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At the current average variable rate of 6.47%, monthly repayments on a $200,000 home loan are: 30-year term: $1,260/month (P&I), 25-year term: $1,348/month (P&I), Interest-only: $1,078/month. A 25-year term saves approximately $49,200 in total interest for $88 more per month.
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $1,260/mo | $1,078/mo |
| 25 years | $1,348/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
Approximately $45,000–$55,000 gross annual income for a single applicant with minimal debts. Joint applicants earning a combined $45,000+ would comfortably qualify.
At 6.47%, adding $300/month extra to the standard 30-year repayment cuts the term to approximately 21 years and saves around $75,000 in interest. A 15-year term requires $1,738/month but saves approximately $160,000.
Yes, particularly in regional areas and for units in smaller capital city markets. It falls below the First Home Guarantee threshold in all states, maximising access to government support schemes including stamp duty exemptions.
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