Calculator information

The Loan Repayments Calculator gives you a general indication of the amount of your minimum loan repayments each fortnight/month based on your selected repayment options.

The minimum loan repayment amount can vary depending on a range of factors including:

• the product selected;
• the loan purpose (ie. whether the loan is an owner occupier or investment loan);
• the loan amount;
• the loan-to-value ratio (or LVR);
• the repayment type (either principal and interest, or interest only);
• the repayment frequency (either fortnightly or monthly); and
• the loan term.

Length of month

All months are assumed to be of equal length. In reality, many loans accrue interest on a daily basis which means monthly interest charges may vary depending on the number of days in the particular month.

Number of weeks and 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.

Interest Rate

The interest rate used in this calculation is the ING Mortgage Simplifier Rate (which is a variable interest rate) after applying any discount to that rate based on your selected repayment options. The rate may change at any time without notice.

The interest rate used in this calculation is the ING Orange Advantage Rate (which is a variable interest rate) after applying any discount to that rate based on your selected repayment options. The rate may change at any time without notice. In calculating the minimum repayment amount, we have not taken into account any funds that you may have in any offset account linked to the Orange Advantage home loan.

The interest rate used in this calculation is the applicable ING Fixed Rate for the period of time selected only (eg. 3 year Fixed Rate) for an owner occupier loan. It includes a 0.10% p.a. discount on the relevant Fixed Rate because you've split your home loan by combining our Fixed Rate Home Loan with an Orange Advantage. In practice, at the end of the fixed interest period, your interest rate will change based on the new variable rate that you receive when you roll to a Mortgage Simplifier product.

The interest rate used in this calculation is the applicable ING Fixed Rate for the period of time selected only (eg. 3 year Fixed Rate) for an investment loan. In practice, at the end of the fixed interest period, your interest rate will change based on the new variable rate that you receive when you roll to a Mortgage Simplifier product.

Loan-to-value ratio (LVR)

We have assumed that the purchase price for the property is equal to our valuation of the property. This way, a 20% deposit would equate to an LVR of 80%.

Interest only loans

Where you have selected interest only repayments, we have calculated the minimum repayment amount on the assumption that the interest only repayments would apply for the entire term of the loan. In practice this would not be the case as our maximum interest only period is between 5 years (for owner occupiers) and 10 years (for investors) vs a standard loan term of 30 years. After the interest only period ends, you would be required to make principal and interest repayments for the remainder of the term or one final lump sum repayment so your balance is paid in full.

Disclaimer

Note: The results are an approximate guide and should not be used as exact values for financial planning purposes. The results do not constitute an offer to provide credit and do not imply that credit is available. The formulae used within this calculator may change at any time without notice. Applications are subject to ING's usual credit assessment. Fees and charges apply. Full details of terms and conditions, including fees and charges are available on request.

You can also use another Loan Repayments Calculator provided by InfoChoice available under the 'Tools & calculators' tab on this webpage. This calculator can also provide you with an indication of the minimum repayment amounts based on the information provided. It also includes a yearly breakdown of the interest paid, the principal balance and the total amount owing. Please check out the assumptions and qualifications for this calculator too.

Important information

The variable rates above include a discount that is applied to the relevant reference rate. These variable and fixed rates are only available for new ING property and borrowings. All rates and information are correct at time of publication and are subject to change.

Comparison rate: The comparison rate is based on a loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan-to-value ratio (LVR): LVR is the ratio of the value of a property to the relevant loan amount, as a percentage. LVR is used by lenders when determining how much you can borrow, and whether lenders mortgage insurance is needed. LVR is calculated by dividing the loan amount by the value of the property. So if you borrow $800,000 for a home valued at $1,000,000, the LVR would be 80%.

Lenders Mortgage Insurance (LMI): LMI is designed to protect the lender (not the borrower) if the borrower can't repay their loan. It's normally required when a loan amount is more than 80 per cent of the property's valuation.

Total borrowings: Includes the total amount borrowed per application.