Firstmac home loan repayment calculator

Thinking about taking out a home loan with Firstmac? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Firstmac home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 5.00%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Flexible repayment options
  • Discounted rates for larger deposits
  • Competitive variable rates
  • No branch network
  • Limited loan options

Firstmac home loans rates

Advertised Rate

3.73%

Fixed - 5 years

Total estimated upfront fees
$720
Comparison Rate*

3.83%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.19%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.80%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.63%

Fixed - 1 year

Total estimated upfront fees
$720
Comparison Rate*

3.80%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.73%

Fixed - 4 years

Total estimated upfront fees
$720
Comparison Rate*

3.80%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.63%

Fixed - 2 years

Total estimated upfront fees
$720
Comparison Rate*

3.79%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.23%

Fixed - 1 year

Total estimated upfront fees
$720
Comparison Rate*

3.77%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.23%

Fixed - 2 years

Total estimated upfront fees
$720
Comparison Rate*

3.73%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.23%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.69%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.33%

Fixed - 4 years

Total estimated upfront fees
$720
Comparison Rate*

3.69%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.43%

Fixed - 5 years

Total estimated upfront fees
$720
Comparison Rate*

3.69%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.87%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.43%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.63%

Fixed - 5 years

Total estimated upfront fees
$720
Comparison Rate*

3.40%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.53%

Fixed - 4 years

Total estimated upfront fees
$720
Comparison Rate*

3.34%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.67%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.34%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.43%

Fixed - 2 years

Total estimated upfront fees
$720
Comparison Rate*

3.29%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.43%

Fixed - 1 year

Total estimated upfront fees
$720
Comparison Rate*

3.27%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.23%

Fixed - 5 years

Total estimated upfront fees
$720
Comparison Rate*

3.26%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.03%

Fixed - 1 year

Total estimated upfront fees
$720
Comparison Rate*

3.25%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.19%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.25%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.77%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.24%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.03%

Fixed - 2 years

Total estimated upfront fees
$720
Comparison Rate*

3.23%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.13%

Fixed - 4 years

Total estimated upfront fees
$720
Comparison Rate*

3.23%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.03%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.22%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.19%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.22%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.57%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.22%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.94%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.20%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.09%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.12%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.04%

Variable

Total estimated upfront fees
$720
Comparison Rate*

3.07%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

3.09%

Fixed - 3 years

Total estimated upfront fees
$720
Comparison Rate*

3.07%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.94%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.97%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.89%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.92%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.84%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.87%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.77%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.73%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.76%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.59%

Variable

Total estimated upfront fees
$720
Comparison Rate*

2.62%

Ongoing fee
$0
Go to site
Company
Firstmac
More details
Advertised Rate

2.19%

Intro 24 months

Total estimated upfront fees
$720
Comparison Rate*

2.56%

Ongoing fee
$0
Go to site
Company
Firstmac
More details

Firstmac customer service

Home loan customers can contact Firstmac through a number of channels. The lender has a general Australia-based customer assistance phone line for any enquiries and can also be contacted via email, or via online chat on the Firstmac website.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat

How to apply for a Firstmac home loan

Firstmac provides potential customers with a number of options when applying for a home loan, including an online application form, phone applications, or applying in person at their office. 

Before applying for any home loan, calculate how much money you can afford to borrow and comfortably repay, given your financial situation and income. 

You will also need to provide documentation when applying for a home loan, such as:

  • Personal identification documents
  • Proof of income and type of employment
  • Proof of other income and assets
  • Details of current debts and liabilities
  • Personal insurance documents

Learn more about home loans

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.