Loan Calculator for Australia
Advanced loan calculator with extra payment analysis and interest savings.
Region: Australia (AUD)
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Quick Tip
Use the comparison rate from your quote to get closer to the true cost of the loan.
About This Tool
Why use Loan Calculator?
Australian lenders must display a comparison rate with advertised personal and car loan rates. For these loans it is calculated on a standard $30,000 loan over five years, so it captures fees that the headline rate leaves out.
Under responsible lending obligations, lenders check that a loan is not unsuitable for you, looking at income, living expenses and existing debts. Secured car loans usually have lower rates than unsecured personal loans because the car is security for the loan.
Key Benefits
Monthly repayment
See fixed monthly repayments on a personal or car loan in Australian dollars.
Extra repayment savings
Model extra repayments; variable loans usually allow them, while fixed loans may charge break costs.
Serviceability check
Compare repayments with income after living expenses before you apply.
How to use Loan Calculator
- 1
Use the comparison rate from your quote to get closer to the true cost of the loan.
- 2
Enter the loan amount you plan to borrow.
- 3
Add the annual interest rate (use the APR for a fair comparison) and the term in years.
- 4
Optionally enter an extra monthly payment.
- 5
Review the monthly payment, total interest, payoff time and interest saved.
Best use cases
Compare the monthly payment on the same loan over different terms.
See how much an extra monthly payment shortens the loan and how much interest it saves.
Budget for a personal or car loan before you apply.
Check a lender's quoted payment against the standard amortization formula.
Loan Calculator FAQs
What is the difference between a secured and unsecured loan?
A secured loan uses an asset, such as the car you are buying, as security, which usually means a lower rate. An unsecured personal loan has no security and typically a higher rate.
Can I make extra repayments on an Australian personal loan?
Variable-rate loans usually allow extra repayments without penalty. Fixed-rate loans may limit extra repayments or charge early repayment or break fees, so check your contract.
How much can I borrow?
Lenders assess your income, living expenses, existing debts and credit history. A buffer between your repayments and your available income improves your chances of approval.
Which currency does this loan calculator use?
Amounts are shown in Australian Dollars (AUD). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
Related Finance Tools
More free finance tools that work well alongside the Loan Calculator.