Home Loan Comparison Calculator

Comparing home loans is a great way to understand the financial differences between a fixed rate home loan and a variable rate home loan.

It can also be used to model an existing home loan you may have and compare that to our Reward Me Home Loan. 

Compare two home loans with our Loan Comparison Calculator by adjusting variables such as interest rates and loan term to get a better understand of the short and long term repayment cost of each.


Calculations are estimates provided as a guide only based on information you provided. This calculator is not intended to be your sole source of information when making a financial decision. You may wish to consider getting advice from a licensed finance professional.

Variable rates assume interest rates do not change throughout the loan. Fixed rates are calculated on the rate that applies for the initial period of the loan (e.g. the fixed term) and then assumes the variable rate does not change throughout the remainder of the loan term.

The calculations allow you to take into account initial and ongoing fees, however, other fees and charges may be payable, such as stamp duty or property valuation fees, and should also be considered.

The amount you could save, and the time in which you could pay off your loan by making weekly or fortnightly repayments, are estimates compared to repayments made monthly and assume you make the specified weekly or fortnightly repayments (which are specified as either half or one quarter of the monthly amount payable) until the loan is repaid.

Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Conditions apply to all loan options.

FAQs about the Home Loan Comparison Calculator

  • Q. What does the Home Loan Comparison Calculator show?

    A. The Home Loan Comparison Calculator compares two home loans to determine which one has the lower interest costs over the life of the loan. To compare loans, the calculator requires user inputs including Loan Type (fixed, or variable), interest rate, and fees.

  • Q. Who should use the Home Loan Comparison Calculator?

    A. Anyone deciding on the structure of their home loan or choosing between different home loan providers may benefit from the Loan Comparison Calculator.

  • Q. What's the point of multiple or split home loan accounts?

    A. Multiple (or split) home loan accounts help you structure your home loan in the way that suits you best.

    For example, you could fix a portion of your home loan so that you've got some certainty about your repayments for an agreed period of time; you could then have another portion in a variable home loan account with an offset facility that your salary gets paid into (which would let you drive down a portion of your interest cost by putting your salary to use before you spend it).

    Plus you can choose between principal & interest and interest-only repayment options (conditions apply). Important to know that if you split your home loan into two or more separate accounts, each will be charged a monthly fee.

    To find out more about splitting loans to help manage your home loan, review our Split Loan Calculator.

  • Q. What's better, a fixed or variable interest rate?

    A. It really depends on your circumstances and what the market is doing. Fixed rates give you certainty so you know exactly what your repayments are going to be during the agreed fixed period – this way you will be protected if interest rates generally will go up over the agreed fixed rate period, however, you will also continue to pay the agreed fixed rate if interest rates go down.

    With a variable rate you are affected by changes of the Reserve Bank to the cash rate and other market changes, so your rate could go up...and it could also come down.

    With a variable rate you have more flexibility like the ability of using a mortgage offset facility, unlimited extra repayments and redraw of funds that you have repaid in excess of your agreed repayments.

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