calctube
🇦🇺 Australia 💰 AUD Last updated2026-05-13

Home loan Calculator Australia 🇦🇺

⚡
Quick answer (Australia)

A A$600,000 home loan at 6.0% variable over a 30-year term works out to a monthly payment of about $3,597, with total interest of $695,029 over the full term.

🏠

Mortgage Calculator

$
%
Monthly Payment
$1,996
/month
Total Interest
$418,527
58% of total
Total Paid
$718,527
over 30 years
Principal vs Interest Split
42% principal
58% interest
✨ Live recalculation·Includes principal + interest only (no taxes or PMI)
🇦🇺 Local context

Home loans in Australia

Typical loan
$600,000
in Australia
Typical rate
6% p.a.
prime borrower, 2026
Typical term
30 years
most common

Market overview

Australian home loans are predominantly variable-rate (tied to RBA cash rate), with fixed-rate options for 1-5 years. The Big Four — CBA, Westpac, ANZ, and NAB — dominate. Following RBA rate cuts in 2024-25, owner-occupier rates have settled around 5.8-6.2% for variable and 5.5-6.0% for 3-year fixed.

Why 6% is the typical rate

6.0% is the typical variable rate for an owner-occupier loan at 80% LTV. Investor loans, interest-only, and high-LTV loans carry premiums.

Tax & regulatory notes

No mortgage interest deduction for owner-occupiers, but full deductibility for investment properties (negative gearing). Lenders Mortgage Insurance (LMI) applies below 20% deposit. First Home Owner Grant varies by state. Stamp duty applies on purchase (state-based, often 4-6%).

🧮 Worked example

A A$600,000 home loan at 6.0% variable over a 30-year term

Loan amount
$600,000
Annual interest rate
6%
Term
30 years (360 months)
Monthly payment
$3,597
Total interest paid
$695,029
Total paid (principal + interest)
$1,295,029
❓ FAQ (Australia)

Common questions in Australia.

Offset account vs redraw facility — which is better?
An offset account is a separate transaction account where any balance offsets your loan principal for interest calc — but stays accessible. A redraw lets you pull back extra repayments you've already made. Offset is more flexible and tax-efficient for investment properties; redraw is simpler and often free.
How much can I borrow in Australia?
APRA serviceability rules require lenders to qualify you at your rate + 3% buffer. As a rule of thumb, expect borrowing capacity of 5-6× your annual gross income for a couple, less for singles. Genuine savings (5%+) and clean credit history are required.
What is LMI and when does it apply?
Lenders Mortgage Insurance protects the bank if you default. It applies when your LVR exceeds 80%. The premium (typically 1-4% of loan, often capitalized into the mortgage) is paid by you but protects the lender. First Home Buyer Guarantee waives LMI for eligible buyers up to 95% LVR.
🌍 Other countries

Mortgage calculator for other countries.

🇮🇳
India
~8.5% rate
🇬🇧
United Kingdom
~4.5% rate
🇨🇦
Canada
~5% rate
🇺🇸
United States
~6.5% rate
← Back to main mortgage calculator