Mortgage details
Loan type
Loan details
Extra repayments (optional)
Monthly repayment
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principal & interest
Total interest
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over loan term
Total repayments
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principal + interest
LVR
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loan to value ratio
Loan summary
Property value
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Deposit / equity
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Loan amount
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Interest rate
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Loan term
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Repayment frequency
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LMI estimate
Lenders Mortgage Insurance (if LVR over 80%)
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Total cost of loan
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Yearly loan schedule
| Year | Opening balance | Principal paid | Interest paid | Closing balance |
|---|
Australian mortgage tips
Extra repayments save thousands
Even an extra $200 per month on a $600,000 mortgage can save over $80,000 in interest and cut years off your loan. Use the extra repayments field above to see exactly how much you could save.
Refinance when rates drop
Australian mortgage rates change frequently. Refinancing to a lower rate can save tens of thousands over the life of your loan. Compare rates at least every 2 years — even a 0.5% reduction makes a significant difference.
Fortnightly beats monthly
Switching from monthly to fortnightly repayments effectively makes 13 monthly repayments per year instead of 12. On a $600,000 loan this alone can save over $50,000 in interest and cut 4-5 years off your loan.
Offset accounts reduce interest
An offset account reduces the principal your interest is calculated on. Keeping your salary in an offset account means you pay interest on a lower balance every day. Even $20,000 in offset can save significant interest over time.
LMI — avoid if possible
Lenders Mortgage Insurance (LMI) applies when your deposit is less than 20% (LVR over 80%). LMI can cost $10,000–$30,000+ and protects the lender, not you. Saving a 20% deposit saves significant upfront costs.
Compare comparison rates
Always compare the comparison rate not just the advertised rate. The comparison rate includes fees and charges, giving a more accurate picture of the true cost of the loan. A low advertised rate with high fees can cost more overall.
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Frequently asked questions
How much are mortgage repayments on a $600,000 loan in Australia?
At a 6.25% interest rate over 30 years, repayments on a $600,000 loan are approximately $3,693 per month. At 6.5% they are approximately $3,792 per month. Use our calculator above to get an exact figure for your loan amount and rate.
What is LVR and why does it matter?
LVR (Loan to Value Ratio) is the percentage of the property value you are borrowing. An 80% LVR means you have a 20% deposit. Keeping your LVR at or below 80% avoids Lenders Mortgage Insurance (LMI), which can add thousands to your upfront costs.
Should I choose principal and interest or interest only?
Principal and interest (P&I) repayments reduce your loan balance over time. Interest only (IO) repayments are lower but your balance doesn't reduce. IO loans are sometimes used by investors for cash flow purposes but typically revert to P&I after 1-5 years. For owner occupiers, P&I is almost always the better long-term choice.
What is LMI in Australia?
Lenders Mortgage Insurance (LMI) is insurance that protects the lender (not you) if you default on your loan. It applies when your LVR exceeds 80% — meaning your deposit is less than 20%. LMI can cost between $5,000 and $35,000+ depending on your loan size and LVR.
How do I calculate my mortgage repayments?
Monthly repayments are calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of repayments. Our calculator does this automatically — just enter your loan details above.