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At the current average variable rate of 6.22%, monthly repayments on a $700,000 home loan are:30-year term: $4,434/month (P&I)25-year term: $4,735/month (P&I)Interest-only: $3,803/monthThe 25-year term adds $301/month but saves approximately $175,740 in total interest — nearly a
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $4,434/mo | $3,803/mo |
| 25 years | $4,735/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
Typically $115,000–$135,000 gross annual income for a single applicant. Joint applicants earning a combined $115,000+ with minimal debts can usually qualify. Cancel unused credit cards to boost capacity — each $10K limit reduces borrowing by ~$50K.
An extra $200/month saves approximately $123,000 in interest and takes 3.5 years off the loan. An extra $500/month saves $260,000 and 7.5 years. At this loan size, even small amounts compound significantly.
It depends on the property market. If prices are rising 5%+ per year, buying sooner with 10% deposit and paying $15K–$20K LMI may be cheaper than waiting 2–3 years to save another $87,500 while the property appreciates $87,500+.
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