Repayments · October 2026
Repayments on a$500,000 mortgagein Australia
$3,030 a month at the best rate on the panel. $3,187 at the middle rate.
That is principal and interest over 30 years at 6.1%. It is the lowest comparison rate across the 32 lenders 1st Street works with, priced 4 October 2026. The middle lender charges 6.58%. On this loan that is $157 a month more, and $56,418 more over 30 years. Your repayment depends on your rate, so the table below has every rate from 5% to 7.5%.
- At best rate
- $3,030
- At middle rate
- $3,187
- At 90% LVR
- $3,124
- Priced
- 4 October 2026
Every rate, 30 years
Type the rate from your statement, or find it in the table. The row with a green dot is the best rate we price.
$3,187 a month on $500,000. That is $157 a month more than People First Bank’s 6.1%, or $56,418 over 30 years.
| Rate | Monthly | Fortnightly | Weekly | Total interest |
|---|---|---|---|---|
| 5.00% | $2,684 | $1,238 | $619 | $466,279 |
| 5.50% | $2,839 | $1,310 | $655 | $522,020 |
| 6.00% | $2,998 | $1,383 | $691 | $579,191 |
| 6.10% · People First Bank | $3,030 | $1,398 | $699 | $590,791 |
| 6.50% | $3,160 | $1,458 | $729 | $637,722 |
| 7.00% | $3,327 | $1,535 | $767 | $697,544 |
| 7.50% | $3,496 | $1,613 | $806 | $758,586 |
Principal and interest, $500,000 over 30 years, no offset. Weekly and fortnightly are the monthly amount split up, the way most lenders do it.
25 years instead of 30
A shorter term costs more each month and much less overall. Look at both before you refinance onto a new 30 years.
| Rate | Monthly, 30 yrs | Monthly, 25 yrs | Interest, 30 yrs | Interest, 25 yrs |
|---|---|---|---|---|
| 6.10% · Best on panel (People First Bank) | $3,030 | $3,252 | $590,791 | $475,642 |
| 6.58% · Middle of panel | $3,187 | $3,401 | $647,209 | $520,322 |
| 7.75% · Highest on panel | $3,582 | $3,777 | $789,542 | $632,993 |
Paying extra each month
$500,000 over 30 years at the panel median of 6.58%, with a fixed amount added to every monthly repayment.
| Extra a month | Paid off in | Sooner by | Interest saved |
|---|---|---|---|
| $100 | 27 years 5 months | 2 years 7 months | $67,258 |
| $250 | 24 years 5 months | 5 years 7 months | $142,715 |
| $500 | 20 years 9 months | 9 years 3 months | $229,456 |
| $1,000 | 16 years 3 months | 13 years 9 months | $332,750 |
The same saving applies to money kept in a linked offset account, which you can take back out. Fixed-rate loans can cap extra repayments; the cap is in your loan contract.
With a 10% or 5% deposit
Borrow more than 80% of the price and you pay LMI once, and a higher rate while you stay above 80%. Here are both costs on this loan.
| LVR | Deposit | Rate | Monthly | Extra a month | LMI, once |
|---|---|---|---|---|---|
| 80% | $125,000 | 6.10% | $3,030 | — | — |
| 90% | $55,556 | 6.39% | $3,124 | $94 | about $9,250 |
| 95% | $26,316 | 6.85% | $3,276 | $246 | about $17,000 |
On $500,000 a 90% loan costs about $94 a month more than an 80% loan, before LMI. If it takes five years to get back under 80%, that is $5,640 in extra interest, about the same as the LMI itself. The 90% and 95% rates are the best rate on the panel plus the step most lenders add at that LVR (+0.29 and +0.75), priced 4 October 2026. LMI is an estimate from the insurers’ published bands. Your lender’s figure will differ. Each lender’s own step is on the rate monitor.
Who would lend $500,000
Each lender’s own calculator, run on the same household.
On 4 October 2026, all 32 lenders we price said they would lend $500,000 or more to the same household: $250,000 a year before tax, $3,000 a month in living costs, no other debts. That is why two people with the same payslip get different answers. The real question is which lenders say yes, and what they charge. A broker at 1st Street runs the same calculators on your numbers.
What changes this number
The rate
Every 0.5% on $500,000 is about $155 a month. The panel goes from 6.1% to 7.75%. So two people with the same loan can pay $552 a month apart.
The term
A new 30-year term makes the repayment smaller and the total interest bigger. Keeping your old end date does the opposite. Ask for the years you have left, not a new 30.
The deposit
Under 80% LVR, a bigger deposit barely changes the rate. Over 80%, the rate steps up and you pay LMI. On $500,000 at 90% that is $94 a month, plus about $9,250 once.
Also asked
Questions
What are the monthly repayments on a $500,000 mortgage in Australia?
$3,030 a month at 6.1%. That is the lowest comparison rate on the panel on 4 October 2026, over 30 years, principal and interest. At the panel median of 6.58% it is $3,187. Your figure depends on your rate. The table on this page has every rate from 5% to 7.5%.
How much is a $500,000 mortgage per week?
$699 a week at 6.1% over 30 years, or $735 at the panel median of 6.58%. Weekly and fortnightly amounts are the monthly amount split up. They are not a discount. But a year has 26 fortnights, so paying half the monthly amount every fortnight pays one extra month a year. That shortens the loan.
How much interest do you pay on a $500,000 mortgage?
$590,791 over 30 years at 6.1%, or $647,209 at 6.58%. Over 25 years it is $475,642 and $520,322. The rate matters most. On this loan, the gap between the best rate and the median rate is $56,418 of interest.
How can I pay off a $500,000 mortgage faster?
Pay more than the scheduled amount. At the panel median of 6.58%, an extra $500 a month clears $500,000 over 30 years in 20 years 9 months instead of 30 years, 9 years 3 months sooner, and saves $229,456 in interest. Money in an offset account linked to the loan cuts the interest the same way and stays yours to withdraw. On a fixed rate, check the extra-repayment cap in your loan contract first.
What are the repayments on $500,000 with a 10% deposit?
$3,124 a month at 6.39% over 30 years. That rate is the best on the panel plus the usual step lenders add at 90% LVR. It is $94 a month more than the same loan at 80% LVR. You also pay lenders mortgage insurance once, about $9,250. With a 5% deposit it is $3,276 a month at 6.85%, and about $17,000 of LMI.
What income do you need for a $500,000 mortgage?
Your spending and other debts matter as much as your income. Lenders also test you at about 3 points above the rate you would pay. On 4 October 2026, 32 of the 32 lenders on the panel said they would lend $500,000 or more to a household earning $250,000 before tax, spending $3,000 a month, with no other debts. Try your own numbers in the borrowing power calculator, or ask a broker to run the lenders' models on them.
Priced 11:02 am AEDT, 4 October 2026, re-priced monthly and after each RBA decision. Rates are comparison rates from that run, one product per lender, for an owner-occupied loan at 80% LVR. They are a guide and they change. The rate you get depends on your loan and your situation. Repayments use the same sum as the repayments calculator.
Paying more than the best row?
The gap on this page is the gap on your loan. A broker at 1st Street can tell you which lenders would take you at the lower rate, and what it would cost to move.
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