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'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.19 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

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

Firstmac home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.19%

Intro 24 months

$720

2.56%

$0
Firstmac
More details

2.59%

Variable

$720

2.62%

$0
Firstmac
More details

2.73%

Variable

$720

2.76%

$0
Firstmac
More details

2.74%

Variable

$720

2.77%

$0
Firstmac
More details

2.84%

Variable

$720

2.87%

$0
Firstmac
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2.89%

Variable

$720

2.92%

$0
Firstmac
More details

3.04%

Variable

$720

3.07%

$0
Firstmac
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3.09%

Variable

$720

3.12%

$0
Firstmac
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3.13%

Variable

$720

3.16%

$0
Firstmac
More details

3.13%

Variable

$720

3.16%

$0
Firstmac
More details

3.03%

Fixed - 3 years

$720

3.22%

$0
Firstmac
More details

3.57%

Variable

$720

3.22%

$0
Firstmac
More details

3.03%

Fixed - 2 years

$720

3.23%

$0
Firstmac
More details

3.13%

Fixed - 4 years

$720

3.23%

$0
Firstmac
More details

3.77%

Variable

$720

3.24%

$0
Firstmac
More details

3.03%

Fixed - 1 year

$720

3.25%

$0
Firstmac
More details

3.23%

Variable

$720

3.26%

$0
Firstmac
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3.23%

Variable

$720

3.26%

$0
Firstmac
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3.23%

Variable

$720

3.26%

$0
Firstmac
More details

3.23%

Fixed - 5 years

$720

3.26%

$0
Firstmac
More details

3.43%

Fixed - 1 year

$720

3.27%

$0
Firstmac
More details

3.43%

Fixed - 2 years

$720

3.29%

$0
Firstmac
More details

3.43%

Fixed - 3 years

$720

3.30%

$0
Firstmac
More details

3.53%

Fixed - 4 years

$720

3.34%

$0
Firstmac
More details

3.67%

Variable

$720

3.34%

$0
Firstmac
More details

3.33%

Variable

$720

3.36%

$0
Firstmac
More details

3.33%

Variable

$720

3.36%

$0
Firstmac
More details

3.33%

Variable

$720

3.36%

$0
Firstmac
More details

3.63%

Fixed - 5 years

$720

3.40%

$0
Firstmac
More details

3.87%

Variable

$720

3.43%

$0
Firstmac
More details

3.43%

Variable

$720

3.46%

$0
Firstmac
More details

3.43%

Variable

$720

3.46%

$0
Firstmac
More details

3.43%

Variable

$720

3.46%

$0
Firstmac
More details

3.43%

Variable

$720

3.46%

$0
Firstmac
More details

3.53%

Variable

$720

3.56%

$0
Firstmac
More details

3.53%

Variable

$720

3.56%

$0
Firstmac
More details

3.53%

Variable

$720

3.56%

$0
Firstmac
More details

3.63%

Variable

$720

3.66%

$0
Firstmac
More details

3.23%

Fixed - 3 years

$720

3.69%

$0
Firstmac
More details

3.33%

Fixed - 4 years

$720

3.69%

$0
Firstmac
More details

3.43%

Fixed - 5 years

$720

3.69%

$0
Firstmac
More details

3.23%

Fixed - 2 years

$720

3.73%

$0
Firstmac
More details

3.23%

Fixed - 1 year

$720

3.77%

$0
Firstmac
More details

3.63%

Fixed - 3 years

$720

3.78%

$0
Firstmac
More details

3.63%

Fixed - 2 years

$720

3.79%

$0
Firstmac
More details

3.63%

Fixed - 1 year

$720

3.80%

$0
Firstmac
More details

3.73%

Fixed - 4 years

$720

3.80%

$0
Firstmac
More details

3.73%

Fixed - 5 years

$720

3.83%

$0
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 Firstmac

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.

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.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What if I can't pay off my guaranteed home loan?

If you can’t pay off your guaranteed home loan, your lender might chase your guarantor for the money.

A guaranteed home loan is a legally binding agreement in which the guarantor assumes overall responsibility for the mortgage. So if the borrower falls behind on their mortgage, the lender might insist that the guarantor cover the repayments. If the guarantor fails to do so, the lender might seize the guarantor’s security (which is often the family home) so it can recoup its money.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

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.