Mortgage Repayments by Loan Amount: 2026 Tables
Most Australian first home buyers are searching for the answer to one specific question: "how much will my repayments be on a $500K / $600K / $750K / $1M loan?" The bank calculators give you the number but no context. The pre-computed tables below show monthly, fortnightly and weekly repayments at five interest-rate scenarios so you can stress-test your budget against rate rises before signing the loan.
Mortgage Repayment on a $500,000 Loan (30-year term)
| Rate | Monthly | Fortnightly | Weekly | Total interest (30yr) |
|---|---|---|---|---|
| 5.0% | $2,684 | $1,239 | $620 | $466,279 |
| 5.5% | $2,839 | $1,310 | $655 | $521,989 |
| 6.0% | $2,998 | $1,383 | $691 | $579,191 |
| 6.5% | $3,160 | $1,458 | $729 | $637,724 |
| 7.0% | $3,327 | $1,535 | $767 | $697,541 |
Mortgage Repayment on a $600,000 Loan (30-year term)
| Rate | Monthly | Fortnightly | Weekly | Total interest (30yr) |
|---|---|---|---|---|
| 5.0% | $3,221 | $1,487 | $743 | $559,535 |
| 5.5% | $3,407 | $1,572 | $786 | $626,387 |
| 6.0% | $3,597 | $1,660 | $829 | $695,029 |
| 6.5% | $3,792 | $1,750 | $875 | $765,269 |
| 7.0% | $3,992 | $1,842 | $921 | $837,049 |
Mortgage Repayment on a $750,000 Loan (30-year term)
| Rate | Monthly | Fortnightly | Weekly | Total interest (30yr) |
|---|---|---|---|---|
| 5.0% | $4,026 | $1,859 | $929 | $699,419 |
| 5.5% | $4,258 | $1,965 | $983 | $782,984 |
| 6.0% | $4,496 | $2,075 | $1,037 | $868,786 |
| 6.5% | $4,740 | $2,187 | $1,094 | $956,586 |
| 7.0% | $4,990 | $2,303 | $1,151 | $1,046,311 |
Mortgage Repayment on a $1,000,000 Loan (30-year term)
| Rate | Monthly | Fortnightly | Weekly | Total interest (30yr) |
|---|---|---|---|---|
| 5.0% | $5,368 | $2,478 | $1,239 | $932,558 |
| 5.5% | $5,678 | $2,620 | $1,310 | $1,043,979 |
| 6.0% | $5,996 | $2,767 | $1,383 | $1,158,382 |
| 6.5% | $6,320 | $2,916 | $1,458 | $1,275,449 |
| 7.0% | $6,653 | $3,071 | $1,535 | $1,395,082 |
All figures use the standard amortisation formula (interest compounded monthly, 30-year term, principal and interest). Real-world repayments vary slightly based on lender fees, daily-balance interest calculation methods, and offset account usage. Run your specific number in the calculator above for an exact figure.
Mortgage Repayments at the Big-4 Australian Banks: June 2026
The Big-4 (CBA, NAB, ANZ, Westpac) all run mortgage repayment calculators on their own websites. None of them compare themselves to each other. This is the gap NestPath fills: an independent side-by-side using each bank's lowest currently advertised variable owner-occupier P&I rate. Numbers are accurate as of June 2026, so verify each bank's current rate card before deciding.
| Lender | Lowest advertised variable rate (June 2026) | Monthly on $500K | Monthly on $750K | 30yr total interest ($500K) |
|---|---|---|---|---|
| CBA | about 6.09% | $3,027 | $4,540 | $589,628 |
| ANZ | about 6.39% | $3,124 | $4,686 | $624,732 |
| Westpac | about 6.39% | $3,124 | $4,686 | $624,732 |
| NAB | about 6.44% | $3,141 | $4,711 | $630,629 |
The headline: on a $500,000 loan, the 0.35% gap between CBA's about 6.09% and NAB's about 6.44% translates to roughly $41,000 more interest over 30 years with NAB vs CBA. On $750K it's about $61,500. These are each bank's lowest advertised variable owner-occupier P&I rates as of June 2026. The cheapest products cap LVR (CBA's digital loan at 60%) and drop package extras, so check the comparison rate for your LVR. Above 80% LVR (deposit under 20%), all four banks apply LMI on top.
