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Monthly repayments on a $1,000,000 mortgage at current rates:RateTermMonthly P&ITotal Interest6.22% (avg variable)30 years$6,334$1,280,2406.22%25 years$6,765$1,029,5005.74% (2yr fixed)30 years$5,829$1,098,4405.94% (best variable)30 years$5,964$1,147,040Interest-only repayments at
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $6,334/mo | — |
| 25 years | $6,765/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
Increasingly, yes. With median house prices in Sydney around $1.15M and Melbourne around $800k (2026), loans of $800k–$1M+ are common in capital cities, particularly for couples buying in established suburbs.
Yes, but you'd typically need a gross income of $160,000+ with minimal debts and expenses. Joint applicants have an easier path — combined income of $160,000+ usually qualifies.
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