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At the current average variable rate of 6.22%, monthly repayments on a $450,000 home loan are:30-year term: $2,850/month (P&I)25-year term: $3,044/month (P&I)Interest-only: $2,445/monthOpting for a 25-year term costs $194/month more but saves approximately $112,800 in total inter
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $2,850/mo | $2,445/mo |
| 25 years | $3,044/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
Typically $75,000–$95,000 gross annual income for a single applicant with minimal debts. Joint applicants earning a combined $80,000+ would usually qualify.
An extra $200/month saves approximately $114,000 in interest and takes about 5 years off the loan. This is one of the most cost-effective things you can do on a mid-size mortgage.
Yes — $450,000 is close to the national median new home loan size. It's typical for outer-suburban houses in Melbourne and Brisbane, or apartments in inner-city areas of Sydney and Melbourne.
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