Why this matters: the difference between the cheapest and most expensive Big-4 is not marketing fluff. It is a real $40K+ over the life of a typical loan. A broker has access to all four banks plus about 30 non-bank lenders that often beat the Big-4 advertised package rates. Get matched with a vetted broker, free.
Rate figures are each bank's lowest advertised owner-occupier P&I variable rates as of June 2026; actual rates depend on LVR, package fees, employment status, and broker negotiation. Verify each bank's current rate card directly. NestPath is independent and we do not receive commission from the Big-4 or any specific lender.
Pay Off Your Mortgage Years Earlier: 2026 Scenarios
Most Australian variable-rate loans allow unlimited extra repayments with no penalty. The table below shows how adding small weekly amounts to your standard repayment compounds into massive interest savings and years off the loan term, using a $500,000 loan at 6.0% as the baseline.
| Extra repayment | Loan term | Years saved | Interest saved |
|---|---|---|---|
| $0 (baseline) | 30 years | None | None |
| $50/week | 25 yr 2 mo | 4 yr 10 mo | about $110,000 |
| $100/week | 21 yr 10 mo | 8 yr 2 mo | about $182,000 |
| $200/week | 17 yr 5 mo | 12 yr 7 mo | about $273,000 |
| $300/week | 14 yr 7 mo | 15 yr 5 mo | about $328,000 |
| $500/week | 11 yr 1 mo | 18 yr 11 mo | about $394,000 |
The compounding effect: a $500,000 loan at 6.0% over 30 years pays $579,000 in total interest. Adding $100/week (effectively $5,200/year on top of standard repayments) saves about $182,000 in interest, a 31% reduction. That same $100/week put into the loan is borrowed money you no longer pay 6.0% interest on, which is mathematically equivalent to a 6.0% guaranteed after-tax return on the contribution.
Caveats: these scenarios assume rates stay at 6.0% for the full term (they will move). Fixed-rate loans typically cap extra repayments at $10,000 to $30,000 a year, so check your loan contract. An offset account achieves a similar net effect to extra repayments but keeps the money liquid; most variable loans include an offset facility worth using.
How Are Home Loan Repayments Calculated in Australia?
Principal and interest repayments
Every home loan repayment is split into principal (paying down the actual loan) and interest (the cost of borrowing). Most Australian lenders calculate interest daily on your outstanding balance and charge it monthly, so every extra dollar you pay reduces tomorrow's interest.
Early years are mostly interest
In the first 5 to 10 years, the majority of each repayment goes to interest. On a $500,000 Australian home loan at 6%, your first monthly payment of $3,000 includes approximately $2,500 in interest and only $500 in actual debt reduction.
This is called amortisation
Over time, the balance shifts. As your principal decreases, less interest is charged and more of each payment reduces your debt. Because most Australian lenders calculate interest daily, making extra repayments early has the biggest compounding impact over the life of your loan.
Fortnightly Mortgage Repayments: The Simple Trick That Saves Thousands
Paying fortnightly instead of monthly means you make 26 payments per year, which equals 13 monthly payments instead of 12. Most Australian lenders support fortnightly repayments with no additional fees.
That one extra payment per year goes straight to reducing your principal. Because Australian lenders calculate interest daily, every dollar of principal reduction immediately lowers your daily interest charge. Over the life of a 30-year home loan, this can shave 4 to 5 years off your term and save tens of thousands in interest.
The best part? You don't need to earn more or sacrifice anything. You're paying the same amount per fortnight; the maths just works in your favour because there are 26 fortnights in a year, not 24. Simply call your lender or ask your broker to switch your repayment frequency.
What Affects Your Home Loan Interest Rate in Australia?
