Everyday money
.png){kind=icon}
Home loans
How can we help?
.svg){kind=icon}
What will my repayments be?
Estimate what your loan repayments will be when you buy or refinance so you can figure out if our ubank home loans suits you.
Important:
This repayment calculator is a guide only and, unless otherwise stated, is based on the information you put into the calculator.
For simplicity, the interest rate applied is the rate selected by you in the calculator and we assume this rate will not change during the loan term. If you have selected a fixed rate or interest only rate (or both) however:
- the rate will be the relevant fixed and/or interest only rate for the duration of the fixed and/or interest only period selected; and
- at the end of this period, today’s variable interest rate for the product type selected will apply for the remainder of the term based on the starting LVR tier.
In reality, interest rates can and do change over the loan term.
If you want to know more, check out ‘Additional calculator information’ below. Refer to ‘Lets pass the mic to our lawyer’ for important information on our Comparison rates.
^This comparison rate is calculated on a loan amount of $150,000 for a term of 25 years. WARNING: The comparison rates are 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.
Apply online for a loan
Get a loan without stepping a single foot outside home
See if we’re a good fit
Check you’re eligible for a ubank home loan
Apply without the paperwork
Complete our online application or talk with a lending specialist
Get a decision fast
If your application hits the mark, we’ll let you know you’ve been approved
Wait for settlement
Review your loan docs online, accept your offer and relax
FAQs
Have any questions?
What are we calculating?
This calculator gives you an estimate only of what your repayments may be with a ubank home loan. Calculations are based on the loan amount and loan term you entered, our current home loan interest rates and the other loan variables you select.
.svg)
How to interpret these results?
The results are a guide only, it is not a loan approval and unless otherwise stated is based on the information inputted into the calculator. The calculator is not intended to be relied upon to make a decision in relation to a home loan product and you should consider obtaining professional advice before making a decision.
The results assume regular scheduled minimum repayments are made and paid on time. The benefit of any extra repayments are assumed to take place from the first repayment and are ongoing for the full loan term. It is assumed the interest rate selected does not change during the loan term. If you select a fixed rated or interest only rate (or both), the rate will be the relevant fixed and/or interest only rate for the duration of this period and then the current variable interest rate will apply for the remainder of the term based on the starting LVR tier. In reality, interest rates can and do change over the loan term. The rates and repayment amounts do not include any fees or charges, interest offset benefits or lenders mortgage insurance, if applicable.
How are mortgage repayments calculated?
Mortgage repayments are calculated by taking your loan amount, interest rate, loan term, repayment frequency and repayment type into account.
What are principal and interest (P&I) repayments?
When you make a principal and interest (P&I) repayment, your repayment goes towards paying off your loan (otherwise known as the principal) as well as the interest on your loan.
P&I repayments are calculated so that you will have paid out your loan in full by the end of your loan term. Your P&I repayments are scheduled on the same day of the month as your first repayment, provided you haven’t changed the repayment date and/or frequency since then.
What are interest only (IO) repayments?
When you have a loan with interest only (IO) repayments, you only pay the monthly interest charged on your loan meaning you won’t reduce your remaining loan balance, otherwise known as your principal. You can opt into IO repayments for a certain time period agreed by both you and ubank. Once your IO repayment period is over, you will automatically revert to principal and interest (P&I) repayments.
IO repayments are available for a maximum of 5 consecutive years per application, and a total maximum of 10 years during the life of your loan. You can get IO repayments on both owner occupied and investor loans subject to credit acceptance, however not within the last 5 years of your loan term.
How much is the average mortgage repayment in Australia?
Nationally, here are the average monthly repayments per state:
Average loan size based based on ABS Lending Indicators, April 2024, using original values. Average rate based on owner occupier variable loans on Canstar’s database available for a loan amount of $600,000, 80% LVR and principal & interest repayments; excluding introductory and first home buyer only loans. The most recent available data from the ACT and the Northern Territory is from March 2024.
Source: What is the Average Mortgage in Australia? | Canstar
How is interest calculated?
We calculate interest daily by multiplying the loan account balance by the daily percentage rate at the end of each day. The daily percentage rate is the annual percentage rate divided by 365, rounded to six decimal places. It is also important to note that ubank rounds the daily interest to the nearest cent.
We debit interest to your loan account monthly in arrears on the last day of the month, and on the day you repay the total amount owing.
How do I nominate what frequency I would like to make my repayments?
A repayment frequency can be nominated on the Home Loan Repayment Authority Form, before settlement takes effect. Otherwise, you can change the frequency in the app or by contacting the call centre, after settlement occurs.
Can I make additional payments into my loan?
You can pay extra through the ubank app or direct transfer from another institution.
Additional payments will not incur fees on our variable rate loans, but you will be unable to pay greater than the prepayment threshold for any fixed loans. This is $20,000 in a fixed rate term per loan. i.e. If your loan is fixed for 3 years, you can pay up to $20,000 in extra repayments during that 3-year period. If you make extra repayments over and above $20,000, you may incur break costs.
