A home loan repayment is a pre-agreed amount of money you need to repay on your home loan each month in regular mortgage payments. It takes into consideration:
- How much you borrowed to purchase the property – which is called the principal
- The interest rate charged by the lender for letting you borrow the money
- The length of time you’ve agreed to pay the money back by
The amount of your home loan repayment will depend on a few factors, including the:
- Size of the loan
- Interest rate
- Length of the loan term
And if you have a variable rate loan, your repayments could change from time to time.
Learn how interest rate changes affects your repayments.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
Unloan is a division of Commonwealth Bank of Australia.
Applications are subject to credit approval; satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000.
^ Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. This discount is applied to each loan that you have with Unloan. If you have multiple loans (e.g. one investor and one live-in loan), they will each have a discount calculated based on when you settled each loan. Unloan may withdraw this discount at any time.
There are no fees from Unloan. However, there are some mandatory Government costs depending on your state when switching your home loan. For convenience, Unloan adds this amount to the loan balance on settlement.
* Other third-party fees may apply. Government charges may apply. Your other lender may charge an exit fee when refinancing.
