A $310,000 property in Australia with a 20% deposit ($62,000) at 6.30% has a principal-and-interest payment of about $1,535.05 per month over 30 years. Council rates and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $2,879 | $15,542 | $245,121 |
| 2 | $3,065 | $15,355 | $242,056 |
| 3 | $3,264 | $15,156 | $238,791 |
| 4 | $3,476 | $14,945 | $235,316 |
| 5 | $3,701 | $14,719 | $231,614 |
| 6 | $3,941 | $14,479 | $227,673 |
| 7 | $4,197 | $14,224 | $223,476 |
| 8 | $4,469 | $13,951 | $219,006 |
| 9 | $4,759 | $13,662 | $214,247 |
| 10 | $5,068 | $13,353 | $209,180 |
| 11 | $5,396 | $13,024 | $203,783 |
| 12 | $5,746 | $12,674 | $198,037 |
| 13 | $6,119 | $12,302 | $191,918 |
| 14 | $6,516 | $11,905 | $185,402 |
| 15 | $6,938 | $11,482 | $178,464 |
| 16 | $7,388 | $11,032 | $171,076 |
| 17 | $7,867 | $10,553 | $163,208 |
| 18 | $8,378 | $10,043 | $154,831 |
| 19 | $8,921 | $9,500 | $145,910 |
| 20 | $9,499 | $8,921 | $136,410 |
| 21 | $10,116 | $8,305 | $126,295 |
| 22 | $10,772 | $7,649 | $115,523 |
| 23 | $11,470 | $6,951 | $104,053 |
| 24 | $12,214 | $6,207 | $91,839 |
| 25 | $13,006 | $5,415 | $78,833 |
| 26 | $13,849 | $4,571 | $64,984 |
| 27 | $14,748 | $3,673 | $50,236 |
| 28 | $15,704 | $2,717 | $34,532 |
| 29 | $16,722 | $1,698 | $17,810 |
| 30 | $17,810 | $614 | $0 |
With a 20% deposit at 6.30%, principal and interest are about $1,535.05 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 $62,000, 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.