Preparing financially
Home loan repayment tables
Monthly repayments on loans from $400,000 to $1,000,000 at five interest rates around the current average, over 25 and 30 years, with the total interest and the working.
Key points
- $600,000 over 30 years at 6.15% (the August 2026 average for new owner-occupier principal-and-interest loans) is $3,655 a month.
- Going from 6.15% to 7.15% adds $397 a month on $600,000.
- Banks test new loans at least 3 percentage points above the loan's rate.
- Interest-only repayments are lower at first, then rise when principal repayments start.
The short answer
At 6.15%, the average rate on new owner-occupier principal-and-interest loans in August 2026, (Reserve Bank of Australia, verified 22 Oct 2026) a $600,000 loan costs $3,655 a month over 30 years, or $3,921 over 25 years. Going from 6.15% to 7.15% adds $397 a month to that loan. The tables below show five loan sizes at five rates.
The rates run from 1 percentage point below the August 2026 average to 3 points above it. The highest is the rate a bank would assess a new loan at, because banks test repayments at least 3 percentage points above the loan's rate. (Australian Prudential Regulation Authority, verified 22 Oct 2026) (Australian Prudential Regulation Authority, verified 22 Oct 2026)
General information only, not credit or financial advice. It doesn't take your income, expenses, debts or goals into account, and it isn't an offer or an assessment of what any lender would approve. A lender, or a licensed mortgage broker, makes that assessment.
Where rates are now
In August 2026 the average rate on new owner-occupier housing loans was 6.24% a year: 6.15% for principal-and-interest loans and 7.04% for interest-only loans. Existing owner-occupier loans averaged 6.21%. These averages include fixed and variable loans. (Reserve Bank of Australia, verified 22 Oct 2026)
The RBA cash rate target is 4.60%, after a 0.25 percentage point increase effective 30 September 2026. (Reserve Bank of Australia, verified 22 Oct 2026) The August averages were measured before that increase.
Monthly repayments over 30 years
Scroll sideways for more columns
| Loan | 5.15% | 6.15% (Aug 2026 average) | 7.15% | 8.15% | 9.15% (average + 3 points) |
|---|---|---|---|---|---|
| $400,000 | $2,184 | $2,437 | $2,702 | $2,977 | $3,262 |
| $500,000 | $2,730 | $3,046 | $3,377 | $3,721 | $4,077 |
| $600,000 | $3,276 | $3,655 | $4,052 | $4,465 | $4,893 |
| $750,000 | $4,095 | $4,569 | $5,066 | $5,582 | $6,116 |
| $1,000,000 | $5,460 | $6,092 | $6,754 | $7,442 | $8,154 |
Principal and interest, repaid monthly over 30 years, no fees.
Monthly repayments over 25 years
Scroll sideways for more columns
| Loan | 5.15% | 6.15% (Aug 2026 average) | 7.15% | 8.15% | 9.15% (average + 3 points) |
|---|---|---|---|---|---|
| $400,000 | $2,373 | $2,614 | $2,866 | $3,127 | $3,398 |
| $500,000 | $2,967 | $3,268 | $3,582 | $3,909 | $4,247 |
| $600,000 | $3,560 | $3,921 | $4,298 | $4,691 | $5,097 |
| $750,000 | $4,450 | $4,901 | $5,373 | $5,863 | $6,371 |
| $1,000,000 | $5,934 | $6,535 | $7,164 | $7,818 | $8,495 |
A shorter term means higher repayments but less interest over the life of the loan.
Total interest at the average rate
Scroll sideways for more columns
| Loan | Monthly repayment | Paid over 30 years | Of which interest |
|---|---|---|---|
| $400,000 | $2,437 | $877,320 | $477,320 |
| $500,000 | $3,046 | $1,096,560 | $596,560 |
| $600,000 | $3,655 | $1,315,800 | $715,800 |
| $750,000 | $4,569 | $1,644,840 | $894,840 |
| $1,000,000 | $6,092 | $2,193,120 | $1,193,120 |
Over 30 years at 6.15%, the interest on every loan in the table is more than the amount borrowed. The 25-year table shows how a shorter term cuts it; for extra repayments and offset accounts, see offset vs redraw.
