Repayments calculator

This calculator gives you an estimate only of what your repayments may be with a ubank home loan. Calculations are based on the loan amount and loan term you entered, our current home loan interest rates and the other loan variables you select.

The results are a guide only, it is not a loan approval and unless otherwise stated is based on the information inputted into the calculator. The calculator is not intended to be relied upon to make a decision in relation to a home loan product and you should consider obtaining professional advice before making a decision.

The results assume regular scheduled minimum repayments are made and paid on time. The benefit of any extra repayments are assumed to take place from the first repayment and are ongoing for the full loan term. It is assumed the interest rate selected does not change during the loan term.  If you select a fixed rated or interest only rate (or both), the rate will be the relevant fixed and/or interest only rate for the duration of this period and then the current variable interest rate will apply for the remainder of the term based on the starting LVR tier.   In reality, interest rates can and do change over the loan term. The rates and repayment amounts do not include any fees or charges, interest offset benefits or lenders mortgage insurance, if applicable.

Mortgage repayments are calculated by taking your loan amount, interest rate, loan term, repayment frequency and repayment type into account.

When you make a principal and interest (P&I) repayment, your repayment goes towards paying off your loan (otherwise known as the principal) as well as the interest on your loan.

P&I repayments are calculated so that you will have paid out your loan in full by the end of your loan term. Your P&I repayments are scheduled on the same day of the month as your first repayment, provided you haven’t changed the repayment date and/or frequency since then.

When you have a loan with interest only (IO) repayments, you only pay the monthly interest charged on your loan meaning you won’t reduce your remaining loan balance, otherwise known as your principal. You can opt into IO repayments for a certain time period agreed by both you and ubank. Once your IO repayment period is over, you will automatically revert to principal and interest (P&I) repayments.

IO repayments are available for a maximum of 5 consecutive years per application, and a total maximum of 10 years during the life of your loan. You can get IO repayments on both owner occupied and investor loans subject to credit acceptance, however not within the last 5 years of your loan term.

We calculate interest daily by multiplying the loan account balance by the daily percentage rate at the end of each day. The daily percentage rate is the annual percentage rate divided by 365, rounded to six decimal places. It is also important to note that ubank rounds the daily interest to the nearest cent.

We debit interest to your loan account monthly in arrears on the last day of the month, and on the day you repay the total amount owing.

A repayment frequency can be nominated on the Home Loan Repayment Authority Form, before settlement takes effect. Otherwise, you can change the frequency by contacting the call centre, after settlement occurs.

The calculator provides an estimate, it is not a loan approval and unless otherwise stated is based on the information you put into the calculator.

We’ve made a number of assumptions when estimating the minimum repayment amount, including:

Interest Rates

• If you selected a ubank variable rate product with principal and interest repayments, this is the rate that will be applied to the loan across the whole loan term.
• If you selected your own custom interest rate, the rate that you enter is the rate that will apply to your loan for the whole loan term.
• If you selected a fixed interest rate or an interest only period or both, then a single rate will apply across the fixed and/or interest only period. At the end of the period, we’ve assumed the loan will revert to today’s variable interest rate for the relevant product selected with the same LVR tier.
• As rates are subject to change, the rate that is current today (both variable or fixed) may not be the rate that applies to your loan when you apply or throughout the loan term.

Fees

• We have assumed that any fees or charges in relation to your loan are paid separately and are not added to your loan balance and therefore do not impact the calculation of your repayment amount. This may not be the case in reality.

Repayments

• Repayment amounts are calculated on a monthly basis. If you choose to see the monthly repayment amount on a weekly or fortnightly frequency, we convert the monthly amount by multiplying it by 12 and then dividing it by 52 for a weekly figure or 26 for a fortnightly figure. We have rounded amounts up to the nearest whole dollar.
• Where you have selected monthly interest only repayments we calculate the annual interest charge and divide it by 12 to give a monthly repayment amount.
• We assume that all minimum repayments and any stated additional repayments are paid on time, and that no other repayments are made.
• Where you have selected principal and interest repayments, interest is charged to the loan on the same day as any minimum monthly repayments would be made. This may not be the case for your loan.
• When estimating the effect of an extra repayment amount to the potential time saved off your loan and the dollar amount of interest saved, we have rounded the estimated savings projection down to the nearest whole year and month and the nearest whole dollar.
• If any extra repayments are selected it is assumed that these take place from the first repayment and remain ongoing for the full loan term when calculating the estimated repayment amount and these payments have not been withdrawn.
• In estimating the repayments there is no consideration of any offset interest benefit from a linked offset facility..