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Frequently Asked Questions
How much are the monthly repayments on a $500,000 mortgage?
At the current average variable rate of 6.21%, monthly repayments on a $500,000 mortgage over 30 years would be approximately $3,066 per month (principal and interest).
How much can I borrow for a mortgage in Australia?
Most Australian lenders will let you borrow up to 6 times your annual gross income, though this varies based on your expenses, existing debts, deposit size, and the lender's assessment criteria. A mortgage broker can help you maximise your borrowing power.
What is the current average mortgage rate in Australia?
As of 2026, the average variable home loan rate in Australia is approximately 6.21%, while the lowest variable rates start from 5.84%. Fixed rates vary by term length. Compare current rates.
How much deposit do I need to buy a house in Australia?
You typically need a minimum 5% deposit. With less than 20%, you will usually need to pay Lenders Mortgage Insurance (LMI). First home buyers may qualify for the First Home Guarantee scheme which waives LMI with just 5% deposit.
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