Fortnightly repayments calculator

This calculator will show how much interest and time you'll save if you make half of your monthly repayment every two weeks instead of just once per month.

Discuss home loan repayments with a Mortgage Choice expert.

All fields required
  • Contact us today:
  • Meet us in:
  • Have you used Mortgage Choice before? * :
  • Additional Comments? * :

Thanks for your enquiry. We'll match you up with your local Mortgage Choice broker who will get in touch with you soon!

 

Follow us for the latest news and tips on properties and home loans:

 

Social -FB    Social-Twitter    Social-Gplus

 

Our latest interest rates

Lender Product Annual Interest
Rate % p.a.
Comparison
Rate % p.a.
Lender Y Standard Fixed Home Loan (LVR = or <80%) 3.74% 5.30%
Lender P Fixed Rate Loan (O/Occ) 4.08% 4.50%
Lender K Fixed Rate home loan - (Owner Occupier) 4.09% 4.67%
Lender M Home Advantage Package Fixed 4.19% 4.40%
Lender M Fixed Loan 4.19% 4.99%
Lender Product Annual Interest
Rate % p.a.
Comparison
Rate % p.a.
Lender B AMP Essential Home Loan (Owner Occupied Loans only) 3.88% 3.90%
Lender M Discount Variable Special Offer Rate 3.98% 4.03%
Lender M Home Advantage Variable $150,000 to $249,999 3.98% 4.33%
Lender K Fresh Start Basic Home Loan (Owner Occupier) 3.99% 4.04%
Lender B Basic Variable Rate Loan (Owner Occupied Loans only) 4.08% 4.12%
Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

How fortnightly repayments can reduce the life of your home loan

If you’re currently paying off your home loan on a monthly basis, there may be an opportunity for you to save both money and time from your loan by switching to fortnightly repayments. By making 26 fortnightly home loan repayments instead of 12 monthly payments, you’re essentially making one additional monthly payment off your loan a year, shortening the life of the loan and lowering the amount you need to pay.

This calculator uses your initial loan value, current interest rate and the number of repayments you have already made on your loan to calculate your potential savings. You’ll be able to see in the results that making more frequent repayments – fortnightly and weekly – enables you to pay off your mortgage more quickly and reduce the total amount repaid on the loan.

A mortgage broker can sit down with you and assess if your home loan allows you to adjust your regular repayments or make additional repayments. If you’d like to know how additional repayments can further affect the length of your loan, see our extra home loan repayments calculator or get in contact with a Mortgage Choice broker today.

Disclaimer: The results from these calculators are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.