A $120,000 property in Australia with a 20% deposit ($24,000) at 6.30% has a principal-and-interest payment of about $594.21 per month over 30 years. Council rates and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $1,114 | $6,016 | $94,886 |
| 2 | $1,187 | $5,944 | $93,699 |
| 3 | $1,264 | $5,867 | $92,436 |
| 4 | $1,345 | $5,785 | $91,090 |
| 5 | $1,433 | $5,698 | $89,657 |
| 6 | $1,526 | $5,605 | $88,132 |
| 7 | $1,625 | $5,506 | $86,507 |
| 8 | $1,730 | $5,401 | $84,777 |
| 9 | $1,842 | $5,288 | $82,935 |
| 10 | $1,962 | $5,169 | $80,973 |
| 11 | $2,089 | $5,042 | $78,884 |
| 12 | $2,224 | $4,906 | $76,660 |
| 13 | $2,369 | $4,762 | $74,292 |
| 14 | $2,522 | $4,608 | $71,769 |
| 15 | $2,686 | $4,445 | $69,084 |
| 16 | $2,860 | $4,271 | $66,224 |
| 17 | $3,045 | $4,085 | $63,179 |
| 18 | $3,243 | $3,888 | $59,936 |
| 19 | $3,453 | $3,677 | $56,483 |
| 20 | $3,677 | $3,453 | $52,805 |
| 21 | $3,916 | $3,215 | $48,890 |
| 22 | $4,169 | $2,961 | $44,720 |
| 23 | $4,440 | $2,691 | $40,280 |
| 24 | $4,728 | $2,403 | $35,553 |
| 25 | $5,034 | $2,096 | $30,518 |
| 26 | $5,361 | $1,770 | $25,157 |
| 27 | $5,709 | $1,422 | $19,449 |
| 28 | $6,079 | $1,052 | $13,370 |
| 29 | $6,473 | $658 | $6,897 |
| 30 | $6,897 | $238 | $0 |
With a 20% deposit at 6.30%, principal and interest are about $594.21 per month. Australian home loans are commonly variable-rate (or fixed for 1–3 years) over a 30-year term, often with an offset account.
A 20% deposit is $24,000, which avoids mortgage insurance where it applies. In Australia, Lenders Mortgage Insurance (LMI) usually applies with less than a 20% deposit and varies by lender.
No — this is principal and interest. Add council rates, home insurance and any strata fees for your full monthly housing cost.
Sources: Reserve Bank of Australia; Standard amortization (annuity) formula.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.