Principal and interest, or interest-only
Most people get a principal and interest loan, which pays off the loan. With an interest-only loan, repayments for an initial period, for example five years, only cover interest, so the debt isn't reduced; repayments may be lower during that period, but they go up after it. (ASIC (Moneysmart), verified 22 Oct 2026)
At 6.15% on $600,000: interest-only for 5 years is $3,075 a month. After that, the full $600,000 is repaid over the remaining 25 years at $3,921 a month, compared with $3,655 a month for principal and interest from the start. The same rate is used throughout for comparison; interest-only loans averaged a higher rate in August 2026. (Reserve Bank of Australia, verified 22 Oct 2026)
Fixed or variable
A fixed rate stays the same for a set period, usually between one and five years, and the repayments don't change during it even if market rates move. A variable rate can go up or down, and the lender decides whether to change it and by how much. (ASIC (Moneysmart), verified 22 Oct 2026) Moneysmart suggests working out what your costs would be if interest rates went up by 3%. (ASIC (Moneysmart), verified 22 Oct 2026) The right-hand column of each table is that check.
How these figures are worked out
Each repayment uses the standard formula for a loan repaid in equal monthly instalments: repayment = loan × r ÷ (1 − (1 + r)−n), where r is the annual rate divided by 12 and n is the number of months. Results are rounded to the nearest dollar, and total interest is the rounded repayment times the number of months, less the loan. No fees, LMI or rate changes are included, so a lender's own figure can differ.
The rates are built from the RBA's published average, not quoted by a lender. (Reserve Bank of Australia, verified 22 Oct 2026) If you use a mortgage broker, check they are licensed to give credit advice, or represent a licensee, on ASIC's Professional Registers Search; brokers must act in your best interests. (ASIC (Moneysmart), verified 22 Oct 2026)
Common questions
What are the repayments on a $600,000 home loan?
$3,655 a month over 30 years at 6.15%, the August 2026 average rate on new owner-occupier principal-and-interest loans, or $3,921 a month over 25 years.
How much does a 1 percentage point rate rise add to repayments?
On a $600,000 loan over 30 years, going from 6.15% to 7.15% adds $397 a month.
Are interest-only repayments cheaper?
Lower during the interest-only period, but the debt isn't reduced and repayments go up after it.
Practical checklist
Using these tables
- Find the row nearest your loan size and the column nearest the rate you've been quoted
- Check you could still pay the repayment 3 percentage points higher
- Ask the lender for the comparison rate and fees, which these tables leave out
- Use the lender's own figure, not this table, for any decision
Relevant Delora tool
Questions for a professional
- What would my repayment be at your rate, including fees?
- What rate would you assess my application at?
- How would fortnightly repayments or an offset account change the total interest?
Official resources
Important limitations: General information only, not credit or financial advice. It doesn't take your income, expenses, debts or goals into account, and it isn't an offer or an assessment of what any lender would approve. A lender, or a licensed mortgage broker, makes that assessment. Repayments are arithmetic on the RBA's published average rate, with no fees; they are not a quote.
Sources and methodology
- Lenders' Interest Rates | RBA — Reserve Bank of Australia (retrieved 22 Oct 2026). Licence: CC BY 4.0
- Cash Rate Target | RBA — Reserve Bank of Australia (retrieved 22 Oct 2026). Licence: CC BY 4.0
- APRA maintains current macroprudential policy settings in highly uncertain environment — Australian Prudential Regulation Authority (retrieved 22 Oct 2026). Licence: CC BY 4.0
- Strengthening residential mortgage lending assessments | APRA — Australian Prudential Regulation Authority (retrieved 22 Oct 2026). Licence: CC BY 4.0
- Choosing a home loan | Moneysmart.gov.au — ASIC (Moneysmart) (retrieved 22 Oct 2026). Reuse terms: see the publisher's site
- Using a mortgage broker | Moneysmart.gov.au — ASIC (Moneysmart) (retrieved 22 Oct 2026). Reuse terms: see the publisher's site
Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.
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