What is the current mortgage rate in Australia 2026?

Standard variable rates for owner-occupier P&I loans sit around 6.30-6.55% in April 2026. Fixed rates for 2-3 years are slightly higher at 6.60-6.90% as markets price stable RBA cash rate of 3.60% through mid-2026.

How much can I borrow in Sydney 2026?

Borrowing capacity depends on income, liabilities, dependants and the serviceability buffer (currently 3% above actual rate). As a rough guide: a dual-income $200K household with no HECS can borrow ~$950K-$1.1M. Use our Borrowing Capacity Calculator for a precise figure.

Should I choose weekly, fortnightly or monthly repayments?

Fortnightly repayments save the most money — you pay 26 fortnights per year, which is effectively 13 months of repayments versus 12 monthly payments. On a $600K loan over 30 years, that saves ~$60-80K in interest and cuts 4-5 years off the term.

What is LMI and when do I pay it?

Lender’s Mortgage Insurance is a one-off premium you pay when borrowing more than 80% of the property value (LVR > 80%). It protects the bank if you default. On a $900K Brighton-Le-Sands purchase with a 10% deposit, LMI costs ~$25-30K, often capitalised into the loan.

Can I make extra repayments?

Yes on variable loans — no penalty and it reduces the principal immediately. Fixed-rate loans typically allow $10-20K per year of extra repayments before break fees apply. Extra repayments are one of the fastest ways to cut total interest.

What is an offset account and should I use one?

An offset is a transaction account linked to your mortgage. Every dollar held there reduces the interest calculation on your loan daily. Keeping a $50K emergency fund in an offset on a 6.5% loan saves $3,250/year in interest — and preserves flexibility versus extra repayments.

How does the mortgage calculator handle stamp duty?

This calculator focuses on loan repayments. For full upfront cost modelling including stamp duty, LMI, conveyancing and inspections, use our Buying Costs Calculator which links through to Mortgage + Stamp Duty + FHB Eligibility for one unified view.

Are the calculator results accurate?

We use the standard bank amortisation formula (M = P·r·(1+r)^n / ((1+r)^n - 1)). Results match bank calculator outputs to within $1 per repayment. However, actual loan offers depend on your individual circumstances, credit history, and lender policy — get a broker pre-approval for an accurate quote.

Mortgage Repayment Calculator

Calculate your weekly, fortnightly, or monthly mortgage repayments

Loan Details

Loan Amount

$50k$2M

Interest Rate

% p.a.

1%12%

Loan Term

Payment Frequency

Your Monthly Repayment

$3,792

$875

Weekly

$1,750

Fortnightly

$3,792

Monthly

Total to be paid over 30 years$1,365,267

Total interest payable$765,267

Loan Balance Chart

Loan Balance

Total Payment

Principal

$600,000

Total Interest

$765,267

Loan Summary

Loan Amount$600,000

Interest Rate6.5% p.a.

Loan Term30 years (360 months)

Total Repayments$1,365,267

This calculator provides estimates only. Actual repayments may vary based on lender fees and charges. Contact a mortgage broker for accurate quotes.

Next step

First home in 2216? Let’s make sure you get every grant & stamp-duty break.

Michael helps first home buyers combine the First Home Buyer Assistance Scheme, Help To Buy and the Shared Equity Scheme to maximise your deposit power.