Repayments on a $1.3 Million Mortgage in Australia

At the current average variable rate of 6.47%, monthly repayments on a $1,300,000 home loan are:30-year term: $8,191/month (P&I)25-year term: $8,758/month (P&I)Interest-only: $7,010/monthOver 30 years at 6.47%, total interest is approximately $1,648,760.

What income do I need for a $1.3M mortgage?

Typically $205,000–$250,000 gross for a single applicant with minimal debts. Joint buyers with combined income of $200,000+ can generally access this borrowing level.

Do banks offer better rates for $1.3M loans?

Yes — many lenders offer professional packages or relationship discounts for loans above $750K or $1M. A mortgage broker can negotiate these rates.