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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. 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.

Mortgage repayments are set at 25% of household income to allow for other homeownership costs like rates, insurance and maintenance.

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 market interest rate or a lower, discounted rate.

Typically, your interest rate depends on factors such as whether you're buying your first home, how much deposit you have and the security you can provide.

Lenders typically set their interest rate against the Reserve Bank of Australia's (RBA) cash rate. You can visit the Moneysmart.gov.au mortgage calculator to check the average interest rate.

Customers of Indigenous Business Australia (IBA) may pay less than average interest rates. Find more information on IBA's interest rates via their website.

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 in exchange for an equivalent share. Further eligibility criteria applies, learn more here.

Indigenous Business Australia (IBA) has a Shared Equity loan alongside their normal loan products. Further eligibility criteria applies, learn more here.

The Federal Government has announced a new Shared Equity program called Help-to-Buy. This will allow homebuyers to pay a 2% deposit, and access up to a 40% co-contribution to buy new properties or up to a 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, an Indigenous Business Australia (IBA) home loan requires a minimum deposit determined by your gross annual income and savings. Learn more about their deposit requirements on the IBA website.

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.