Fortnightly Repayments Calculator
Discover how switching from monthly to fortnightly repayments can help you pay off your home loan faster and save thousands in interest.
Calculate Your Potential Savings
How It Works
This calculator shows you the powerful effect of making fortnightly repayments on your mortgage.
Loan Amount: The total amount of your home loan.
Interest Rate: Your loan's annual interest rate.
Loan Term: The original length of your loan.
By paying half your monthly repayment every two weeks, you make an extra month's repayment each year, reducing your principal and interest paid over time.
Ready to Pay Your Loan Off Sooner?
Let our experts show you how a simple change to your repayment schedule could save you thousands. Contact us to review your home loan today.
Frequently Asked Questions
How do fortnightly repayments work?
Instead of making 12 monthly repayments per year, you make 26 fortnightly repayments. Because you're making the equivalent of one extra monthly repayment each year, you pay off your loan principal faster, which reduces the total interest you pay.
Is this the same as paying twice a month?
Not exactly. Paying twice a month (or bi-monthly) usually means 24 payments a year. A fortnightly schedule means 26 payments, which is where the acceleration comes from. This calculator is based on a fortnightly schedule.
Can I switch to fortnightly repayments at any time?
Most variable-rate home loans allow you to switch to fortnightly repayments. If you have a fixed-rate loan, there may be restrictions. We can help you check with your lender.
Are there any downsides?
The main consideration is ensuring your budget can accommodate the more frequent payments. However, the long-term interest savings are a significant benefit for most homeowners.