Home loan repayments calculator

Refinancing is where you take out a new home loan to replace your existing one, either with the same lender or by switching to a different one.

Reasons to refinance may include;

• To lower your interest rate
• To find a loan with more features - such as redraw or an offset facility
• To use the equity in your home to renovate or improve your lifestyle
• To consolidate other debts into your mortgage

Steps to refinancing

Firstly, familiarise yourself with your current loan; the type of loan, the interest rate you’re paying, the features it offers and the fees you’re paying. Then identify the things you‘d like to improve with a new loan.

This allows you to compare with other loans on offer and find a better deal. Remember to factor in any costs associated with exiting one loan and taking out another.

The best way to check your potential savings is with a refinance home loan calculator.

Our Tiimely Home online form isn’t a form to capture your contact details, it’s a live loan application that assesses your information and should you be approved, has an actual home loan offer at the end.

As our process assesses you in real time, you’ll need to have all your documentation ready, which includes;

• ID – we’ll need to digitally verify a form of your ID such as your driver’s licence, Australian passport, Medicare card or foreign passport with an Australian visa. And it’s at this point that we also run a credit check.
• Financials – we’ll need to verify your income, expenses and your current financial situation. This can be done by securely providing information from your bank account(s) to our secure in-house verification technology, or if you prefer, manually uploading copies of your transaction statements.

Applying for a home loan with Tiimely Home is fast, secure and simple. Once you submit your documents and your application, we’re able to either approve your loan on the spot or let you know if we need further information.

If you have questions or are not sure about anything in our application process, you can check your eligibility or talk to our expert team via Connecting... or on 1300 842 405.

For a principal and interest home loan, repayments are calculated to repay the loan in full over your selected term. The calculation uses your loan amount, interest rate, loan term, and repayment frequency (monthly, fortnightly, or weekly). Each repayment includes interest (charged on the outstanding balance) and principal (the amount that reduces what you owe).

How are weekly and fortnight repayments calculated?

For fortnightly repayments, we calculate the repayment by dividing the monthly repayment by 2, then rounding up to the nearest dollar. Weekly repayments follow the same idea.

Because there are 26 fortnights (and 52 weeks) in a year, paying half your monthly repayment every fortnight can add up to more paid across the year than if your fortnightly amount was calculated by spreading your annual repayments evenly (monthly × 12 ÷ 26). Over time, that can help you repay your loan sooner and reduce total interest.

What about fixed rate or interest-only loans?

Repayments may increase when a fixed rate period ends or when an interest-only period ends and the loan switches to principal and interest.

To calculate whether refinancing is worth it first calculate your monthly savings. To do this, compare the monthly payment of your current lender to the monthly payment of the new loan. Just use our refinance calculator to determine your monthly savings if you refinanced with Tiimely Home.

Next, calculate what it costs to refinance your home loan. These are all the fees it costs to refinance. They include ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ (government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

Every lender has their own formula for calculating your borrowing power, and they generally look at six main factors.

• Deposit - the larger your deposit, the more you can borrow and the less interest you’ll have to pay on your loan.
• Income – this is not just how much your household brings in, but how much is left for home loan repayments after the bills and day-to-day expenses are paid.
• Level of debt – how much you owe on other loans and credit cards will also influence your available income.
• Savings history – having a savings history of at least 3 months demonstrates to a lender that you’ll be able to manage your home loan repayments.
• Credit rating – a sound credit rating is one of the first things lenders look at, as it is based on your borrowing and repayment history.
• Home loan term – a lender will look more favourably at a longer loan term, but remember it will mean you pay more interest over the life of the loan.
• Property value - a lender may conduct a valuation of your chosen property to determine the amount they are willing to lend you.

​​You can get an upfront estimate of your borrowing power with Tiimely Home with our borrowing calculator.

A lower interest rate, lower monthly repayments, and other flexible loan options like access to equity are some potential benefits of refinancing your home loan.

Our Tiimely Home application is different to traditional applications. It’s not a manual form that you fill out digitally, but a live application that assesses your information and eligibility in real time.
It’s because of this efficiency in our process that we’re able to offer some of the best interest rates in the market.

Find out more about our low variable and fixed rate home loan rates.

This home loan repayment calculator/mortgage repayment calculator is a guide only, and gives you an estimate of what your repayments will be with Tiimely home, based on the loan amount and loan term you entered, our current home loan interest rates and the loan variables you choose. You’ll still need at least a 10% deposit (and for deposits below 20% Lender’s Mortgage Insurance (LMI) is applicable). You’ll get a real assessment when you begin an application, and enter the specifics of the property, your loan type, personal details and your financials. This is not credit approval. Find out more about our eligibility criteria.