Your LVR and deposit size
A lower deposit means a higher Loan-to-Value Ratio, which often means a higher interest rate. In Australia, the average variable mortgage rate in mid-2026 sits around 6.3 to 6.8%. Lenders reward borrowers with 20%+ deposits with better rates because they represent lower risk.
Fixed vs variable rates
Fixed rates give you certainty: your repayments stay the same for 1 to 5 years. Variable rates move with the RBA cash rate and usually offer more flexibility including offset accounts and unlimited extra repayments. Most Australian borrowers choose variable for the flexibility.
Lender competition and brokers
A mortgage broker compares 30+ Australian lenders to find your best rate. Going direct to your bank means you only see their products. Even a 0.3% difference in rate saves tens of thousands over the life of your home loan, which is why using a broker is one of the smartest moves a first home buyer can make.
Want a lower rate? A broker compares 30+ lenders for free.
Even 0.3% lower saves tens of thousands over 30 years. Already have a loan? Refinancing a $500K loan at 0.5% lower saves around $200/month. NestPath vetted brokers specialise in first home buyers.
How Mortgage Repayments Are Calculated
Your mortgage repayment depends on three things: the loan amount, the interest rate, and the loan term. Lenders use a formula that splits each repayment into two parts: principal (paying down the actual debt) and interest (the cost of borrowing). In the early years, most of your repayment goes toward interest. Over time, more goes toward principal as the balance decreases.
For example, on a $500,000 loan at 6.0% over 30 years, your monthly repayment is approximately $2,998. In the first year, about $2,494 of each monthly payment is interest and only $504 goes toward the principal. By year 15, it flips, and more goes to principal than interest.
Average Mortgage Repayments in Australia 2026
Wondering how your repayments compare to the average Australian mortgage holder? Here's the latest data from the Reserve Bank of Australia and the Australian Bureau of Statistics: loan sizes are ABS December 2025; repayments use the current about 6.25% average variable rate (after the RBA's three 2026 rate rises to a 4.35% cash rate).
National Snapshot
The average new owner-occupier home loan in Australia is $736,257 (ABS, December 2025), with an average variable interest rate of around 6.25% p.a. (the RBA November 2025 average was 5.50%, plus the three 2026 rate rises). Over a 30-year loan term, that works out to a monthly repayment of approximately $4,533.
For first home buyers specifically, the picture is slightly different. The average first home buyer loan is $607,624, about $129,000 less than the all-buyer average, reflecting smaller starter homes and a higher uptake of low-deposit schemes like the First Home Guarantee. At the same 6.25% rate over 30 years, that translates to a monthly repayment of around $3,741. Still deciding whether to buy now or keep renting? Compare the long-run cost with our rent vs buy calculator.
State-by-State Monthly Repayments
Average loan sizes, and therefore repayments, vary dramatically by state. Here's what an average owner-occupier mortgage looks like across Australia in 2026, based on ABS December 2025 loan sizes and the current about 6.25% variable rate over 30 years (principal and interest):
| State / Territory | Average loan size | Approx monthly repayment |
|---|---|---|
| NSW | $873,000 | $5,375 |
| VIC | $660,000 | $4,064 |
| QLD | $720,000 | $4,433 |
| SA | $580,000 | $3,571 |
| WA | $665,000 | $4,095 |
| TAS | $504,000 | $3,103 |
| ACT | $620,000 | $3,817 |
| NT | $481,000 | $2,962 |
| National average | $736,257 | $4,533 |
State averages use ABS lending-indicator loan sizes (December 2025 quarter) at the current about 6.25% variable rate. Use the calculator above to estimate your own repayment based on your loan size, rate, and term.
