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Adjust any of these measures and see straight away what your loan term will be for varied scenarios.
Work out how long will it take to repay your loan.
People also ask about loan terms
What is a loan term?
A loan term is the length of time you agree to repay your home loan. It’s usually measured in years—common terms are 25 or 30 years.
How does the loan term affect my repayments?
A longer loan term generally means smaller monthly repayments, but more interest paid over time. A shorter term means higher monthly repayments but less interest overall.
Can I change my loan term later?
Yes, depending on your lender and loan type, you may be able to refinance or adjust your loan term. Keep in mind, this could involve fees or new eligibility checks.
What’s the difference between a fixed and variable loan term?
The term length itself is usually fixed, but your interest rate can be either fixed (stays the same for a set period) or variable (can change over time).
Is a shorter loan term always better?
Not necessarily—it depends on your financial situation. Shorter terms save on interest but require higher monthly payments. Longer terms are more manageable month-to-month but cost more overall.
What’s the maximum loan term I can choose?
Most lenders in Australia offer terms up to 30 years, though some may go up to 40 years depending on the type of loan and your circumstances.
How does it work?
Submit Your Application
We process your application and supporting documents, and issue you with a complimentary conditional written approval within 48 hours.
Valuation & Income Verification
We will begin our valuation and income verification process after Application Fee and Valuation Fee are settled.
Documents Signing
We will issue you the formal loan approval, then we will forward you all the necessary documents you need to sign.
Settlement
We finalise your settlement, and your loan is released to you. Congratulations!