Compare repayments on $1,000,000 mortgages Background

Mortgage Repayments on $1 Million

The table below displays the repayments based on current interest rates for $1,000,000 variable home loans from our Online Partners.

Joshua Sale

Group Manager, Research & Ratings

Michael Lund

Senior Finance Journalist

Instantly compare 5400+ Canstar expert rated loans based on the inputs below

Loan amount

ubank | Neat Home Loan | Owner Occupied | LVR ≤60% | Variable

More details

PROMOTED

Quick decision and an easy application.
Redraw freely – Access your additional payments.
Unlimited additional repayments free of charge.

Fees & charges apply, Australian Credit Licence 230686

via a Canstar Certified Mortgage Broker

PROMOTED

Low variable interest rate
Low fees
Flexible options

Fees & charges apply, Australian Credit Licence 229882

Cashback

via a Canstar Certified Mortgage Broker

PROMOTED

Keep it simple with no ongoing fees
$0 ANZ set up or ongoing fees
Competitive interest rates

Fees & charges apply, Australian Credit Licence 234527 | ^#T&Cs apply

via a Canstar Certified Mortgage Broker

PROMOTED

$0 monthly and annual fees
Unlimited repayments and redraw
Fast approval

Fees & charges apply, Australian Credit Licence 233714

Pacific Mortgage Group | Owner Occupied | LVR ≤80% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 364320

Reduce Home Loans | Eco Home Loan | Owner Occupied | LVR ≤80% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 388053

Link Not Supplied

Fees & charges apply, Australian Credit Licence 239238

Link Not Supplied

Fees & charges apply, Australian Credit Licence 245576

Tiimely Home | Livein | Owner Occupied | LVR ≤90% | Variable

More details

Fees & charges apply, Australian Credit Licence 496431

Link Not Supplied

Fees & charges apply, Australian Credit Licence 237476

Community First Bank | Basic Home Loan | Owner Occupied | LVR ≤95% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 231204

Link Not Supplied

Fees & charges apply, Australian Credit Licence 239238

The Capricornian | Offset | Owner Occupied | LVR ≤97% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 246780

LCU | Intelligent Mortgage | Owner Occupied | LVR ≤95% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 240807

Cashback

Link Not Supplied

Fees & charges apply, Australian Credit Licence 238273 | ^#T&Cs apply

Easy Street Fin Services | Street Smart | Owner Occupied | LVR ≤95% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 231204

AMO Group | Home Loan | Owner Occupied | LVR ≤80% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 392337

Bendigo Bank | Express Home Loan | Owner Occupied | LVR ≤90% | Variable

More details

Fees & charges apply, Australian Credit Licence 237879

Link Not Supplied

Fees & charges apply, Australian Credit Licence 235022

Link Not Supplied

Fees & charges apply, Australian Credit Licence 244533

People's Choice | Home Loan Package Standard | Owner Occupied | LVR ≤70% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 244310

Bank Australia | Clean Energy Eco Plus Home Loan | Owner Occupied | LVR ≤90% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 238431

Bank Australia | Clean Energy Eco/Eco Upgrade Home Loan | Owner Occupied | LVR ≤90% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 238431

Community First Bank | Accelerator Package | Owner Occupied | LVR ≤95% | Variable

Link Not Supplied

Fees & charges apply, Australian Credit Licence 231204

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

Repayments on a $1 million home loan

With the current housing market in Australia, needing a million dollar home loan is no longer a rarity for both individual home buyers and investors.

The world economy and the Australian housing market are two volatile beasts that can be hard to predict, making it important to know whether a one million dollar home loan will put your finances under pressure.

The table above can lend you insight into the figures you may be working with when it comes to a million dollar home loan. Knowing your borrowing power and the details of your home loan is an important step to keeping your household finances on track. Below are some common questions regarding repayments and estimated values that may help you gain a better understanding of your financial situation.

Explore further→ What is the average new mortgage in Australia?

Taking on a home loan is a major financial decision. You may want to consider suitably qualified financial advice. Be sure to read all important documentation carefully, such as the Target Market Determination (TMD) and the Product Disclosure Statement (PDS), before signing any contracts. You can typically find these documents, as well as any other terms and conditions, on the lender’s website. Clarify any queries you may have with the potential lender.

Each lender will have its own assessment and eligibility criteria for loans, which may differ between borrowers.

Frequently Asked Questions about $1 million home loan repayments

The cost of the monthly repayments on a million dollar home loan will vary depending on the provider, your loan type (fixed rate, variable rate, split rate), repayment type (principal & interest or interest only), the length of your loan and the interest rate, as outlined in your home loan contract.

