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At the current average variable rate of 6.22%, monthly repayments on a $350,000 home loan are:30-year term: $2,217/month (P&I)25-year term: $2,368/month (P&I)Interest-only: $1,902/monthThe 25-year term adds $151/month but saves approximately $87,720 in total interest — a strong t
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $2,217/mo | $1,902/mo |
| 25 years | $2,368/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
You'd typically need a gross income of approximately $60,000–$75,000 for a single applicant. Joint applicants earning a combined $60,000+ with low debts would usually qualify.
Yes. A $350K loan with a 10–20% deposit targets properties in the $390,000–$437,500 range — within first home buyer scheme limits in most states. You'll likely qualify for stamp duty concessions and the First Home Guarantee scheme.
Switching from monthly ($2,217) to fortnightly ($1,109 every two weeks — one extra month's payment per year) saves approximately $85,000 in interest and 5 years off the loan.
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