest loans where the instalment calculation is based on half the monthly payment for a fortnightly payment or a quarter of the monthly payment for a weekly payment. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.

What is the best mortgage rate today?

Whether you’re looking to buy an investment property or be an owner occupier, a Best Rate Mortgage Calculator is the first place to go to search a range of home loans for a suitable mortgage rate. But finding the best interest rates as a home buyer can mean a bit more work. The interest rate home loan you are approved for can depend on a range of different variables, such as your objective financial situation. This is where your credit rating can be important. If you have ever applied for credit, including a home loan, personal or car loan, credit card or even mobile phone plan, you will have a credit rating.

A credit rating is a ranking you get based on how often you apply for credit and how successful you have been at repaying it. If you have defaulted on loans, then you may have a low credit rating, or credit score. If you don’t apply for credit that often, and rarely, if ever, miss weekly, fortnightly or monthly repayments then your credit rating is likely to be strong. Banks and lenders will often look at your credit rating very early on in your application process, especially where mortgage repayments are concerned. If your credit rating is low, then they may see you as more of a risk and being approved for a home loan with a lower interest rate may be more difficult. Before you apply for a home loan, find out what your credit rating is and work out what you need to do to improve your credit score.

Another way to find a suitable mortgage rate by using the Best Rate Mortgage Calculator is working out what kind of interest rate you want. There are two kinds of interest rates across our range of home loans, no matter what the loan amount. They are:

  • Variable Interest Rate. A variable rate mortgage means your interest rate may increase or decrease over the loan term. Both internal and external variables can influence loan movements, such as the cost to the bank or lender of providing you with the home loan, the state of the national or international economy, and the Reserve Bank’s cash rate movements. Variable interest rates are usually less than a comparable fixed interest rate and are the most popular of the two for Australian home buyers.
  • Fixed Interest Rate. A fixed rate home loan is one that will see the interest rate stay the same over the agreed period, usually between 1 and 5 years. Fixed rates can offer security during an unstable economic time and can help with budgeting as monthly repayments will remain the same over the agreed period. At the end of the agreed fixed rate loan term, the home loan can revert to a standard variable home loan, or you can negotiate another fixed loan term with your bank or lender.

How to find the best mortgage rate?

As mentioned above, the Best Rate Mortgage Calculator is the first step to finding a suitable interest rate, but it is not the last one. When you look at the different mortgages available on the Best Rate Mortgage Calculator, you will notice two different types of home loan options:

  • Full Documentation. A Full Documentation home loan is one to apply for if a home buyer has access to the full range of documents banks or lenders require, such as proof of income and expenses, identification, assets and liabilities. The more information available the easier it can be to have a home loan assessed.
  • Low Documentation. Some people, such as subcontractors, small business owners or freelances may not have access to the full amount of information banks and lenders require. A freelancer, for example, may not have payslips, so may have to rely on other evidence to prove income. This is where a Low Documentation, or Low Doc, home loan can be helpful and help you decide to apply.

Once you use our Best Rate Mortgage Calculator to choose a few options from our range of home loans, there is another step to work out whether a mortgage interest rate may be suitable. When you see interest rates advertised, whether for interest-only loans or principal and interest home loans, you will also see comparison rates advertised. Comparisons rates are designed to make it easier to compare mortgages, both with others from the same lender, and other banks and lenders. A comparison rate takes into account all the fees and charges that can, or may, come with that loan, and spread them out over the loan term. That means when you are choosing a loan amount and a loan itself, you can be armed with as much information as possible. Banks and lenders are required by law to advertise comparison rates alongside interest rates, so make sure the home loans you are considering include them.

Another important factor in finding the best mortgage rate options for you and your family may be outside of interest rates altogether. Home loan features can be a great way to compare mortgages and can come into your calculations when weighing up the financial benefits of a home loan. Features that may help you save money can include:

  • Additional repayments. Some home loans can penalise you for making extra repayments. Mortgage House offers a large range of home loans that will not. Making extra mortgage repayments can save you thousands of dollars over the loan term whatever the loan amount, by helping you pay it off sooner. The sooner you pay off hour home loan, the less interest you will pay. That’s why the freedom to make additional repayments can help offset the size of an interest rate.
  • Redraw. A Redraw feature can give you extra security if you are concerned about making additional repayments. Redraw gives you the flexibility of withdrawing any extra repayments or lump sum payments you have made over the loan term, for any reason. That gives you the confidence of making additional repayments and the peace of mind of knowing you can access them if you need later.
  • Offset Account. An offset account can help you reduce the amount of interest you pay over the loan term. It works by using a non-interest-bearing bank account to offset against your home loan. The interest you pay is calculated on the difference between the two accounts, not only the mortgage amount itself.

Take these features into consideration when you are using our Best Rate Mortgage Calculator. They can help you decide whether an interest rate is suitable or not.

