A $1,200,000 property in Australia with a 20% deposit ($240,000) at 6.30% has a principal-and-interest payment of about $5,942.14 per month over 30 years. Council rates and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $11,144 | $60,162 | $948,856 |
| 2 | $11,867 | $59,439 | $936,990 |
| 3 | $12,636 | $58,670 | $924,354 |
| 4 | $13,456 | $57,850 | $910,898 |
| 5 | $14,328 | $56,978 | $896,570 |
| 6 | $15,257 | $56,048 | $881,313 |
| 7 | $16,247 | $55,059 | $865,066 |
| 8 | $17,300 | $54,005 | $847,765 |
| 9 | $18,422 | $52,883 | $829,343 |
| 10 | $19,617 | $51,689 | $809,726 |
| 11 | $20,889 | $50,416 | $788,837 |
| 12 | $22,244 | $49,062 | $766,593 |
| 13 | $23,687 | $47,619 | $742,906 |
| 14 | $25,223 | $46,083 | $717,684 |
| 15 | $26,858 | $44,447 | $690,825 |
| 16 | $28,600 | $42,706 | $662,225 |
| 17 | $30,455 | $40,851 | $631,770 |
| 18 | $32,430 | $38,876 | $599,340 |
| 19 | $34,533 | $36,773 | $564,807 |
| 20 | $36,773 | $34,533 | $528,035 |
| 21 | $39,157 | $32,148 | $488,877 |
| 22 | $41,697 | $29,609 | $447,181 |
| 23 | $44,401 | $26,905 | $402,780 |
| 24 | $47,280 | $24,025 | $355,499 |
| 25 | $50,346 | $20,959 | $305,153 |
| 26 | $53,612 | $17,694 | $251,541 |
| 27 | $57,088 | $14,217 | $194,453 |
| 28 | $60,791 | $10,515 | $133,663 |
| 29 | $64,733 | $6,573 | $68,930 |
| 30 | $68,930 | $2,375 | $0 |
With a 20% deposit at 6.30%, principal and interest are about $5,942.14 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 $240,000, 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.