A $240,000 property in Australia with a 20% deposit ($48,000) at 6.30% has a principal-and-interest payment of about $1,188.43 per month over 30 years. Council rates and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $2,229 | $12,032 | $189,771 |
| 2 | $2,373 | $11,888 | $187,398 |
| 3 | $2,527 | $11,734 | $184,871 |
| 4 | $2,691 | $11,570 | $182,180 |
| 5 | $2,866 | $11,396 | $179,314 |
| 6 | $3,051 | $11,210 | $176,262 |
| 7 | $3,249 | $11,012 | $173,013 |
| 8 | $3,460 | $10,801 | $169,553 |
| 9 | $3,685 | $10,577 | $165,868 |
| 10 | $3,923 | $10,338 | $161,945 |
| 11 | $4,178 | $10,083 | $157,767 |
| 12 | $4,449 | $9,812 | $153,318 |
| 13 | $4,737 | $9,524 | $148,581 |
| 14 | $5,045 | $9,217 | $143,536 |
| 15 | $5,372 | $8,889 | $138,165 |
| 16 | $5,720 | $8,541 | $132,444 |
| 17 | $6,091 | $8,170 | $126,353 |
| 18 | $6,486 | $7,775 | $119,867 |
| 19 | $6,907 | $7,354 | $112,961 |
| 20 | $7,355 | $6,907 | $105,606 |
| 21 | $7,832 | $6,430 | $97,774 |
| 22 | $8,339 | $5,922 | $89,435 |
| 23 | $8,880 | $5,381 | $80,555 |
| 24 | $9,456 | $4,805 | $71,099 |
| 25 | $10,069 | $4,192 | $61,029 |
| 26 | $10,722 | $3,539 | $50,307 |
| 27 | $11,418 | $2,843 | $38,889 |
| 28 | $12,158 | $2,103 | $26,731 |
| 29 | $12,947 | $1,314 | $13,784 |
| 30 | $13,784 | $475 | $0 |
With a 20% deposit at 6.30%, principal and interest are about $1,188.43 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 $48,000, 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.