Monthly, fortnightly and weekly repayments for $300,000 to $1.5 million, plus guides to LMI, the 5% deposit scheme, stamp duty and the 3% buffer.
ESTIMATE
Illustrative estimates as of 3 November 2026, not financial advice or a loan offer. Base rate 6.49% = Canstar’s average owner-occupier variable rate (principal & interest) after the September 2026 RBA rise, before lenders pass on the 3 November rise (about 6.74% once passed on in full); RBA cash rate 4.85%, next decision 2:30pm AEDT on Tuesday 8 December 2026. Your lender’s rate, fees and assessment will differ.
How much will your home loan cost? Each article below breaks down one loan amount from $300,000 to $1.5 million at today’s 6.49% average owner-occupier variable rate: monthly, fortnightly and weekly repayments, 25 vs 30-year terms, principal & interest vs interest-only, LMI when your deposit is under 20%, the APRA 3% serviceability buffer, the income you need, total interest and what an offset account saves. Topic guides explain LMI, the First Home Guarantee, stamp duty, fixed vs variable and more.
Rates used (3 November 2026)
RBA cash rate 4.85% (raised 3 November; next decision 2:30pm AEDT on Tuesday 8 December 2026). Average variable 6.49% before lenders pass on that rise (about 6.74% after); lowest variable 5.89%; big-four 2-year fixed 6.49%–6.81%; assessment rate 9.49%.
$3,788 $600k monthly$1,748 fortnightly9.49% bank test rate
Need a quick number?
The live Australian mortgage repayment calculator takes any price, deposit, rate and term.
Australian mortgage repayments table (November 2026)
Principal & interest at 6.49% unless stated; rate held constant. Last column: the monthly repayment at the 9.49% assessment rate banks test you against.
All pages use the same inputs, checked on 3 November 2026: the RBA cash rate of 4.85% (raised on 3 November 2026), Canstar’s 6.49% average owner-occupier variable rate after the September rise (lenders had not yet passed on the November rise), October 2026 big-four fixed rates, APRA’s 3-point serviceability buffer and February 2026 debt-to-income limit, Housing Australia’s 5% Deposit Scheme caps, and an indicative LMI premium table. Take-home pay comes from our Australia salary after tax pages for 2026-27. Rates move with every RBA decision — the next is at 2:30pm AEDT on Tuesday 8 December 2026 — so treat every figure as an estimate, not an offer.
FAQ
How are home loan repayments calculated in Australia?
Repayment = loan × r ÷ (1 − (1 + r)^−n), where r is the annual rate divided by the number of payments a year (12, 26 or 52) and n is the total number of payments. Interest-only repayments are loan × annual rate ÷ 12.
What is the average variable home loan rate in Australia now?
Canstar estimated the average owner-occupier variable rate (principal and interest) at 6.49% once the September 2026 RBA rise was passed on. The RBA raised the cash rate again to 4.85% on 3 November 2026; once lenders pass that on in full the average would be about 6.74%. The RBA’s next decision is at 2:30pm AEDT on Tuesday 8 December 2026.
What are repayments on a $600,000 home loan?
About $3,788 a month over 30 years or $4,047 over 25 years at 6.49%.
What is the APRA serviceability buffer?
Banks must assess your loan at least 3 percentage points above the actual rate, so a 6.49% loan is tested at about 9.49%.
Are these figures a loan offer?
No. They are illustrative estimates using average rates as of 3 November 2026. Your rate, fees and borrowing power depend on your lender and circumstances.
Assumptions & sources
RBA cash rate target 4.85%: raised 0.25 points on 3 November 2026, effective 4 November (the Monetary Policy Board voted 6–3). It was the fifth rise of 2026, after February, March, May and September. The Board’s next decision is at 2:30pm AEDT on Tuesday 8 December 2026.
Average owner-occupier variable rate (P&I) 6.49%: Canstar estimate once the September rise was passed on (29 September 2026), in line with RBA Table F6 — new owner-occupier variable loans averaged 6.23% in August 2026, before the rise. Canstar’s average advertised rate across its whole database was 6.75% (13 October 2026) and the lowest variable rate was 5.89% (20 October 2026). As of 3 November no big-four bank had announced how it would pass on the November rise; passed on in full, it lifts the average to about 6.74%.
Fixed rates: big-four 1–2 year fixed rates ranged from 6.49% (ANZ) to 6.81% (NAB 2-year) in October 2026; the lowest fixed rate on Canstar was 5.79% (1-year).
APRA serviceability buffer: 3 percentage points above the loan rate (kept unchanged in APRA’s May 2026 review). From 1 February 2026 no more than 20% of a bank’s new owner-occupier lending (and separately investor lending) may be at a debt-to-income ratio of 6 or more.
LMI: indicative full-doc premiums from one lender’s table published by Home Loan Experts (updated 18 May 2026); insurers price individually and state stamp duty on the premium may apply (none in NSW).
5% Deposit Scheme (First Home Guarantee): Housing Australia rules from 1 October 2025 — unlimited places, no income caps; Darwin cap raised to $750,000 from 1 July 2026.
Repayments use standard amortisation (monthly, fortnightly or weekly compounding to match the payment) with the rate held constant for the whole term; real loans calculate interest daily and rates change.