Compare repayments on a $450,000 mortgage

  • See estimated home loan repayments on a $450,000 mortgage based on current interest rates from a range of providers.
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$450,000 home loans compared

The table below shows a selection of variable owner-occupied home loan rates (based on principal & interest repayments) for a $450,000 loan amount with monthly repayments. The table is sorted by lowest interest rate.

LenderProductInterest RateComparison RateRepaymentsFeaturesExit FeesUpfront FeesOngoing Fees

Adelaide Bank

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Variable Home Loan

Variable Rate: 6.13%

Variable Rate: 6.16%

Ongoing Repayments: $2,735.70

1 Year Interest Payable: $27,435.00

2 Year Interest Payable: $54,530.00

3 Year Interest Payable: $81,264.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $299.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $199.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Qudos Bank

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No Frills Home Loan

Variable Rate: 6.14%

Variable Rate: 6.14%

Ongoing Repayments: $2,738.61

1 Year Interest Payable: $27,480.00

2 Year Interest Payable: $54,620.00

3 Year Interest Payable: $81,399.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 80%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

ING

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Mortgage Simplifier

Variable Rate: 6.14%

Variable Rate: 6.16%

Ongoing Repayments: $2,738.61

1 Year Interest Payable: $27,480.00

2 Year Interest Payable: $54,620.00

3 Year Interest Payable: $81,399.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $499.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $299.00

Valuation Fee: $225.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Suncorp

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Back to Basics Home Loan

Variable Rate: 6.14%

Variable Rate: 6.14%

Ongoing Repayments: $2,738.61

1 Year Interest Payable: $27,480.00

2 Year Interest Payable: $54,620.00

3 Year Interest Payable: $81,399.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $150.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

UBank

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Neat Variable

Variable Rate: 6.19%

Variable Rate: 6.22%

Ongoing Repayments: $2,753.19

1 Year Interest Payable: $27,705.00

2 Year Interest Payable: $55,071.00

3 Year Interest Payable: $82,076.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: No

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $250.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Macquarie Bank

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Macquarie Bank Offset Home Loan Package

Variable Rate: 6.19%

Variable Rate: 6.43%

Ongoing Repayments: $2,753.19

1 Year Interest Payable: $27,705.00

2 Year Interest Payable: $55,071.00

3 Year Interest Payable: $82,076.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $350.00

Legal/Solicitor Fee : $363.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $110.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bankwest

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Complete Variable Home Loan

Variable Rate: 6.34%

Variable Rate: 6.73%

Ongoing Repayments: $2,797.12

1 Year Interest Payable: $28,381.00

2 Year Interest Payable: $56,424.00

3 Year Interest Payable: $84,106.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 98%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $250.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $40.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Bank Of Melbourne

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Basic Home Loan

Variable Rate: 6.39%

Variable Rate: 6.40%

Ongoing Repayments: $2,811.83

1 Year Interest Payable: $28,606.00

2 Year Interest Payable: $56,875.00

3 Year Interest Payable: $84,783.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bank SA

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Basic Home Loan

Variable Rate: 6.39%

Variable Rate: 6.40%

Ongoing Repayments: $2,811.83

1 Year Interest Payable: $28,606.00

2 Year Interest Payable: $56,875.00

3 Year Interest Payable: $84,783.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

St George Bank

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St George Bank Basic Home Loan

Variable Rate: 6.39%

Variable Rate: 6.40%

Ongoing Repayments: $2,811.83

1 Year Interest Payable: $28,606.00

2 Year Interest Payable: $56,875.00

3 Year Interest Payable: $84,783.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

AMP

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Essential Home Loan

Variable Rate: 6.44%

Variable Rate: 6.46%

Ongoing Repayments: $2,826.57

1 Year Interest Payable: $28,832.00

2 Year Interest Payable: $57,326.00

3 Year Interest Payable: $85,460.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $295.00

Settlement Fee: $0.00

Valuation Fee: $900.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Resimac

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Prime Flex

Variable Rate: 6.49%

Variable Rate: 6.82%

Ongoing Repayments: $2,930.67

1 Year Interest Payable: $30,409.00

2 Year Interest Payable: $60,484.00

3 Year Interest Payable: $90,203.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $299.00

Firstmac

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Basic Variable

Variable Rate: 6.54%

Variable Rate: 6.58%

Ongoing Repayments: $2,856.15

1 Year Interest Payable: $29,282.00

2 Year Interest Payable: $58,228.00

3 Year Interest Payable: $86,814.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $200.00

Settlement Fee: $300.00

Valuation Fee: $220.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

ANZ Bank

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Simplicity PLUS

Variable Rate: 6.64%

Variable Rate: 6.66%

Ongoing Repayments: $2,885.86

1 Year Interest Payable: $29,733.00

2 Year Interest Payable: $59,130.00

3 Year Interest Payable: $88,169.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $160.00

Valuation Fee: $150.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $50.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Commonwealth Bank

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Standard Variable Rate

Variable Rate: 6.69%

Variable Rate: 7.07%

Ongoing Repayments: $2,900.77

1 Year Interest Payable: $29,958.00

2 Year Interest Payable: $59,581.00

3 Year Interest Payable: $88,847.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $200.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Axis