Quick-Reference: Repayment by Loan Size and Rate
If you want to ballpark a different loan size or rate without re-running the calculator, the table below shows estimated monthly principal-and-interest repayments at common combinations.
| Loan amount | 5.0% | 5.5% | 6.0% | 6.5% |
|---|---|---|---|---|
| $400,000 | $2,147 | $2,271 | $2,398 | $2,528 |
| $500,000 | $2,684 | $2,839 | $2,998 | $3,160 |
| $600,000 | $3,221 | $3,407 | $3,597 | $3,792 |
| $700,000 | $3,758 | $3,974 | $4,197 | $4,424 |
Monthly principal & interest repayments over a 30-year term. Divide by 4.33 for weekly estimates or by 2.17 for fortnightly. Figures exclude fees, LMI and offset-account effects.
Before you search for property, check what you can actually borrow with the free borrowing power calculator and factor in stamp duty using the stamp duty calculator. If your deposit is under 20%, the LMI guide explains how Lenders Mortgage Insurance can add $10,000 to $30,000 to your upfront costs.
How Your Repayment Compares
If your monthly repayment is below your state's average, you're either borrowing less than the typical buyer, on a lower interest rate, or both. Both are good signals.
If your repayment is above the state average, that's not necessarily a problem, but it's worth checking that:
- Your interest rate is still competitive (rates have shifted in 2025-26; the average refinance loan now is about $557,000 according to ABS, suggesting many borrowers are switching lenders)
- You're not paying for unused features (offset, redraw) you don't actually use
- Your repayment is comfortably under 30% of your gross household income (the affordability rule of thumb)
For first home buyers specifically, the typical FHB repayment of about $3,741/month should fit within roughly $12,500/month gross household income (about $150K combined annual). If you're stretched well beyond that, the loan may be too large for your stage, so talk to a broker before stress builds.
What Affects How Much You Actually Pay
Three levers move your repayment number more than anything else:
- Loan size. Every extra $100,000 you borrow at 6.0% over 30 years adds roughly $600/month to your repayment. Borrowing less is the single biggest lever.
- Interest rate. The same $700,000 loan at 6.0% costs $4,197/month; at 6.5% it's $4,424; at 7.0% it's $4,657. A 1% rate difference over a 30-year loan = roughly $166,000 in lifetime interest paid.
- Loan term. A $700,000 loan at 6.0% over 30 years = $4,197/month, total interest $811,000. The same loan over 25 years = $4,510/month, total interest $653,000, which saves $158,000 in interest at the cost of $313/month more during the loan. Worth it if you can afford the higher repayment.
The fortnightly trick: paying half your monthly repayment every fortnight (instead of monthly) results in 26 fortnights = effectively 13 months of repayment per calendar year. On a $700,000 loan at 6.0%, that one switch shaves about five and a half years off the loan and saves around $178,000 in interest, without changing the dollar value of each repayment.
Need a Lower Repayment? Three Real Options
If your repayments are stretching the budget, these three moves are worth pricing, in this order:
- Refinance. 59% of recent refinancers are switching to a different lender (ABS, December 2025), often saving 0.30 to 0.80% on rate. On a $700,000 loan, a 0.50% drop saves around $220/month and $80,000+ over the loan life. Get matched with a broker who will compare 30+ lenders for you
- Extend your loan term. Going from 25 to 30 years lowers monthly repayments by 8 to 10% but costs significantly more in total interest. Useful as a short-term breathing-room move; renegotiate back to a shorter term when income improves.
- Negotiate with your current lender. If you've been with the same lender for 2+ years and your equity has grown, ask for a "loyalty rate review." Many banks will quietly drop your rate by 0.20 to 0.50% rather than lose you to a refinance, but only if you ask.
For more on choosing between fixed and variable, see our home loan interest rates guide. For full mechanics on how a construction loan converts to a standard P&I home loan at completion, see our construction loans guide.
Weekly vs Fortnightly vs Monthly Repayments
Switching from monthly to fortnightly repayments can save you thousands and shave years off your loan, without paying extra. Here's why: there are 26 fortnights in a year but only 12 months. If you pay half your monthly repayment every fortnight, you end up making 13 months of repayments per year instead of 12.
On a $500,000 loan at 6.0% over 30 years: monthly repayments take 30 years and cost $579,191 in total interest. Fortnightly repayments (half monthly) take approximately 24 and a half years and save roughly $127,000 in interest. That's five and a half years off your mortgage, just by paying fortnightly instead of monthly.
