2026-27 financial year

Mortgage repayments on $1,300,000

Repayments on a $1,300,000 loan at 6.49% over 30 years are $8,208.34 a month, $3,786.68 fortnightly, or $1,892.96 a week. Total interest over the 30 years is $1,654,999.

Term	Monthly	Fortnightly	Weekly
30 years	$8,208.34	$3,786.68	$1,892.96
25 years	$8,769.57	—	—

If rates move

How your monthly repayment would change if the average variable rate moved up or down by these amounts.

Rate	Monthly repayment	Change from today
5.49%	$7,373.10	-$835.24
5.74%	$7,578.19	-$630.15
5.99%	$7,785.80	-$422.54
6.24%	$7,995.87	-$212.47
6.49%	$8,208.34	$0.00
6.74%	$8,423.14	+$214.80
6.99%	$8,640.20	+$431.86

What the 2026 rises cost

The RBA raised the cash rate by 1.00 percentage points in 2026. At 5.49% your monthly repayment would have been $7,373.10—that is $835.24 less each month than today's 6.49%.

Income needed

A common affordability rule of thumb (not a lending rule) is that your home loan repayment should not exceed 30% of your gross monthly income. On $8,208.34 a month, you would need a gross income of $328,334 a year.

Nearby amounts

← $1,250,000 $1,350,000 → Borrowing power calculator RBA rate forecast Open in the mortgage calculator

More ways to check your pay

Payslip checkerIs the tax and super on your payslip right?Minimum wage 2026-27$26.44 an hour, and what it leaves after tax.Overtime & penalty ratesTime and a half, weekends and public holidays.Bonus taxWhy a bonus looks over-taxed, and what you get back.Medicare levy surchargeIs hospital cover cheaper than the surcharge?Pay after tax by week, fortnight or monthFrom $500 a week to $20,000 a month.Tax return estimateRefund or bill for 2025-26 or 2026-27.Second job taxWhy two jobs can end in a tax bill.Sole trader & contractor taxWhat to set aside from each invoice.Pro rata & part-time salaryPart-time pay and hourly conversions.Annual leaveLeave built up, and what it is worth.

How this is worked out

The rate is 6.49%, the average owner-occupier variable rate as of September 2026 (Canstar).
Repayments use the standard annuity formula, with interest accruing daily over 365 days a year as in Australian practice.
The 2026 rises sum to 1.00 percentage points, assumed to be passed on in full.
The 30% income rule is an affordability rule of thumb, not a lending rule; lenders assess each borrower with their own criteria.

Estimate only, not financial or tax advice. See our methodology.

Choosing a term for a $1,300,000.00 loan

At the illustrative 6.49% rate, a 25-year term needs $561.23 more each month than a 30-year term. Check that difference against your budget before choosing a term. This is a scenario rate, not a current lender quote.

The comparison keeps the rate constant and excludes fees, offset balances and extra payments. A changing variable rate can alter both the repayment and total interest.

Term	Monthly repayment	Annual repayment budget
25 years	$8,769.57	$105,234.84
30 years	$8,208.34	$98,500.08

Frequently asked questions

What rate should I use for a $1,300,000.00 mortgage?

Use the rate offered for your loan and test alternative rates in the mortgage calculator. The worked example is a scenario, not a product recommendation or an offer of credit.

Is half the monthly repayment a true fortnightly repayment?

No. Paying half a monthly amount every fortnight produces an extra monthly equivalent over a full year. A true fortnightly schedule and that accelerated strategy should be compared separately.

Does this tell me whether a bank will approve the loan?

No. Repayment arithmetic does not assess your living expenses, other debts, deposit, lender policy or serviceability. Use the borrowing-power tool only as an additional estimate.