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.
How the Big-4 Australian Banks Compare on Rate
The Big-4 (CBA, NAB, ANZ, Westpac) each publish their own advertised variable rates and run their own repayment calculators, but none compare themselves against the others. The ranking and the gap between their lowest advertised owner-occupier variable rates change whenever a lender reprices. Because rates move with the RBA cash rate and each lender's own pricing, there is no single current number this page can pin down for you, so check each bank's rate card directly, or compare across lenders in one place with a broker.
Why the gap is worth checking: a small rate difference compounds into a large number over a 30-year loan. On a $500,000 loan over 30 years, an 0.35 percentage-point difference (for example, 6.00% versus 6.35%, principal and interest) works out to about $41,000 in extra interest over the life of the loan; on a $750,000 loan the same gap is roughly $61,500. A cheap advertised rate may cap the LVR or drop package features, so compare the comparison rate for your deposit size, and remember that above 80% LVR (a deposit under 20%) most lenders add LMI on top.
Where to compare: each bank's own rate card, the RBA cash-rate page for the benchmark that moves variable rates, and non-bank lenders. A mortgage broker can compare across a panel of lenders in one application, while going direct to a single bank shows only that bank's products; weigh a broker's lender panel and any fees against doing the comparison yourself.
This section explains how to compare lenders rather than quoting live rates, which change frequently. Actual rates depend on the lender, your LVR, package fees and your circumstances, so verify each bank's current rate card directly. No lender pays NestPath to feature its rates; if you use a broker we refer you to, we may receive a referral commission when your loan settles.
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
If you pay half your monthly repayment every fortnight, you make 26 half-payments a year, which adds up to about 13 monthly repayments 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.
One thing to understand: because there are 26 fortnights in a year, paying half your monthly repayment every fortnight comes to about 13 monthly repayments a year instead of 12, so you do put in roughly one extra month's worth over the year. That extra goes straight onto your principal, which is exactly what shortens the loan and saves the interest. Check your budget can absorb the slightly higher annual total, then ask your lender or 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. 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 loans from their lender panel to help find options that suit your situation. Going direct to one bank limits your choice to that bank's products. A rate just 0.3 percentage points lower could save thousands over the loan term, depending on your loan amount and term. A broker can help you compare rates, fees and features.
Want a lower rate? Get matched with a broker for free.
A mortgage broker compares loans from their lender panel to suit your situation. Already have a loan? Refinancing to a lower rate can reduce your monthly repayment, depending on your balance, rate and term.
Our matching service is free. Brokers generally receive lender commissions. We receive a referral commission if a loan arranged through our referral settles. See our partners page for details.
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.
Repayments on the Average Australian Loan Size
Wondering how your repayments compare to a typical Australian borrower? The figures below are not measured average repayments; they are modelled repayments on the average new-loan sizes the Australian Bureau of Statistics reports, at an illustrative 6.25% variable rate over a 30-year term. Loan sizes are ABS June quarter 2026; your own rate will likely differ, so run your figures in the calculator above.
National Snapshot
The average new owner-occupier home loan in Australia is $731,000 (ABS lending indicators, June quarter 2026, original series). Modelled at an illustrative 6.25% variable rate over a 30-year term, that loan size works out to a monthly repayment of approximately $4,501.
First home buyers typically borrow less than the all-buyer average, which may reflect smaller starter homes and a higher uptake of low-deposit schemes like the First Home Guarantee, so their repayment usually sits below the figures above. Enter your own loan size in the calculator for your number. 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 modelled repayments, vary widely by state. The table below models an average owner-occupier mortgage in each state from ABS June quarter 2026 loan sizes at an illustrative 6.25% variable rate over 30 years (principal and interest). These are modelled figures on average loan sizes, not measured average repayments:
| State / Territory | Average loan size | Approx monthly repayment |
|---|---|---|
| NSW | $842,000 | $5,184 |
| VIC | $664,000 | $4,088 |
| QLD | $751,000 | $4,624 |
| SA | $672,000 | $4,138 |
| WA | $720,000 | $4,433 |
| TAS | $516,000 | $3,177 |
| NT | $545,000 | $3,356 |
| ACT | $666,000 | $4,101 |
| National average | $731,000 | $4,501 |
Figures use ABS lending-indicator loan sizes (June quarter 2026, original series) at an illustrative 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 the modelled figure for your state, it may be because you are borrowing less than the typical buyer, on a lower rate, on a longer term, or a different loan arrangement.
