Things you need to know:
The results from this calculator should be used as a guide only and do not represent an offer of credit. Any subsequent loan applications are subject to Bank of us' credit assessment criteria.
Terms and conditions including fees and charges apply. Full details of all the relevant fees and charges, interest rates and terms and conditions are available on application. Interest rates are also subject to change without notice.
#The comparison rates for Home loans are calculated on the basis of a secured loan of $150,000 over a term of 25 years.
WARNING: These comparison rates apply only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers or loan offset accounts, are not included in the comparison rate, but may influence the cost of the loan.
The Loan Repayments Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate.
Length of Month
All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.
Number of Weeks & Fortnights in a Year
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each Repayment
In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts.