$300,000 Mortgage Repayments Australia (2026)
At a 6.00% p.a. interest rate over 30 years, monthly repayments on a $300,000 mortgage are $1,799. Fortnightly repayments are $831 and weekly repayments are $415. Over the life of the loan, you would pay approximately $347,640 in interest — more than the original loan amount.
Repayments vary significantly depending on your interest rate and loan term. A borrower at 5.50% pays $95 less per month than one at 6.00%, and $298 less per month than a borrower at 7.50%.
$300,000 Mortgage — Monthly Repayments by Interest Rate (30-Year Term)
| Interest Rate | Monthly | Fortnightly | Weekly | Total Interest Paid |
|---|---|---|---|---|
| 5.50% p.a. | $1,704 | $787 | $394 | $313,440 |
| 5.75% p.a. | $1,751 | $808 | $404 | $330,360 |
| 6.00% p.a. | $1,799 | $831 | $415 | $347,640 |
| 6.25% p.a. | $1,847 | $853 | $426 | $364,920 |
| 6.50% p.a. | $1,897 | $876 | $438 | $382,920 |
| 7.00% p.a. | $1,996 | $921 | $461 | $418,560 |
| 7.50% p.a. | $2,097 | $968 | $484 | $454,920 |
Principal and interest repayments. Figures rounded to the nearest dollar.
Repayments by Loan Term at 6.00% p.a.
Choosing a shorter loan term increases monthly repayments but reduces the total interest paid substantially.
| Loan Term | Monthly Repayment | Total Interest Paid | Interest Saved vs 30 Years |
|---|---|---|---|
| 30 years | $1,799 | $347,640 | — |
| 25 years | $1,933 | $279,900 | $67,740 |
| 20 years | $2,149 | $215,760 | $131,880 |
| 15 years | $2,532 | $155,760 | $191,880 |
Shortening a $300,000 loan from 30 years to 20 years saves over $130,000 in interest, at the cost of an additional $350/month.
What Income Do You Need for a $300,000 Mortgage?
Australian lenders assess your ability to repay at the actual interest rate plus a 3% buffer (the APRA serviceability buffer). At 6.00%, this means an assessment rate of 9.00%.
As a general guide, a $300,000 home loan typically requires a gross income of:
| Borrower Type | Approximate Income Needed |
|---|---|
| Single borrower, no HECS, no dependants | ~$60,000–$75,000 |
| Single borrower with HECS debt | ~$70,000–$85,000 |
| Joint borrowers (combined) | ~$50,000–$65,000 combined |
These are estimates only. Lenders also consider existing debts, living expenses and credit history. See how much you can borrow on a $60,000 salary and on a $70,000 salary for detailed breakdowns.
What Can a $300,000 Mortgage Buy?
A $300,000 loan is below the median property price in all major Australian capital cities. To understand what this loan size translates to in terms of purchasing power, consider the deposit you bring:
| Deposit | Property Price | LVR | LMI Required? |
|---|---|---|---|
| $15,789 (5%) | $315,789 | 95% | Yes |
| $33,333 (10%) | $333,333 | 90% | Yes |
| $75,000 (20%) | $375,000 | 80% | No |
| $100,000 (25%) | $400,000 | 75% | No |
At $375,000 with a 20% deposit, this loan size may suit buyers in regional areas or outer suburbs of Perth, Adelaide, Brisbane or Darwin. First home buyers may be eligible for state government concessions — see stamp duty guides by state for details.
Extra Repayments — How Much Can You Save?
Making additional repayments above the minimum reduces your loan balance faster and cuts total interest paid. The table below shows the impact of extra monthly repayments on a $300,000 loan at 6.00% p.a. over a 30-year term.
| Extra Monthly Repayment | Years Saved | Interest Saved |
|---|---|---|
| $100/month | ~2.5 years | ~$31,000 |
| $200/month | ~4.5 years | ~$56,000 |
| $300/month | ~6 years | ~$76,000 |
| $500/month | ~9 years | ~$105,000 |
Even an extra $100 per month saves over $31,000 in interest and cuts nearly 2.5 years from the loan. Check with your lender whether your loan allows unlimited extra repayments without penalties — most variable rate loans do.
Frequently Asked Questions
What are the monthly repayments on a $300,000 mortgage over 30 years? At 6.00% p.a., monthly repayments on a $300,000 principal and interest loan over 30 years are $1,799. At 5.50%, repayments fall to $1,704/month. At 7.00%, repayments rise to $1,996/month.
How much interest do you pay on a $300,000 mortgage? At 6.00% over 30 years, total interest paid is approximately $347,640 — more than the original loan amount. Choosing a 25-year term instead reduces total interest to around $279,900.
What salary do you need for a $300,000 home loan in Australia? A single borrower typically needs a gross income of around $60,000–$75,000 to be approved for a $300,000 mortgage in Australia, depending on their living expenses, debts and credit history.
Is paying fortnightly instead of monthly worth it on a $300,000 loan? Yes. Paying $831 fortnightly instead of $1,799 monthly is mathematically equivalent to making 13 monthly repayments per year instead of 12. On a $300,000 loan at 6.00%, this can reduce the loan term by approximately 3–4 years and save around $45,000 in interest.
Related Guides
- $400,000 Mortgage Repayments
- $500,000 Mortgage Repayments
- How Much Can I Borrow on a $70,000 Salary?
- Mortgage Repayment Amounts — All Loan Sizes
This article provides general information only. Repayment figures are estimates based on a standard P&I amortisation formula. Actual repayments depend on your lender’s terms, rate and fees. For advice tailored to your situation, speak with a licensed mortgage broker or financial adviser. Find one through MoneySmart.