Mortgage Calculator Australia — Calculate Your Monthly Repayment
Free Australian mortgage calculator. Calculate monthly repayments for variable and fixed rate home loans with comparison rates and LMI estimates.
Australian mortgages differ from other countries in several ways: most are variable rate (unlike US 30-year fixed) the standard term is 25-30 years and Lenders Mortgage Insurance (LMI) is required for deposits below 20%. Average mortgage rates in 2026 sit around 5.5-6.5% for variable and 5.0-6.0% for fixed. The First Home Guarantee allows eligible buyers to purchase with just 5% deposit without paying LMI.
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Key Information
| Parameter | Details |
|---|---|
| Average Variable Rate | 5.5% - 6.5% (2026) |
| Average Fixed Rate (2yr) | 5.0% - 6.0% (2026) |
| LMI Threshold | Below 20% deposit |
| Standard Loan Term | 25 - 30 years |
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Use Calculator NowFrequently Asked Questions
How much is the repayment on a $600000 mortgage in Australia?
On a $600000 home loan at 6% variable rate for 30 years: monthly repayment is approximately $3597. For 25 years: $3865 per month. Total interest over 30 years is $695000 compared to $559000 over 25 years. The 25-year option saves $136000 in interest for just $268 more per month making it the better choice if affordable.
How much deposit do I need in Australia?
Standard: 20% ($120000 on a $600000 home) avoids LMI. Minimum: 5% ($30000) with LMI costing $15000-$25000 added to your loan. The First Home Guarantee scheme lets eligible buyers purchase with 5% deposit and no LMI (government guarantees the difference). Check eligibility on the NHFIC website. First Home Owner Grant adds $10000-$30000 depending on state.
Fixed vs variable mortgage which is better in Australia?
Variable rates are historically lower over the long term and offer features like offset accounts extra repayments and redraw facilities. Fixed rates provide payment certainty for 1-5 years protecting against rate rises. Many Australians split their loan (eg 50% fixed 50% variable) to get both certainty and flexibility. Consider fixing if rates are expected to rise and choosing variable if rates are expected to fall.
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Last updated: March 2026