2026-27 financial year

Mortgage repayments on $650,000

Repayments on a $650,000 loan at 6.49% over 30 years are $4,104.17 a month, $1,893.34 fortnightly, or $946.48 a week. Total interest over the 30 years is $827,499.

Term	Monthly	Fortnightly	Weekly
30 years	$4,104.17	$1,893.34	$946.48
25 years	$4,384.79	—	—

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%	$3,686.55	-$417.62
5.74%	$3,789.10	-$315.07
5.99%	$3,892.90	-$211.27
6.24%	$3,997.94	-$106.23
6.49%	$4,104.17	$0.00
6.74%	$4,211.57	+$107.40
6.99%	$4,320.10	+$215.93

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 $3,686.55—that is $417.62 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 $4,104.17 a month, you would need a gross income of $164,167 a year.

Nearby amounts

← $600,000 $700,000 → Borrowing power calculator RBA rate forecast Open in the mortgage calculator

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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 $650,000.00 loan

At the illustrative 6.49% rate, a 25-year term needs $280.62 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	$4,384.79	$52,617.48
30 years	$4,104.17	$49,250.04

Frequently asked questions

What rate should I use for a $650,000.00 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.