What does Home Loan Comparison Calculator do?
Compare two or three Australian home loans by rate, upfront and ongoing fees, offset balance and repayment frequency, on total cost over the years you choose.
- Price
- Free
- Account
- Not required
- Processing
- Entirely in your browser; your data and files are not uploaded
- Works on
- Any modern browser on desktop, tablet or phone
- Region
- Australia (AUD)
- Category
- Financial Calculators
How to use the home loan comparison calculator (australia)
- Enter the loan amount and term that apply to all the loans.
- Choose how many years to compare over, for example until you expect to refinance or sell.
- For each loan enter the interest rate, repayment frequency, upfront fees, monthly and annual fees and any offset balance, using the lender’s Key Facts Sheet.
- Compare interest plus fees over that period, the repayments, the balance still owed and the cumulative cost chart.
Worked example
$600,000 over 30 years, compared over 5 years
Loan A at 5.99% with no fees costs $173,953 in interest over 5 years. Loan B at 5.79% with a $600 upfront fee and a $395 annual fee costs $167,945 in interest plus $2,575 in fees, $170,520. Loan C at 6.09% with $10 a month in fees, fortnightly repayments of $1,675.55 and $50,000 kept in an offset account costs $158,774 in interest plus $600 in fees, $159,374, the cheapest of the three, and leaves the lowest balance owing ($540,953).
How it works
Each loan is simulated day by day with the same engine as our offset calculator: interest accrues daily on max(0, balance − offset) at the rate ÷ 365 and is charged monthly, and repayments are the true monthly, fortnightly or weekly amount that repays the loan over the term. The simulation starts on 1 January 2027 so results are reproducible. Cost over the period = interest charged + upfront fees + monthly fees × months + annual fees × years started. Principal repaid is not a cost, so the balance still owed is shown separately.
Assumptions
- Rates stay constant. Variable rates change, and introductory or fixed rates that revert are not modelled.
- The offset balance stays the same for the whole period and is a 100% offset.
- Annual fees are charged at the start of each year; break, discharge and switching costs are not included.
- The example rates and fees are placeholders, not market rates.
Frequently asked questions
Why compare over a few years instead of the full term?
Many people refinance or sell before the loan ends. Over a short period, upfront fees weigh more heavily; over the full term, the rate dominates. Try both your expected period and the full term.
Is an offset account worth a higher rate?
It depends on how much you keep in it. Every dollar in a 100% offset saves interest at the loan rate, so a large balance can outweigh a slightly higher rate and package fee, as Loan C in the example shows. With little in the offset, a cheaper loan without one usually wins.
How is this different from the comparison rate?
The comparison rate uses a fixed example ($150,000 over 25 years) and ignores offset accounts. This calculator uses your loan amount, your time frame and your offset balance.
Limitations
- An estimate, not a loan offer. Confirm rates and fees with each lender.
- Does not model rate changes, extra repayments, redraw or a changing offset balance.
- Lenders may calculate interest on a slightly different day basis.