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Origin Standard Variable

Variable Rate: 6.79%

Variable Rate: 7.15%

Ongoing Repayments: $2,930.67

1 Year Interest Payable: $30,409.00

2 Year Interest Payable: $60,484.00

3 Year Interest Payable: $90,203.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: No

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $194.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $305.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $395.00

Annual Package Fee: $0.00

NAB

Book a call

Base Variable Rate Home Loan

Variable Rate: 6.84%

Variable Rate: 6.88%

Ongoing Repayments: $2,945.66

1 Year Interest Payable: $30,634.00

2 Year Interest Payable: $60,935.00

3 Year Interest Payable: $90,880.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $600.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Yellow Brick Road

Book a call

Essentials Prime Full Doc

Variable Rate: 7.09%

Variable Rate: 7.12%

Ongoing Repayments: $3,021.11

1 Year Interest Payable: $0.00

2 Year Interest Payable: $0.00

3 Year Interest Payable: $0.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $402.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Resi

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Essentials Prime Full Doc

Variable Rate: 7.09%

Variable Rate: 7.12%

Ongoing Repayments: $3,021.11

1 Year Interest Payable: $31,761.00

2 Year Interest Payable: $63,193.00

3 Year Interest Payable: $94,271.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $402.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

La Trobe

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Full Doc Residential - A

Variable Rate: 7.39%

Variable Rate: 7.65%

Ongoing Repayments: $3,212.30

1 Year Interest Payable: $34,542.00

2 Year Interest Payable: $68,765.00

3 Year Interest Payable: $102,644.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $305.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $15.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

MA Money

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Prime Full Doc

Variable Rate: 7.39%

Variable Rate: 7.46%

Ongoing Repayments: $3,112.64

1 Year Interest Payable: $33,113.00

2 Year Interest Payable: $65,903.00

3 Year Interest Payable: $98,343.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $500.00

Legal/Solicitor Fee : $400.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bluestone

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Prime - Full Doc

Variable Rate: 7.44%

Variable Rate: 7.50%

Ongoing Repayments: $3,128.00

1 Year Interest Payable: $33,339.00

2 Year Interest Payable: $66,354.00

3 Year Interest Payable: $99,022.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $590.00

Legal/Solicitor Fee : $400.00

Settlement Fee: $120.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Pepper Money

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Essential (Full Doc)

Variable Rate: 7.44%

Variable Rate: 7.63%

Ongoing Repayments: $3,128.00

1 Year Interest Payable: $33,339.00

2 Year Interest Payable: $66,354.00

3 Year Interest Payable: $99,022.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $599.00

Legal/Solicitor Fee : $330.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $10.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Pepper

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Prime Solutions (Full Doc)

Variable Rate: 7.44%

Variable Rate: 7.63%

Ongoing Repayments: $3,128.00

1 Year Interest Payable: $0.00

2 Year Interest Payable: $0.00

3 Year Interest Payable: $0.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $599.00

Legal/Solicitor Fee : $330.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $10.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Westpac

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Rocket Repay Home Loan

Variable Rate: 7.54%

Variable Rate: 7.86%

Ongoing Repayments: $3,158.80

1 Year Interest Payable: $33,790.00

2 Year Interest Payable: $67,258.00

3 Year Interest Payable: $100,380.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Rates are regularly updated and are based on a loan amount of $450,000 and a property value of $562,500 (giving an LVR of less than 80%), owner-occupied, for purchase of a residential home as a primary residence, with excellent credit. Total interest costs and total amount to be repaid estimates are based on a 30-year loan term. ^Warning: Comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. Different loan amounts and terms will result in different comparison rates. 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. While this is an extensive list of the lowest-rate home loans in Australia, we can't guarantee that all loans available in the market are shown.

How much deposit do you need for a $450,000 mortgage?

To avoid needing to pay for lender’s mortgage insurance (LMI) on a $450,000 loan, you would need a home deposit (or equity in your existing property) of at least $112,500. 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 $450,000 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 $450,000 home loan with a 30-year term at 6.14% interest, you would need a monthly household income (after tax) of at least $9,128.7 to comfortably afford the home loan repayment of $2,738.61.

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

  • Interest: This is the cost of borrowing money, paid over the life of the loan.
  • 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.
  • Home loan fees: Fees charged by the lender to set up and manage your home loan.
  • Stamp duty (if applicable): A state government tax on property purchases.
  • Conveyancing fees: Costs of legal work involved in buying a home, including title searches and property transfers.

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 $450,000 mortgage with a 6.14% interest rate for 30 years, your mortgage monthly repayments would be $2,738.61.

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:

  • 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.
  • 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:

  • 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.
  • 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.
  • 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.
  • 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.

Shopping around for the right loan can save you thousands of dollars in interest and fees.

Home Loans guides and 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.

Written by

Megan Birot Money.com.au writer

Senior Finance Writer

Megan Birot

Reviewed by

Mansour Soltani home loan expert

Home Loans Expert

Mansour Soltani

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