Repayments on a $1.2 Million Mortgage in Australia

At the current average variable rate of 6.47%, monthly repayments on a $1,200,000 home loan are:30-year term: $7,561/month (P&I)25-year term: $8,084/month (P&I)Interest-only: $6,470/monthOver 30 years at 6.47%, total interest is approximately $1,521,960.

What income do I need for a $1.2M mortgage?

Typically $190,000–$230,000 gross for a single applicant. Most $1.2M loans in Australia are taken by professional couples or high-income singles in Sydney or Melbourne.

Can I avoid LMI on a $1.2M loan?

Yes — with a 20% deposit ($300,000 for a $1.5M property). LMI on a $1.2M loan at 85% LVR can cost $30,000–$45,000.