You can use the comparison table at the top of the site to see figures of monthly repayments based on the current interest rates for $1 million variable home loans from Canstar’s Online Partners for owner-occupiers making principal and interest repayments. You can use the filters and selectors to change the details of the results to match your individual circumstances.

One of the variables that you may need to know to use our comparison tables is your Loan to Value Ratio (LVR). The table below provides examples of LVR at varying house values. This table also includes an estimated lenders mortgage insurance (LMI), which is typically required for loans with a LVR greater than 80%, depending on the lender.

Loan-to-Value Ratio on $1 Million Home Loan

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Deposit	House Value	LVR	Est. Upfront LMI Premium
$400,000	$1,400,000	60%	^$8,293.18
$300,000	$1,300,000	70%	^$8,945.45
$200,000	$1,200,000	80%	^$12,206.82
$150,000	$1,150,000	85%	$17,052.27
$100,000	$1,100,000	90%	$37,645.45
$50,000	$1,050,000	95%	~Unable to be calculated – talk to your lender

Source: The LMI estimated figures were generated using Genworth’s online LMI fee estimator, using the hypothetical example of an owner occupier taking out a up-to-30-year loan, who is not a first home buyer. ~Not all figures were able to be generated. There are options available to buyers looking to take out a 95% home loan, such as the First Home Guarantee scheme, which may impact LMI. ^Typically, lenders may not require borrowers with a LVR of 80% or lower to take out LMI, but this depends on the rules of the lender.

One million dollars is a lot of money and knowing whether you’re able to pay off such a mortgage is essential to understanding your financial situation once you take on this debt.

During the home loan application process in Australia, lenders will need to know your debt to income ratio. This is calculated through using the details of your income, regular expenses and any other outstanding debts you may owe (e.g. credit cards, personal loans, etc). Your application may be declined if the debt to income ratio shows you owe more money than you can realistically afford to repay.

To help you get a better understanding of what the monthly repayments may be like for a million dollar mortgage, we have generated a table below of monthly repayments on a million dollar home loan over a 20, 25 and 30 year period across varying interest rates using Canstar’s Mortgage Calculator. (This does not include any fees which may be added to the loan, such as LMI.)

Repayments on a $1m loan at different interest rates and loan periods

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Interest Rate	Loan term
Interest Rate	20 years	25 years	30 years
4%	$6,060	$5,278	$4,774
5%	$6,600	$5,846	$5,368
5.50%	$6,879	$6,141	$5,678
6%	$7,164	$6,443	$5,996
6.50%	$7,456	$6,752	$6,321
7%	$7,753	$7,068	$6,653
7.50%	$8,056	$7,390	$6,992

Source: These figures were generated using Canstar’s Mortgage Calculator for a $1,000,000 Owner Occupier Principal & Interest home loan (excluding fees and charges).

It may be possible to refinance a $1m home loan, depending on your needs and if you meet other lenders’ approval criteria. The benefits of refinancing could include getting a better interest rate, which could lower the cost of the loan in the long run, or changing the conditions of your loan to better suit your needs. For example, you may decide to extend the length of your loan, which could cut your monthly repayments (but also extend the overall cost of the loan in the long run). Or, you may decide you need a loan with different features, such as an offset account, which could potentially cut down the monthly repayments and overall cost of your loan in the long term.

Explore Further→ Should I refinance my home loan?

However, there are also potential additional costs involved with refinancing a home that should always be considered. These costs could include break fees charged by your existing lender, and loan establishment fees charged by your new lender.

One potential cost could be lenders mortgage insurance (LMI), which can be surprisingly high and will typically apply to those borrowers who have less than 20% equity in their property, even if you have already paid for LMI with your current lender.

If you are looking to refinance an existing home loan and want to understand how your LVR and other factors might impact which loans you may be eligible for, Canstar’s eligibility checker tool can help you understand your options and connect you with a mortgage broker.

Home Loan Eligibility Checker

Negative equity is when the market value of your property is lower than the balance remaining on your home loan. If you are in negative equity, it could mean that if you go to sell your house, you may not receive enough funds in the sale to pay out your home loan. This could leave you in debt. Many situations and circumstances can put you at a higher risk of experiencing negative equity, one of them being a high loan to value ratio (LVR). A 95% LVR for example, means you will have a smaller ‘buffer’ against volatile market prices, especially if you are taking out a large sum as a home loan, such as one for $1 million.

So it’s a good idea to thoroughly research the property market and plan so that you have enough of a buffer to weather unexpected twists and turns in the market.

Explore further→ What is negative equity?

