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Calculate your mortgage.

Your loan details

Required fields are marked with an asterisk *

2.50%

Current interest rate

Your principal and interest repayments

Your Results

House price

1,500

Your estimated borrowing

---

Your deposit

---

Your rate and repayments

Your estimated repayment

--- per month

Based on an interest rate

2.50

Calculations are estimates and provided as a guide only. They assume interest rates don’t change over the life of the loan and are calculated on the rate that applies for the initial period of the loan. Results are based on information you provide and do not take your personal circumstances into account. The calculator is not intended to be your sole source of information when making a financial decision. Using this calculator does not guarantee you will be eligible for a loan. You will need to satisfy your lender's lending criteria.

What's the minimum I need to save for a deposit?

Lenders (banks) typically require borrowers to have saved around 20% of the value of the home to use as a deposit. However, some lenders will allow you to have a smaller deposit. Indigenous Business Australia (IBA) have a starting minimum deposit of $1,500. See more in FAQ section below.
Indigenous Business Australia (IBA)

Frequently Asked Questions

See below for more information on how this calculator tool works.

How do I use this calculator?

To use this calculator, you need to fill in the boxes marked with an asterisk (*). These are the most important ones and include your yearly income and the interest rate.

After entering your income and interest rate, you can adjust other options to see how they affect how much you can afford to buy. Hover your mouse over the (i) symbol to get more info about things like mortgage affordability, deposit amount, and, if you're using it, shared equity. These factors will change how much you can spend on a house.

Make sure to check the eligibility rules for different home ownership programs to see what deposit and interest rate you might qualify for.

What are the calculator assumptions?

The calculations are just estimates to help guide you. They assume the interest rate stays the same same for the whole length of the loan and compounded on an annual frequency.

Your house price doesn't include extra costs like stamp duty or loan setup fees.

You can see how changing the interest rate (higher or lower) affects your monthly payments.

Are fees and up-front costs included in the calculation?

No.

The calculations do not take into account fees, charges or other amounts that may be charged on top of or to your loan.

Most importantly this means it does not consider Stamp Duty or Lenders Mortgage Insurance costs. See the Common Costs section for more on these fees.

What interest rate will I pay on my home loan?

You will either pay a normal interest rate or a lower, discounted rate.

For customers of Indigenous Business Australia (IBA), your starting interest rate depends on how much you earn. If your household earns up to $83,487 a year, the interest rate will be 2.54% (as at 22 June 2024). If you earn more than that, the rate will be higher. For more details, you can check IBA’s website or see here.

For customers of regular banks, the interest rate depends on things like whether you're buying your first home, how much deposit you have and the security you provide. Regular banks set their interest rate against the Reserve Bank of Australia's (RBA) cash rate. As of January 2025, the average interest rate is around 6% (Moneysmart.gov.au, 2025). Visit your chosen bank’s website to find out more.

What Shared Equity programs are available?

As at January 2025, there are several Shared Equity schemes available in Victoria and nationally.

The Victorian Government's Victorian Homebuyer Fund (VHF) is available until the end of June 2025. Through the VHF, Aboriginal and Torres Strait Islander participants need to pay a minimum deposit of 3.5%, plus acquisition costs, and can access up to a 35% co-contribution. Further eligibility criteria applies, learn more here.

Indigenous Business Australia (IBA) have a Shared Equity loan alongside their normal loan products. Through this pathway, homebuyer's need to pay ether a 1% or 2% deposit depending on their income, and can access up to 35% co-contribution. Further eligibility criteria applies, learn more here.

The Federal Government is introducing a new Shared Equity program called Help-to-Buy. This will allow homebuyers to pay a 2% deposit, and access a 40% co-contribution to buy new builds or 30% co-contribution to buy established properties. Further eligibility criteria applies and delivery timelines are dependent on your state or territory. Learn more here.

What is the minimum I need to save to be eligible for a loan?

Through a mainstream bank, you will typically need to provide 10% to 20% of the value of your chosen property upfront as your deposit.

There are other Government schemes that allow buyers to save less of a deposit. See our Home Ownership Schemes section here for more information.

For example, through an Indigenous Business Australia (IBA) home loan, a household earning up to $83,487 gross annual income needs to pay a minimum deposit amount of $1,500 plus acquisition costs (i.e. conveyancing, inspections, title registration fees etc.). If you earn over that, your deposit requirement will be higher. Total gross income values and deposit amounts are effective as at 22 June 2024 and are subject to change at any time. Further eligibility criteria applies, learn more here.

Disclaimer

This is a model, not a prediction. Amounts and repayment periods are estimates only, actual amounts may be higher or lower. Results are based on information you provide and do not take your personal circumstances into account. The calculator is not intended to be your sole source of information when making a financial decision. Consider getting advice from a licensed finance professional, if you need it. Using this calculator does not guarantee you will be eligible for a loan. You will need to satisfy your lender's lending criteria. The information on this website has been prepared without taking into account your specific objectives, financial situation or needs and is for general information and education purposes only.

Consider obtaining independent legal, financial, taxation or other advice before acting on any of this information.

To the extent permitted by law, AHV makes no warranty or recommendation as to the availability, skills or expertise of third parties named or held out on this website, or the quality and fitness of any services they may offer, or purport to offer, for your needs and circumstances. AHV accepts no liability for the products or services of providers you may be referred to through our website. While all due care has been taken in the preparation of the information published on this website, AHV makes no warranty as to its accuracy, completeness or suitability for your circumstances.

To the extent permitted by law, AHV is not liable for any direct, indirect or consequential loss or damage caused, including by our, or any others, negligence, arising from the use of or reliance on the information obtained, from this website, including information relating to the expertise of third parties.

We acknowledge the Traditional Custodians of the lands on which we work and live. We pay our respects to Aboriginal and Torres Strait Islander cultures; and to Elders both past, present and emerging. It always was and always will be Aboriginal Land.