Important note: making extra repayments equal to the remaining loan limit will cause a loan to automatically close.
Get a breakdown of our home loans
Check these useful links for help on choosing your loan.
Additional calculator information
The calculator provides an estimate, it is not a loan approval and unless otherwise stated is based on the information you put into the calculator.
We’ve made a number of assumptions when estimating the minimum repayment amount, including:
Interest Rates
- If you selected a ubank variable rate product with principal and interest repayments, this is the rate that will be applied to the loan across the whole loan term.
- If you selected your own custom interest rate, the rate that you enter is the rate that will apply to your loan for the whole loan term.
- If you selected a fixed interest rate or an interest only period or both, then a single rate will apply across the fixed and/or interest only period. At the end of the period, we’ve assumed the loan will revert to today’s variable interest rate for the relevant product selected with the same LVR tier.
- As rates are subject to change, the rate that is current today (both variable or fixed) may not be the rate that applies to your loan when you apply or throughout the loan term.
Fees
- We have assumed that any fees or charges in relation to your loan are paid separately and are not added to your loan balance and therefore do not impact the calculation of your repayment amount. This may not be the case in reality.
Repayments
- Repayment amounts are calculated on a monthly basis. If you choose to see the monthly repayment amount on a weekly or fortnightly frequency, we convert the monthly amount by multiplying it by 12 and then dividing it by 52 for a weekly figure or 26 for a fortnightly figure. We have rounded amounts up to the nearest whole dollar.
- Where you have selected monthly interest only repayments we calculate the annual interest charge and divide it by 12 to give a monthly repayment amount.
- We assume that all minimum repayments and any stated additional repayments are paid on time, and that no other repayments are made.
- Where you have selected principal and interest repayments, interest is charged to the loan on the same day as any minimum monthly repayments would be made. This may not be the case for your loan.
- When estimating the effect of an extra repayment amount to the potential time saved off your loan and the dollar amount of interest saved, we have rounded the estimated savings projection down to the nearest whole year and month and the nearest whole dollar.
- If any extra repayments are selected it is assumed that these take place from the first repayment and remain ongoing for the full loan term when calculating the estimated repayment amount and these payments have not been withdrawn.
- In estimating the repayments there is no consideration of any offset interest benefit from a linked offset facility.
Let's pass the mic to our lawyer
Read our Home Loan Terms.
Credit criteria, fees and charges apply. Applicants must live in Australia and meet eligibility requirements.
Home loan information and interest rates are subject to change.
1Comparison rates are calculated on a loan amount of $150,000 for a term of 25 years. These rates are for secured lending only.
WARNING: The comparison rates are 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.
For a personalised comparison rate that applies to your proposed loan, see the Key facts sheet.
Comparison rates for variable interest only loans are based on an initial 5 year interest only period. Comparison rates for fixed interest only loans are based on an initial interest only period equal in length to the fixed period. Interest rates are applicable at the time of loan approval and are based on the loan to value ratio (LVR). The LVR is the amount of the loan compared to the property value expressed as a percentage.
Follow us
Follow Us
flex-oo-pi-lvr60
flex-oo-pi-lvr60-comp
flex-oo-pi-lvr70
flex-oo-pi-lvr70-comp
flex-oo-pi-lvr80
flex-oo-pi-lvr80-comp
flex-oo-pi-lvr85
flex-oo-pi-lvr85-comp
flex-oo-pi-svr
flex-oo-pi-svr-comp
flex-inv-pi-lvr60
flex-inv-pi-lvr60-comp
flex-inv-pi-lvr70
flex-inv-pi-lvr70-comp
flex-inv-pi-lvr80
flex-inv-pi-lvr80-comp
flex-inv-pi-svr
flex-inv-pi-svr-comp
flex-oo-io-lvr60
flex-oo-io-lvr60-comp
flex-oo-io-lvr70
flex-oo-io-lvr70-comp
flex-oo-io-lvr80
flex-oo-io-lvr80-comp
flex-oo-io-svr
flex-oo-io-svr-comp
flex-inv-io-lvr60
flex-inv-io-lvr60-comp
flex-inv-io-lvr70
flex-inv-io-lvr70-comp
flex-inv-io-lvr80
flex-inv-io-lvr80-comp
flex-inv-io-svr
flex-inv-io-svr-comp
oo-pi-lvr60
oo-pi-lvr60-comp
oo-pi-lvr70
oo-pi-lvr70-comp
oo-pi-lvr80
oo-pi-lvr80-comp
oo-pi-lvr85
oo-pi-lvr85-comp
oo-pi-svr
oo-pi-svr-comp
inv-pi-lvr60
inv-pi-lvr60-comp
inv-pi-lvr70
inv-pi-lvr70-comp
inv-pi-lvr80
inv-pi-lvr80-comp
inv-pi-svr
inv-pi-svr-comp
inv-io-lvr60
inv-io-lvr60-comp
inv-io-lvr70
inv-io-lvr70-comp
inv-io-lvr80
inv-io-lvr80-comp
inv-io-svr
inv-io-svr-comp