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About our finance experts

Michael Lund, Senior Finance Journalist

Michael is an award-winning journalist with more than three decades of experience reporting on a range of subjects, including general news, lifestyle, local government, science and technology. As a senior finance journalist at Canstar, Michael has written more than 100 articles covering superannuation, savings, wealth, life insurance, home loans and more. His work has been referenced by a number of other finance publications, including Yahoo Finance and The Motley Fool. Michael started in the UK working for a number of local and evening newspapers, including as a local government reporter. He then moved to the BBC and worked in radio before taking up the position of bi-media local government correspondent for the West of England, based in Bristol. In 1998 Michael moved to Australia and worked for Queensland’s The Sunday Mail before joining the ABC in Brisbane. There, he worked as a reporter and producer in a number of areas in radio and television, including for ABC TV’s popular Australian Story. After a stint as a tutor and lecturer in journalism at Queensland University of Technology, Michael returned to News Corp as a feature writer for The Courier-Mail. An interest in online journalism saw Michael join The Conversation first as a science and technology editor and later as a commissioning editor, working across all areas of coverage including with The Conversation’s New Zealand team. Michael has been lucky enough to win a few awards for his work, including a Queensland Media Award and a highly commended in the Walkleys. In 2021 he was part of a team that was a finalist in the Australian Museum Eureka Prize for Science Journalism. He holds a Bachelor of Science in mathematics and applied physics (Manchester Metropolitan University) and a Masters of Science in pure mathematics (Liverpool University). You can connect with Michael on LinkedIn. View Michael’s articles.

Joshua Sale, Group Manager, Research & Ratings

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research Team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products. As one of Canstar’s company spokespeople, Joshua is confident participating in print, radio and broadcast journalism interviews. He has participated in interviews with the Australian Financial Review, news.com.au and Money Magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends. You can follow Joshua on LinkedIn. Have a media enquiry, and interested in featuring Joshua as a financial expert and commentator? Contact Canstar’s Media Team today.

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Home loan Star Ratings are updated monthly. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing 80% of the total loan amount but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.

On some Home Loan products, you can choose to be referred to a mortgage broker who has been certified by Canstar according to our certification process. Mortgage brokers may not be able to offer loans from every provider. The loans included in the table are loans that Canstar Certified Mortgage Brokers can discuss with you, if you choose to do so. There may be more suitable loans for your personal circumstances.

If a broker successfully completes the Canstar certification process, they may pay Canstar a fee to use the official Canstar Certified Mortgage Broker badge. Canstar may earn a fee from the Canstar Certified Mortgage Broker, or the broker group they are affiliated with, if you settle a Home Loan via a Canstar Certified Mortgage Broker after being referred to the broker by Canstar. Fees payable may vary depending on the home loan product and product provider.

Not all mortgage brokers available in the market have undertaken the certification process. Canstar has invited a limited number of brokers to undertake the process, and only those brokers who have successfully completed the certification process are entitled to use the logo and wording “Canstar Certified Mortgage Broker”. Being certified as a Canstar Certified Mortgage Broker is not a representation that the holder’s mortgage broking services are superior to all other brokers who do not hold the certification.

Canstar Certified Mortgage Brokers are independent contractors, operate under their own Australian Credit Licence, or as Credit Representatives under an Australian Credit Licence, and are not Canstar’s agent or representative. They are not Home Loan product providers, but they can make recommendations to you about Home Loan products that may suit your needs. The broker may require you to enter into an agreement with them in relation to the services they can provide. Canstar will have no knowledge of or input into the advice and product recommendations you receive from a Canstar Certified Mortgage Broker.

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Your use of the Canstar Group’s Mortgage Broker Referral tool does not mean that you will be eligible to be approved for any particular home loan.

Mortgage Repayments on $1 Million

Home Loans

Repayments on a $1 million home loan

Explore further→ What is the average new mortgage in Australia?

Frequently Asked Questions about $1 million home loan repayments

How much would repayments on a $1 million loan cost a month?

Loan-to-Value Ratio on $1 Million Home Loan

Can I afford the repayments on a $1 million home loan?

Repayments on a $1m loan at different interest rates and loan periods

Can I refinance my $1 million home loan?

Explore Further→ Should I refinance my home loan?

Should I be worried about negative equity?

Explore further→ What is negative equity?

Compare repayments on a range of different mortgages

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About our finance experts

Michael Lund, Senior Finance Journalist

Joshua Sale, Group Manager, Research & Ratings

Thanks for visiting Canstar, Australia’s biggest financial comparison site*

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Home Loans Star Ratings & Sort Order

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Interest-only loan

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