General information only — not financial advice. This content is intended as educational guidance. Consult a qualified financial adviser, mortgage broker, or legal professional before making financial decisions. See our full disclaimer.
At the current average variable rate of 6.22%, monthly repayments on a $550,000 home loan are:30-year term: $3,484/month (P&I)25-year term: $3,721/month (P&I)Interest-only: $2,988/monthThe 25-year term adds $237/month but eliminates approximately $137,940 in total interest.
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $3,484/mo | $2,988/mo |
| 25 years | $3,721/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
The minimum is 5% ($27,500) if you're eligible for the First Home Guarantee scheme. Otherwise, most lenders require at least 10% ($55,000). A 20% deposit ($110,000) avoids LMI entirely.
With $50,000 in an offset account on a $550,000 loan at 6.22%, you'd save approximately $165,000 in interest over 30 years and pay off the loan over 4 years earlier.
A $550K loan with a 20% deposit targets properties around $687,500. In Sydney, this buys a 1–2 bedroom unit in most suburbs, or a house in outer western Sydney or the Central Coast.
Use our free calculator to get personalised results based on your specific situation. No sign-up required.