How Extra Repayments Save You Thousands
Even small extra repayments make a massive difference over the life of a loan. On a $500,000 loan at 6.0% over 30 years:
- Extra $100/month: saves about $57,000 in interest, pays off about 2.5 years early
- Extra $200/month: saves about $103,000 in interest, pays off about 4.5 years early
- Extra $500/month: saves about $198,000 in interest, pays off about 9 years early
Most variable rate home loans allow unlimited extra repayments. Fixed rate loans may restrict extra repayments to $10,000 to $30,000 per year. Check with your lender or speak to a broker about the best strategy for your loan.
One cost that doesn't show up in your repayment calculation but your lender requires before settlement: building insurance. Premiums typically run $1,200 to $2,500 per year, so compare home insurance a few weeks before settlement so the certificate of currency is ready when your lender asks for it.
Interest Rates: Fixed vs Variable
Your interest rate is the single biggest factor in your repayment amount. A 0.5% difference on a $500,000 loan changes your monthly repayment by approximately $150, which is $1,800 per year.
Variable rate: moves up and down with the market (influenced by the RBA cash rate). More flexible, usually allowing extra repayments and offset accounts. Fixed rate: locked for 1 to 5 years. Certainty on repayments, but break costs if you want to switch early. Many borrowers split their loan: fix part for certainty, leave part variable for flexibility.
Not sure which is right for you? A mortgage broker compares 30+ lenders to find the best rate for your situation, so get matched for free.
Mortgage Repayments: Frequently Asked Questions
How much are mortgage repayments on a $500,000 loan?
At 6.0% over 30 years, repayments on a $500,000 home loan are approximately $2,998 per month, $1,383 per fortnight or $691 per week. Total interest paid over the full 30-year term is around $579,000, close to the original loan amount again in interest. Drop the rate to 5.5% and monthly repayments fall to $2,839; raise it to 6.5% and they climb to $3,160.
How do I calculate my home loan repayments?
Repayments are calculated using the loan amount, interest rate and loan term. The formula splits each repayment into principal (paying down the debt) and interest (cost of borrowing), with more going to interest in the early years. The simplest way to get an accurate number is to use the free NestPath mortgage repayment calculator above: enter your loan amount, interest rate and loan term and it returns weekly, fortnightly and monthly figures instantly.
Is it better to pay your mortgage weekly, fortnightly or monthly?
Fortnightly is the sweet spot for most Australian borrowers. There are 26 fortnights in a year but only 12 months, so if you pay half your monthly repayment every fortnight, you end up making 13 months of repayments per year instead of 12. On a $500,000 loan at 6.0% over 30 years, fortnightly repayments save around $127,000 in interest and pay the loan off about five and a half years early. Weekly is marginally better than fortnightly but the difference is small.
How much can I save by making extra mortgage repayments?
Extra repayments are one of the most powerful ways to save on a home loan. On a $500,000 loan at 6.0% over 30 years: an extra $100 per month saves roughly $57,000 in interest and pays the loan off about 2.5 years early; an extra $200 per month saves around $103,000 and pays it off about 4.5 years early; an extra $500 per month saves approximately $200,000 and pays the loan off about 9 years early. Most variable-rate loans allow unlimited extra repayments; fixed-rate loans often cap them at $10,000 to $30,000 per year.
What is the average mortgage in Australia in 2026?
The average new home loan in Australia is around $736,000 (ABS, December 2025 quarter), with first home buyers averaging about $608,000. At a 6.0% interest rate over 30 years, a $600,000 loan has monthly repayments of approximately $3,597. State averages vary significantly: NSW and VIC borrowers typically take out larger loans ($650,000 to $750,000) while QLD, SA and WA first home buyers average $450,000 to $550,000.
How much does a lower interest rate save on a home loan?
