Continue your simulation with the Wisr loan calculator and see how the application fee and chosen term change each repayment you make.
Wisr publishes personalised fixed rates and charges an application fee that is usually added to the loan. In this guide you will learn how to estimate your repayment, how to include that fee correctly, how terms of three, five or seven years compare, what extra repayments can save and how to read the comparison rate before accepting any loan offer.
Direct answer: add the application fee to the amount you need, then apply the amortisation formula with your personalised rate and chosen term. Borrowing A$20,000 with a fee of about A$600 at 11% over five years gives a repayment of approximately A$448 per month and total interest of roughly A$6,270 across the complete loan term.
At the time of writing, third-party listings showed Wisr rates starting around 7.5% per year and reaching about 25%, with application fees close to A$600 depending on the loan. Wisr states that it charges no early repayment or exit fees, which makes extra repayments a practical way to reduce the cost after the loan starts.
Many borrowers simulate the repayment on the amount they need and forget the fee. Because the fee is financed, interest is charged on it for the whole term, so the real repayment is slightly higher than the first estimate. Over five years the difference can approach eight hundred dollars, which is enough to change the ranking between two offers.
Next, you will see how the calculator inputs work, the formula applied step by step, tables for different rates and terms, the precise effect of the application fee, how the comparison rate is built, savings from extra repayments, a consolidation example and a checklist. Keep your Wisr rate estimate handy to replace our figures.
Calculator inputs
- Loan amount: what you need, from about A$5,000.
- Application fee: roughly A$600, usually added to the balance.
- Personalised fixed rate: from your soft-check rate estimate.
- Term: commonly three, five or seven years.
- Repayment frequency: weekly, fortnightly or monthly where offered.
The formula step by step
The repayment equals P·r/(1−(1+r)^−n). With P = A$20,600, an annual rate of 11% gives r = 0.11 ÷ 12 = 0.009167, and five years gives n = 60. The factor (1.009167)^−60 is about 0.5784, so the denominator is 0.4216 and the repayment is 20,600 × 0.009167 ÷ 0.4216, or about A$448.
Repayments at different rates
| Rate (A$20,600 over 5 years) | Monthly repayment | Total interest |
|---|---|---|
| 7.5% | about A$413 | about A$4,180 |
| 11% | about A$448 | about A$6,270 |
| 18% | about A$523 | about A$10,780 |
A borrower with a strong file who receives 7.5% pays about A$6,600 less than one priced at 18%. The rate estimate shows where you sit before a hard enquiry, so run it first and then use the calculator to test terms.
Repayments across terms
| Term at 11% | Monthly repayment | Total repaid | Total interest |
|---|---|---|---|
| 3 years | about A$674 | about A$24,280 | about A$3,680 |
| 5 years | about A$448 | about A$26,870 | about A$6,270 |
| 7 years | about A$353 | about A$29,630 | about A$9,030 |
Choosing seven years instead of three lowers the repayment by about A$320 a month but more than doubles the interest. The no-exit-fee policy means you can pick a longer term for safety and still pay it off faster, but only if you actually make the extra repayments.
The exact cost of the application fee
Without the fee, A$20,000 at 11% over five years costs about A$435 per month. With A$600 added, the repayment rises to about A$448. That is roughly A$13 more each month and about A$780 over the term, including the interest charged on the fee itself.
How the comparison rate is built
Australian lenders must show a comparison rate that combines the interest rate with standard fees for a benchmark loan, usually A$30,000 over five years. For our example, including the fee lifts the effective cost from 11% to roughly 12.3%. Smaller loans show a bigger gap, because the fixed fee is a larger share of the amount.
| Loan amount at 11% | Fee as share of loan | Approximate effective cost |
|---|---|---|
| A$5,000 | about 12% | well above 15% |
| A$20,000 | about 3% | about 12.3% |
| A$40,000 | about 1.5% | about 11.6% |
Extra repayments without exit fees
Adding A$100 to the A$448 repayment shortens the five-year loan to about 46 months and cuts interest by around A$1,500. Because Wisr does not charge exit fees, lump sums from a tax refund or bonus can also go straight to the balance, reducing interest from that point onward.
- Round repayments up to a convenient figure.
- Pay fortnightly if your salary is fortnightly.
- Direct windfalls to the balance after keeping an emergency fund.
- Check the payout figure before a final lump sum.
A debt consolidation example
Suppose you carry A$12,000 across two credit cards at about 20% and pay roughly A$480 a month without making much progress. Consolidating into a Wisr loan of A$12,600 including the fee at 11% over three years gives a repayment near A$412 and a clear end date. The saving depends on closing or reducing the cards afterwards.
Weekly and fortnightly repayments
If your pay arrives weekly or fortnightly, matching the loan schedule can make budgeting easier. The total cost changes only slightly, but the habit of paying soon after payday reduces the risk of a missed repayment and the fees and credit damage that follow.
Checking affordability
Subtract the repayment from your net income and regular expenses. Aim to keep at least ten percent of take-home pay free. If the margin is thin, try a smaller amount or a longer term, then plan extra repayments to bring the total cost down when your budget allows.
Testing a smaller amount
If the margin in your budget is tight, try A$15,000 instead of A$20,000. With the fee added, the balance is A$15,600 and the five-year repayment at 11% is about A$339, roughly A$109 less per month. Covering the gap with savings may be cheaper than borrowing the full amount.
Common calculator mistakes
- Leaving the application fee out of the amount.
- Using the lowest advertised rate instead of your estimate.
- Comparing headline rates instead of comparison rates.
- Forgetting to test a shorter term.
- Assuming extra repayments will happen without a plan.
Reviewing the loan once a year
Set a reminder to review the loan every twelve months. Check the remaining balance, the interest paid so far and whether your budget now allows a higher repayment. Because Wisr has no exit fees, even a modest increase can shorten the loan and reduce the total interest you pay.
Summary: simulating a Wisr loan
Include the application fee in the balance, use your personalised rate estimate, compare terms and plan extra repayments to take advantage of the absence of exit fees.
- Add the fee of about A$600 to the amount.
- Use the soft-check rate in the formula.
- Compare three, five and seven years.
- Check the comparison rate for your amount.
- Use extra repayments to cut interest.
Frequently asked questions
Is the Wisr application fee refundable?
Check your contract, but application fees are generally part of the loan once it is funded.
Can I repay a Wisr loan early?
Yes, Wisr states that it does not charge early repayment or exit fees.
Why does my comparison rate differ from the interest rate?
Because it includes the application fee and other standard charges.
Conclusion
The Wisr loan calculator is most accurate when you include the application fee and use your personalised rate. Compare terms, look at the comparison rate for your loan size and plan extra repayments to shorten the loan, keeping the total cost as low as your budget allows.