The repayments on a $1,500,000 home loan are about $8,993 a month at the 6% example rate over 30 years. That is $4,151 a fortnight or $2,075 a week. Interest only at 6% is $7,500 a month. At this size a rate just 0.25 percentage points lower saves about $240 a month.

Repayments on $1,500,000 by rate and term
Rate and term Monthly Fortnightly Weekly
5.75%, 30 years $8,754 $4,040 $2,020
6%, 30 years $8,993 $4,151 $2,075
6.25%, 30 years $9,236 $4,263 $2,131
7%, 30 years $9,980 $4,606 $2,303
9%, 30 years (assessment rate) $12,069 $5,570 $2,785
6%, interest only $7,500 $3,462 $1,731

Monthly figures are principal and interest unless shown as interest only. The other columns are conversions. Use the repayment calculator for your own rate.

What is a small rate difference worth on $1.5 million?

Rate difference on $1,500,000 over 30 years
Difference Each month Each year Over 5 years
0.10% $96 $1,155 $6,000
0.25% $240 $2,876 $14,000
0.50% $476 $5,717 $29,000

That is why loans this size are worth repricing regularly: ask your lender, or refinance if they will not move. See asking for a better interest rate.

How much interest does $1.5 million cost?

About $1,738,000 over 30 years at 6% if the rate never changed, on top of the $1,500,000. Over 25 years it is about $1,399,000. An offset account holding $100,000 saves about $6,000 a year at 6%.

What income does $1.5 million need?

On our assumptions about $316,000 combined as a couple or $338,000 single with no other debts. See income needed for a $1.5m home loan. Lenders assess about $12,069 a month.

How much of each repayment is interest on $1.5 million?

Most of it, at first. The first monthly repayment of $8,993 includes $7,500 of interest and only $1,493 off the loan.

What is left on $1.5 million at 6% over 30 years
When Balance owing Repaid so far
After 5 years $1,395,800 $104,200
After 10 years $1,255,300 $244,700
After 20 years $810,100 $689,900

How much does an offset account save on $1.5 million?

  • $20,000 sitting in an offset saves about $1,200 of interest in the first year at 6%.
  • $50,000 sitting in an offset saves about $3,000 of interest in the first year at 6%.
  • $100,000 sitting in an offset saves about $6,000 of interest in the first year at 6%.

The saving repeats every year the money stays there, and it is not taxed the way savings interest is.

Does paying fortnightly help on $1.5 million?

Only if you pay half the monthly amount every fortnight. That is 26 half-payments a year, or 13 monthly repayments. On $1.5 million at 6% it clears the loan about 5.4 years sooner and saves about $368,000 of interest. Paying the fortnightly equivalent of the monthly figure saves almost nothing.

What repayment does the lender test on $1.5 million?

Lenders check you could afford the loan at about 3 percentage points above your rate. On $1.5 million that is $12,069 a month at 9%, against $8,993 at 6%. Your budget has to show room for the extra $3,076.

What do extra repayments save on $1.5 million?

Extra money goes straight to principal, so it cuts the interest for every month that follows. Paying off a home loan faster covers the other ways to do it.

Extra repayments on $1.5 million at 6% over 30 years
Extra Time saved Interest saved
$200 a month 1.7 years $119,000
$500 a month 3.9 years $267,000
$1,000 a month 6.8 years $456,000

The same tables for a $1.2 million loan are worked the same way, and the repayment calculator does any amount, rate and term.

Questions people ask

What are the repayments on a $1.5 million mortgage?

About $8,993 a month at 6% over 30 years.

What are the weekly repayments on $1.5 million?

About $2,075 a week at 6%, converted from the monthly figure.

Is a $1.5 million loan worth refinancing for 0.25%?

Usually, if costs are low: 0.25% less saves about $2,876 a year at these rates. See is it worth refinancing for 0.5%.

Does an offset help on a loan this size?

Yes: every $10,000 in offset saves about $600 a year of interest at 6%, and the saving shortens the loan.

Charles Touma reprices and compares a $1.5 million loan across lenders, including offset and split structures. A free 30-minute call covers your loan. General information only, not credit advice. Lender policies change, and your own circumstances decide what suits you.

Sources: Moneysmart, mortgage calculator; Moneysmart, home loans, checked 27 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.