On a $500,000 loan, dropping from 6.5% to 6.0% saves approximately $58,500 in total interest over 30 years, and reduces monthly repayments by around $160. Even a 0.25% rate difference compounds into tens of thousands of dollars across a standard loan term. This is why comparing lenders through a broker matters: a broker has access to 30+ lenders and can often negotiate a rate that your bank will not offer directly.
Can I make extra repayments on my Australian home loan?
Most variable-rate home loans allow unlimited extra repayments with no penalty. The extra amount goes straight to reducing the loan principal and cuts years off the term. Fixed-rate home loans typically cap extra repayments at $10,000 to $30,000 per year during the fixed period, with break costs if you exceed the cap or pay the loan out early. Check your loan contract or speak to a broker to understand the extra-repayment rules that apply to your specific loan.
What happens to my mortgage repayments if interest rates go up?
On a variable-rate home loan, your repayments move up or down with your lender's rate. A 0.25% rate rise on a $500,000 loan adds approximately $75 to your monthly repayment, and a 1.0% rise adds around $310. Australian lenders are required to assess your ability to repay at 3% above your actual rate (the serviceability buffer introduced by APRA), so most borrowers have built-in headroom if rates rise. On a fixed-rate loan, your repayments stay the same for the fixed term regardless of RBA decisions.
How much are mortgage repayments on a $600,000 loan in Australia?
At 6.0% over 30 years, repayments on a $600,000 home loan are approximately $3,597 per month, $1,660 per fortnight or $829 per week. Total interest paid over 30 years is around $695,000. Dropping the rate to 5.5% reduces monthly repayments to $3,407; raising it to 6.5% pushes them to $3,792. Adding $200/month in extra repayments pays the loan off about 4 years early and saves roughly $107,000 in interest.
How much are mortgage repayments on a $750,000 loan in Australia?
At 6.0% over 30 years, repayments on a $750,000 home loan are approximately $4,496 per month, $2,075 per fortnight or $1,037 per week. Total interest paid over 30 years is around $869,000, more than the original loan amount. Dropping the rate to 5.5% reduces monthly to $4,258; raising it to 6.5% pushes it to $4,740. The fortnightly payment trick (half the monthly every fortnight = 13 months of payments per year) saves roughly $191,000 and pays the loan off about five and a half years early.
How much are mortgage repayments on a $1 million loan in Australia?
At 6.0% over 30 years, repayments on a $1,000,000 home loan are approximately $5,996 per month, $2,767 per fortnight or $1,383 per week. Total interest paid over 30 years is around $1,158,000, more than the original loan amount again in interest. At 6.5% monthly repayments rise to $6,320 and total interest hits $1,275,000. Even a 0.5% rate reduction saves roughly $117,000 over the life of the loan.
How do the Big-4 Australian bank mortgage rates compare in 2026?
As of June 2026, after the RBA lifted the cash rate to 4.35% across three 2026 rate rises, the Big-4 lowest advertised variable owner-occupier P&I rates cluster between roughly 6.09% and 6.44%. The CBA digital loan sits at the low end (about 6.09%, capped at 60% LVR) while the NAB base variable is toward the top (about 6.44%). On a $500,000 loan, that 0.35% gap is roughly $1,400 more interest per year, about $41,000 over the life of the loan. These are headline numbers; actual offers depend on LVR, package fees, and broker negotiation.
Should I refinance my mortgage in 2026?
Refinancing makes sense if your current rate is more than 0.4 to 0.5% above the best available rate on equivalent loans. With Big-4 lowest advertised rates clustering at 6.09% to 6.44% in June 2026, a borrower paying 6.9%+ should run the numbers. Break-even on refinance costs (typically $300 to $600 in discharge + new lender fees) lands around 6 to 12 months on most loans. Variable-rate borrowers refinance freely; fixed-rate borrowers should wait until the fixed period ends to avoid break-cost fees that often exceed the rate savings.
This calculator provides estimates only and should not be relied upon for financial decisions. Actual repayments depend on your lender, loan product and individual circumstances. NestPath is not a financial adviser, so seek independent advice before making financial decisions.