Home Equity Line of Credit payment estimator - Australia
Use this 2026 mortgage calculator to compare scenarios and plan your budget.
Unlike simple calculators, this tool provides a complete financial picture. It doesn't just calculate principal and interest; it factors in critical costs that determine your actual monthly payment:
Use the interactive charts to visualize how your equity grows over time versus the interest paid to the bank. Perfect for comparing 15-year vs. 30-year loan terms.
Local tax rules and insurance costs vary—check official sources and lenders for current figures.
Use these estimates as a starting point and confirm details with local professionals.
First-time homebuyers estimating monthly costs
Refinancing to get a lower interest rate
Comparing 15-year vs 30-year mortgages
Commonly known as: home loan calculator, house payment calculator, mortgage payment estimator, home affordability calculator.
LMI is a one-off insurance premium (1-3% of loan) if your deposit is under 20%. It protects the lender, not you. Can be added to the loan or paid upfront.
A government grant for first-time buyers purchasing or building a new home. Amounts vary by state: $10,000 (NSW, VIC, QLD), $15,000 (WA, SA), $20,000 (TAS). Usually for homes under certain values.
An offset account is linked to your mortgage. Your savings balance 'offsets' your loan balance, so you only pay interest on the difference. $50k in offset on a $500k loan = paying interest on $450k.
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home equity. Unlike a loan, you can borrow, repay, and borrow again during the draw period, paying interest only on what you use.
During the draw period (typically 10 years), you can withdraw funds and often pay interest-only. After this ends, the repayment period begins (usually 20 years), and you must pay back both principal and interest.
A HELOC has variable rates and works like a credit card (borrow as needed). A Home Equity Loan provides a lump sum with a fixed interest rate and fixed monthly payments.
Yes, most HELOCs have variable interest rates tied to the Prime Rate. This means your monthly payment can fluctuate over time unless you find a lender offering a fixed-rate option.
Under current law (through 2025), interest on home equity debt is tax-deductible only if the funds are used to buy, build, or substantially improve the taxpayer's home that secures the loan.