$600,000 Mortgage Repayments Australia (2026)
At a 6.00% p.a. interest rate over 30 years, monthly repayments on a $600,000 mortgage are $3,598. Fortnightly repayments are $1,661 and weekly repayments are $831. Total interest over 30 years at this rate is approximately $695,280.
A $600,000 loan is common in Melbourne, Brisbane and outer Sydney, where median property prices push even entry-level purchases toward this loan size.
$600,000 Mortgage — Monthly Repayments by Interest Rate (30-Year Term)
| Interest Rate | Monthly | Fortnightly | Weekly | Total Interest Paid |
|---|---|---|---|---|
| 5.50% p.a. | $3,407 | $1,572 | $786 | $626,520 |
| 5.75% p.a. | $3,502 | $1,616 | $808 | $660,720 |
| 6.00% p.a. | $3,598 | $1,661 | $831 | $695,280 |
| 6.25% p.a. | $3,694 | $1,705 | $852 | $730,240 |
| 6.50% p.a. | $3,794 | $1,751 | $875 | $765,840 |
| 7.00% p.a. | $3,992 | $1,843 | $921 | $837,120 |
| 7.50% p.a. | $4,195 | $1,936 | $968 | $910,200 |
Principal and interest repayments. Figures rounded to the nearest dollar.
Repayments by Loan Term at 6.00% p.a.
| Loan Term | Monthly Repayment | Total Interest Paid | Interest Saved vs 30 Years |
|---|---|---|---|
| 30 years | $3,598 | $695,280 | — |
| 25 years | $3,866 | $559,800 | $135,480 |
| 20 years | $4,298 | $431,520 | $263,760 |
| 15 years | $5,064 | $311,520 | $383,760 |
The difference between a 30-year and 25-year term on a $600,000 loan is $268/month — but saves over $135,000 in interest across the loan.
What Income Do You Need for a $600,000 Mortgage?
| Borrower Type | Approximate Income Needed |
|---|---|
| Single borrower, no HECS, no dependants | ~$110,000–$130,000 |
| Single borrower with HECS debt | ~$120,000–$145,000 |
| Joint borrowers (combined income) | ~$90,000–$115,000 combined |
At this loan size, a single borrower generally needs to be earning above $110,000. For couples, a combined income of around $100,000 or more is typically required. See how much you can borrow on a $120,000 salary for a detailed breakdown.
Note: borrowers earning above $90,000 face HECS repayment rates of 6.0% or higher under the ATO’s income-contingent scheme, which reduces net income and can materially reduce borrowing capacity.
What Does a $600,000 Loan Buy?
| Deposit | Property Price | LVR | LMI Required? |
|---|---|---|---|
| $31,579 (5%) | $631,579 | 95% | Yes |
| $66,667 (10%) | $666,667 | 90% | Yes |
| $150,000 (20%) | $750,000 | 80% | No |
| $200,000 (25%) | $800,000 | 75% | No |
A $750,000 property with a 20% deposit is within range for buyers in outer Melbourne, Brisbane and Perth inner-ring suburbs, as well as Adelaide’s middle ring. In NSW, first home buyers purchasing at or below $800,000 may be exempt from stamp duty — see income needed to buy a $700,000 house for more context.
Extra Repayments — Impact on a $600,000 Loan
| Extra Monthly Repayment | Years Saved | Interest Saved |
|---|---|---|
| $200/month | ~3.5 years | ~$93,000 |
| $400/month | ~6.5 years | ~$162,000 |
| $600/month | ~9 years | ~$213,000 |
| $1,000/month | ~13 years | ~$286,000 |
On a larger loan, the compounding benefit of extra repayments is amplified. An extra $400/month on a $600,000 loan can save over $162,000 in interest and cut 6.5 years from the loan term.
Offset Account Strategy at $600,000
For borrowers with cash savings, an offset account can be a flexible alternative to making extra repayments. The interest saving from an offset account at 6.00%:
| Average Offset Balance | Annual Interest Saving |
|---|---|
| $25,000 | ~$1,500 |
| $50,000 | ~$3,000 |
| $75,000 | ~$4,500 |
| $100,000 | ~$6,000 |
Maintaining $75,000 in an offset account saves approximately the same in interest as a 6.00% term deposit — without locking the funds away. See the offset account calculator for more detail.
Frequently Asked Questions
What are the monthly repayments on a $600,000 mortgage in Australia? At 6.00% p.a. over 30 years, monthly repayments on a $600,000 P&I loan are $3,598. At 5.50%, they fall to $3,407. At 7.00%, they rise to $3,992.
How much total interest do you pay on a $600,000 home loan? At 6.00% over 30 years, total interest is approximately $695,280. Over 25 years, this falls to around $559,800 — a saving of over $135,000.
What salary do you need for a $600,000 mortgage? A single borrower typically needs a gross income of approximately $110,000–$130,000 to qualify for a $600,000 mortgage in Australia, assuming no significant HECS debt or dependants.
Can two people on $60,000 each get a $600,000 mortgage? Possibly. A combined income of $120,000 puts a joint borrowing capacity of around $600,000–$720,000 within range for many lenders — subject to living expenses, debts and credit history. See how much can two people borrow on $120,000 combined for guidance.
Related Guides
- $500,000 Mortgage Repayments
- $700,000 Mortgage Repayments
- How Much Can I Borrow on a $120,000 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.