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COMPARE REPAYMENTS ON A $650,000 MORTGAGE

See estimated home loan repayments on a $650,000 mortgage based on your chosen loan term, interest rate and repayment type

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$650,000 home loans compared

Compare the repayments on a $650,000 home loan from a wide selection of Australian lenders. We display all home loans available on our database and we’re not paid by lenders if you click through to their website. The table is sorted by lowest regular repayment. Read the comparison rate warning and other important information.

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Rates updated 02 November 2024

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How much deposit do you need for a $650,000 mortgage?

To avoid needing to pay for lender’s mortgage insurance (LMI) on a $650,000 loan, you would need a home deposit (or equity in your existing property) of at least $162,500. In other words, that would be the amount required for your loan-to-value ratio (LVR) to be 80%, which is the maximum for most lenders before LMI applies.

But you may still be approved for a home loan with a deposit of as little as 5% (LVR of 95%) if you agree to pay for LMI to protect the lender, or apply as part of the government’s Home Guarantee Scheme (HGS).

Remember, you should budget for other home-buying costs like stamp duty and conveyancing fees separately to your deposit.

Can I afford a $300,000 mortgage?

This will depend on your income, deposit and loan term. A guide given by some banks is that you shouldn't spend more than 30% of your after-tax household income on mortgage payments or housing costs.

Based on that 30% guide, on a $650,000 home loan with a 30-year term at 6.14% interest, you would need a monthly household income (after tax) of at least $13,185.93 to comfortably afford the home loan repayment of $3,955.78.

Before you commit to a mortgage of any size, make you understand all the costs associated with it, including:

1

Interest

This is the cost of borrowing money, paid over the life of the loan.

2

Lender’s mortgage insurance (LMI)

If your deposit is less than 20%, you may have to pay LMI to protect the lender in case of default.

3

Home loan fees

Fees charged by the lender to set up and manage your home loan.

4

Stamp duty (if applicable)

A state government tax on property purchases.

5

Conveyancing fees

Costs of legal work involved in buying a home, including title searches and property transfers.

Home loans guides & resources

What's the next step on your property journey? Our home loan guides will help you navigate the road ahead, whether you're buying, building or looking to save on an existing loan.

FAQs about mortgage repayments

Mortgage repayments are calculated based on your loan principal (what you borrow), interest rate and loan term. For example, if you have a $650,000 mortgage with a 6.14% interest rate for 30 years, your mortgage monthly repayments would be $3,955.78.

The mortgage repayments are calculated so that by the end of the loan term, the initial loan amount (principal) and accrued interest are fully repaid.

Interest on a mortgage is generally calculated daily (based on the outstanding balance of your loan) but charged monthly at the time of your repayments. There are a few different ways you can save interest – for example:

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  • By moving your repayments to weekly or fortnightly instead of monthly. This simple change can shave thousands of dollars and years off your home loan.
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  • By using an offset account linked to your home loan. This offsets your home loan balance and interest charged. Deposit your salary and savings into your offset account to reduce your amount owing.

Yes, you can typically reduce your monthly repayments by making some changes to your home loan, including:

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  • Ask your lender for a lower rate: Negotiate a lower rate with your lender by asking them to match your rate to the lower rate offered to new customers.
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  • Refinance to a new home loan: If you can’t negotiate a lower rate with your current lender, you could refinance to a new home loan with another lender.
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  • Switch to minimum repayments: If you’re paying more than your minimum home loan repayment, call your lender and ask about switching to the lower minimum amount.
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  • Switch to interest-only repayments: Switching to interest-only repayments will reduce your mortgage repayments for a period of time, but you'll pay more interest over the life of the loan.

Megan is a finance writer with more than 10 years of experience in the industry. She’s passionate about helping people make sense of financial topics and principles. She's certified in Finance & Mortgage Broking and is compliant to provide general advice in Tier 1 General Insurance.

Mansour Soltani is Money.com.au’s home loans expert. He’s a mortgage broker with more than 20 years of experience in the finance and real estate industry. Mansour is the Director of Soren Financial and has been featured in publications such as the ABC, Domain.com.au and Australian Broker.

Important information

Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.

General information only

The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any home loan product is suitable for you and seek independent financial advice if necessary.

We are not providing you with a recommendation or suggestion about a particular home loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.

What products, features and information are shown

While we make every effort to ensure all home loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.

Our product comparisons may not compare all home loan features and attributes relevant to you.

Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.

How home loans are sorted and filtered by default

Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default home loans are sorted by:

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  • Lowest regular repayment amount, then;
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  • Loans interest rate, then;
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  • Lowest comparison rate, then;
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  • Provider name (A-Z)

Some home loan products listed in our tables are available through a mortgage broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Mortgage brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances.

Mortgage brokers are not authorised by Money's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Mortgage brokers can make recommendations about home loan products that may suit your objectives, financial situation and needs.

Our tables feature all home loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.

If you get help from a mortgage broker as a result of visiting this page, we may earn a commission.

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Our Money Promise

Money Pty Ltd (trading as Money) (ABN 42 626 094 773) Australian Credit Licence 528698 provides information about credit products. Money does not compare all products or issuers available in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. We may receive a commission when you apply for a home loan as a result of outbound links on this website.

This material has been prepared by Money Pty Limited (ABN 40 664 954 536) (Money, ‘us’ or ‘we’). Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C). The material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, Money, any of their related body corporates or any other person. To the maximum extent possible, 62C, Money, their related body corporates or any other person do not accept any liability for any statement in this material.

The information on this website is intended to be general in nature and has been prepared without considering your objectives, financial situation or needs. You should read the relevant disclosure statements or other offer documents prior to making a decision about a credit product and seek independent financial advice. Whilst Money.com.au endeavours to ensure the accuracy of the information provided on this website, no responsibility is accepted by us for any errors, omissions or any inaccurate information on this website.

Interest rates, fees and charges are subject to change without notice. Before acting on any information, you should confirm the interest rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best” these relate solely to the rates of interest offered by the provider and not on any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.

The calculator provided on money.com.au is intended for informational and illustrative purposes only. The results generated by this calculator are based on the inputs you provide and the assumptions set by us. These results should not be considered as financial advice or a recommendation to buy or sell any financial product. By using this calculator, you acknowledge and agree to the terms set out in this disclaimer. For more detailed information, please review our full terms and conditions on the website.

Assumptions:

  • The calculations do not account for changes in interest rates or other market conditions that may occur.
  • Results are approximations and may differ from actual payment schedules or amounts.
  • The calculator does not include all fees and charges that you may incur in relation to a financial product.

Limitation

  • This calculator does not guarantee the availability of any financial product or the accuracy of the calculations. Please consult a financial advisor or the relevant product provider to obtain specific advice tailored to your circumstances.
  • money.com.au does not accept any liability for errors or omissions, or for any loss you may suffer as a result of relying on these calculations.
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Money is a corporate authorised representative (CAR 001307399) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573) (62C)
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