Which bank has the best mortgage rates?

Interest rates make up a big part of the decision-making when it comes to choosing to apply for a home loan, which is why a Best Rate Mortgage Calculator is so important. It can give you access to a range of Mortgage House home loan products and help you compare mortgages at a glance. But what if you want more detail? What if you want to be able to compare interest rates with other banks and lenders, or as a home buyer you want to compare more than just the interest rate amounts? Mortgage House allows you to compare, in detail, up to five home loans at one time. When you do, you will see them lined up side by side, giving you a detailed and easy-to-understand comparison of everything you will need. Not only will you see interest rates and comparison rates, but you can also compare features such as extra repayments and offset accounts, loan term and loan size, and what the fees and charges may be. Comparing home loans like this can also make it easier to find a home loan that suits your purpose – such as whether you are buying or building.

Importantly, comparing home loans will also give you a chance to look at some of the interest rates of comparable home loans from other banks and lenders. This is important because Mortgage House wants to arm future home buyers which as much information as possible. The Best Rate Mortgage Calculator is just one example of this. We don’t give you the information we think you need. We pride ourselves on giving you the information you tell us you want. That is a big difference between Mortgage House and some other banks and lenders.

By comparing mortgages, you will also discover the weekly, fortnightly or monthly repayment options that are available with all our home loan products. There are two main types of repayment options, and not all home loans come with both.

  • Principal and Interest. This is the main type of repayment option. It means your monthly repayments are made up of both the principal amount and the interest charged. Repayments early in a loan term are usually made up predominantly of interest, something that diminishes over the life of your loan.
  • Interest Only. Some home loan products allow you to repay only the interest amount for an agreed period. At the end of that period, repayments can increase significantly as the principal amount is also repaid. These home loans are popular with those buying an investment property, who aim to sell the home for a profit before the end of the interest-only period.

A key factor in discovering a suitable interest rate is working out how much you may be able to borrow. That will obviously impact the monthly repayments, and how much interest you are charged over the loan term. This is where a Borrowing Calculator can help. A Borrowing Calculator can give you an indication of how much you may be approved for. It is not pre-approval, but can be helpful in narrowing down, or expanding, your property search.

Borrowing Calculator

Loan Details

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
Will the loan be for yourself or joint with another applicant?



Any person who depends on you for financial support e.g. your children?

Annual Net Income

Your net income per year i.e. after tax
Your partner's net income per year i.e. after tax
Any other income you may receive each year e.g. rent from a property, interest on savings or dividends from shares

Monthly Expenses

Personal monthly expenses e.g. rent, bills, shopping, fuel etc.
Any repayments you have to make each month to cover your credit cards or other loans
Any other monthly expenses

Your Monthly Repayment

per month

You Can Borrow Up To

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.

WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

How to use a best rate mortgage calculator?

Using the Best Rate Mortgage Calculator is simple. Firstly, work out the estimated value of the property you want to buy, and how much you want to borrow, and enter them in the spaces provided. The figures are different because banks and lenders will usually lend up to 80% of the value of a property, with the rest coming in a deposit from you. Mortgage House also offers low-deposit home loan products, which may attract higher interest rates, given the increased risks. Choose between the loan type and rate type, and the table of options below will adjust accordingly. Click on any of the home loan products listed to find out more about them or click the Enquire Now loan to book an appointment with any of our home loan consultants to have all your questions answered.

Making the most of our Best Rate Mortgage Calculator can also mean using the other calculators that are part of Mortgage House’s comprehensive suite of tools and resources.

Mortgage Repayment Calculator. This helps you calculate what your weekly, fortnightly or monthly repayments may be.

Borrowing Calculator. This tool helps give you an indication of what you may be able to borrow, whether you’re looking to become an owner occupier or buy an investment property.

Switching Mortgage Calculator. Giving your existing home loan a health check every now and again can be a good idea. Use this calculator to work out how much you might be able to save by choosing another home loan or refinancing your existing one.

Stamp Duty Calculator. The amount of stamp duty you may pay varies in each state, sometimes even where you live within a state. It can also change whether you buy or build. Use this resource to work it all out.

Budget Planner Calculator. Put all your basic financial information in this calculator and get an easy-to-understand picture of how much you might be able to save.

Why should you use a best rate mortgage calculator?

A Best Rate Mortgage Calculator is just one of the ways Mortgage House can help you find a suitable home loan. At Mortgage House we proudly put you first, by tailoring home loan products to your objectives and financial situation. We do this through actively listening to your needs, whatever they are, identifying suitable options and provide ongoing support thought the loan term. Mortgage House’s specialist technology ensures a seamless and simple process for all our customers and we are focussed on giving you all the tools you need to make a decision you are comfortable with. Our Best Rate Mortgage Calculator is one of the tools that we proudly provide to help you achieve your financial and property goals.

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