Home loan affordability calculator

Buying a home can be an exciting step toward your future! But if you’re not sure what you can afford, it can also be a stressful one. So let’s cut out the guesswork. See how much you can afford to borrow with Mozo’s new home loan affordability calculator.

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Last updated 16 January 2025 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Promoted

    Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Promoted

    Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,962
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Promoted

    Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Enjoy no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and eligibility criteria apply.

  • Promoted

    OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Promoted

    Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.21 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.

  • Promoted

    Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Promoted

    Basic Variable Home Loan

    • Owner Occupier
    • LVR <60%
    Interest rate
    6.13 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,040
    Go to site

    Competitive interest rate. No ongoing monthly loan maintenance fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Promoted

    Fixed Rate Home Loan

    • Owner Occupier
    • LVR<80%
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.26 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Borrow up to 95% of the property value. Choose to repay weekly, fortnightly, or monthly.

  • Promoted

    Offset Variable Home Loan

    • Principal & Interest
    • LVR <60%
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.37 % p.a.
    Initial monthly repayment
    $3,108
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Promoted

    Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.89 % p.a.
    Fixed 1 year
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,962
    Go to site

    Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.21 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Owner Occupier
    • LVR<80%
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.26 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Borrow up to 95% of the property value. Choose to repay weekly, fortnightly, or monthly.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Enjoy no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and eligibility criteria apply.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Basic Variable Home Loan

    • Owner Occupier
    • LVR <60%
    Interest rate
    6.13 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,040
    Go to site

    Competitive interest rate. No ongoing monthly loan maintenance fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Offset Variable Home Loan

    • Principal & Interest
    • LVR <60%
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.37 % p.a.
    Initial monthly repayment
    $3,108
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

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Whether you're looking to purchase a new home or refinance your existing loan, our friends at Aussie can help!

Learn more

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.


What is a home loan affordability calculator?

Mozo’s home loan affordability calculator is a budgeting tool that helps you estimate how much you could borrow on a home loan (i.e. your borrowing power).

Using your income and expenses, the calculator tests your finances and shows you how your lifestyle affects what you can afford to spend on a home.

The calculator considers typical homebuyer expenses like the initial deposit, loan term, monthly repayments, interest rates, taxes like stamp duty, and lenders’ mortgage insurance, and lays out all these costs in a simple, easy-to-read way.

All you need to do is simply plug in the numbers and go!


How does a home loan affordability calculator work?

To use Mozo’s home loan affordability calculator, you’ll need to have some basic information about your living expenses and salary on hand. The more specific you are, the better!

For instance, you will need the following:

  • Your yearly income, before tax.
  • Your living costs (including food, utilities, mobile and broadband, etc.).
  • The loan term you’re considering (usually ranges from 20 to 30 years).

Once you have this information, plug the numbers into the relevant fields. The calculator will then show you how much you can afford, with a helpful summary of hidden costs to consider.

Need help determining what your living expenses are? Use Mozo’s budget calculator to break it all down in a handy spreadsheet, or download a budgeting app to do it for you.


Pros and cons of a home loan affordability calculator

Like any financial tool, a home loan affordability calculator isn’t all-powerful. While it can be a valuable and free way to estimate your borrowing power, it also has some key limitations.

Let’s discuss the pros and cons of using a home loan affordability calculator.

Pros
  • Estimates your borrowing power. If you’re new to your home loan journey or have recently made some lifestyle changes (like a new job), the affordability calculator can give you a basic estimate of how much you can afford to borrow.

  • Lets you try multiple scenarios. The affordability calculator is flexible, meaning you can change inputs and see how different scenarios work. How does cutting back on living costs affect your borrowing power? The calculator can tell you!

  • Useful when researching home loans. Knowing how much you can afford to borrow is helpful information when researching and comparing home loans and buying houses. You know how high you can go or what you must do to get there.
Cons
  • Only gives a rough estimate. A financial calculator is only as good as the numbers you give it. But even if you plug in your exact living expenses and income, the affordability calculator can’t predict your future income/expenses. Take it just as an estimate.

  • Doesn’t consider everything lenders check, like your credit score, existing debts, or serviceability limits. Real lenders will put your home loan application through a robust and thorough vetting process to ensure you can finance your desired loan.

  • May not include all homeowning costs, like maintenance, home insurance, and any extra repayments you may make during your loan term.

These drawbacks don’t mean the home loan affordability calculator can’t be useful; they mostly just show you where it may have some blind spots.