If your repayment is above that modelled figure, that's not necessarily a problem, but it's worth checking that:
- Your interest rate is still competitive (rates shift over time, so it is worth comparing your rate against current advertised rates)
- 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, a repayment is best kept comfortably within your gross household income (a common rule of thumb is under about 30%). If yours is stretching well beyond that, the loan may be large for your stage, so it can be worth talking to a broker.
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 comes to 26 fortnights, which is about 13 months of repayments a year rather than 12, roughly one extra month's worth. Each fortnightly payment is half your monthly amount; the saving comes from putting in that extra over the year, and it lands straight on the principal. On a $700,000 loan at an illustrative 6.0%, that shortens the loan by about five and a half years and saves around $178,000 in interest.
Need a Lower Repayment? Three Real Options
If your repayments are stretching the budget, these three moves are worth pricing, in this order:
- Refinance. Refinancing to a different lender is common, and can secure a lower rate. As an illustration, on a $700,000 loan a 0.50 percentage-point rate drop saves around $220/month and $80,000+ over the loan life. Get matched with a broker who will compare across 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." Some banks will reduce your rate rather than lose you to a refinance, but usually 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. Here's why: 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 about 13 months of repayments a year instead of 12. That is roughly one extra month's repayment over the year, and it goes straight onto your principal, which is what saves the interest.
On a $500,000 loan at an illustrative 6.0% over 30 years: monthly repayments take 30 years and cost $579,191 in total interest. Paying half that monthly amount every fortnight adds up to about one extra month's repayment a year, which takes the loan to roughly 24 and a half years and saves around $127,000 in interest, five and a half years off your mortgage.
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 loans from their lender panel to suit 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 owner-occupier home loan in Australia is around $731,000 (ABS lending indicators, June quarter 2026), and first home buyers typically borrow less than that. At an illustrative 6.0% interest rate over 30 years, a $600,000 loan has monthly repayments of approximately $3,597. Loan sizes vary widely by state; the state-by-state section further down this page has a breakdown for each.
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 can add up to thousands of dollars across a standard loan term, depending on your loan size. This is why comparing lenders matters: a broker compares loans from their lender panel and may find a lower rate than your bank offers.
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?
The Big-4 (CBA, NAB, ANZ, Westpac) publish their advertised variable rates on their own websites, and the ranking and the gap between them change whenever a lender reprices. Rates move with the RBA cash rate and each lender's own pricing, so check each bank's current rate card, or compare across lenders with a broker, before deciding. The gap still matters: on a $500,000 loan over 30 years, a 0.35 percentage-point difference (for example 6.0% versus 6.35%) works out to roughly $41,000 in extra interest over the life of the loan. A cheap advertised rate may cap the LVR or drop package features, so compare the comparison rate for your deposit size.
Should I refinance my mortgage in 2026?
Refinancing can be worth pricing when your current rate sits noticeably above the lowest rates advertised for equivalent loans, because even a small rate difference compounds over a long loan. Compare your rate against current advertised rates (or ask a broker to compare across lenders) rather than a fixed threshold, since the gap that makes refinancing worthwhile depends on your loan size, remaining term and the switching costs. Those costs are typically a few hundred dollars in discharge and new-lender fees. Variable-rate borrowers can usually refinance without break costs; on a fixed-rate loan, weigh any break costs against the saving, because they can outweigh it during the fixed period.
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.