Call Charles Book a meeting
Repayments

Links Property Finance · Home loans for first home buyers: $500k Home Loan Repayments

About $3,000 a month at a 6% example rate over 30 years, principal and interest. A lender tests you at closer to $4,025, which is why the income needed is higher than the repayment suggests.

Reviewed by Charles Touma Updated 18 October 2026

$0broker fee on most loans
5.0from 32 Google reviews
70+lenders on our panel
Charles Touma, mortgage broker at Links Property Finance

Charles Touma Sydney mortgage brokerYou deal directly with Charles.

Book a free call

What does a $500,000 home loan cost each month?

Five hundred thousand dollars is the loan behind many first apartments in Sydney and many houses outside it: a $525,000 purchase with a 5% deposit under the 5% Deposit Scheme, or a $625,000 purchase with 20% down.

Read more

The repayment is only one of three numbers that matter. The second is the repayment at the assessment rate, which decides whether a lender will approve the loan.

Read more

The third is the income that produces enough surplus to cover it, which on our calculator assumptions is about $112,000 for a single applicant.

Part of the first home buyer loans guide.

A house key on a green key ring

Recent Links clients

  • Three Links Property Finance clients in front of the agent’s board at the home they bought Family buy · South West Sydney
    Bought, and all smiles. A family purchase in Sydney’s south-west.
  • A family in front of the sold sign at the home they bought together Family buy · Inner West
    The whole family turned up. A parents’ guarantee, done properly.
  • Next one

    The next sold sign could be yours.

    A free 30-minute call shows where you stand.

    Book my free call

Your own $500,000 figures

Quick repayment estimate

Quick repayment estimate

$500,000
6.00%
30
Estimated repayment$2,998/mo≈ $1,384 per fortnight · total interest $579,191

If things change

Rate rises 1%$3,327/mo+$329 a month
25‑year term$3,222/mo+$224 a month, saves $112,739 interest
Lender’s test rate (+3%)$4,023/mowhat your budget is assessed at

Principal and interest, constant rate, monthly repayments. An estimate only, not credit advice or an offer.

Confirm your numbers.

Charles Touma, mortgage broker at Links Property Finance

Real outcomes for real borrowers.

★★★★★
A huge thank you to Charlie for his exceptional support and expertise throughout the process of securing finance for my first home.
Julian Google review
★★★★★
Had a really good experience with Charles at Links Property Finance. He was easy to deal with, always quick to respond and kept everything simple and clear throughout the whole process. You can tell he genuinely cares about getting the best outcome for his clients rather than just getting things done quickly. Really happy with the experience and would happily recommend Charles and Links Property Finance to anyone.
Christian Google review
★★★★★
Had a great experience with Charles. He made the home loan process straightforward, was always easy to communicate with, and really knew his stuff. Would definitely recommend Charles and the team!
Jacob Google review

What are the repayments on $500,000 by rate and term?

Principal and interest, rounded to the nearest $5. The example rate is 6%; the others show what a 1% move does.

5%, 30 yearsMonthly $2,685. Weekly $619.
6%, 30 yearsMonthly $3,000. Weekly $692.
7%, 30 yearsMonthly $3,325. Weekly $768.
6%, 25 yearsMonthly $3,220. Weekly $743.
9%, 30 years (assessment rate)Monthly $4,025. Weekly $928.
6%, interest onlyMonthly $2,500. Weekly $577.

Illustration only. Your rate depends on the lender, the loan size, the deposit and the loan purpose. Figures exclude fees and LMI.

Book my free call

What income does a lender want to see behind $500,000?

A couple planning at the kitchen bench
  • About $114,000 for a single applicant with no debts.On our calculator assumptions that income leaves a surplus of roughly $4,025 a month after tax and living costs, which is the repayment at the 9% assessment rate.
  • About $126,000 combined for a couple.Two applicants carry a higher living cost benchmark, so the combined income needed is a little higher than the single figure, even though two incomes are taxed more lightly.
  • Less if the lender counts rent, bonus or overtime generously.A regular bonus or overtime counted at 100% rather than 80%, or rental income from a property you keep, can bring the required salary down by $10,000 or more.
  • More if you have a car loan, HECS or children.Each commitment is deducted before the surplus is measured. A $500 a month car loan adds about $10,000 to the income needed.

A $500,000 loan with a partner, or on your own?

At $500,000 the borrower is often either a couple buying a first unit or townhouse, or a single buyer on a solid salary. See buying with a partner.

For a couple, the loan is usually comfortable on two moderate incomes, and the bigger questions are the deposit and how the title is held.

For a single buyer, the lender’s living-cost benchmark and any HECS debt take a larger share of one income, so the same loan can sit close to the limit. See HECS and home loans.

A father holding a baby by the window

How does a couple fund a new $550,000 townhouse with a $500,000 loan?

An illustrative couple buying their first home choose a new two-bedroom townhouse in a south-western growth suburb for $550,000.

They put in $40,000 of savings and the $10,000 First Home Owner Grant, which applies to new homes up to $600,000 and, for a home bought off the plan, is paid at settlement.

What does a $500,000 loan buy, and what cash goes with it?

With a 5% deposit under the 5% Deposit Scheme, $500,000 of borrowing supports a purchase of about $525,000 and the deposit is roughly $26,000 plus legal and inspection costs. With a 20% deposit the same loan supports a $625,000 purchase, and the deposit is $125,000.

The scheme means no LMI, and in NSW a first home buyer pays no transfer duty under $800,000.

A child in a lavender garden

How do you lower the repayment on $500,000?

Each lever is worth a different amount.

  • A sharper rateEvery 0.25% off the rate saves about $80 a month on $500,000. Over five years that is close to $5,000.
  • An offset account$20,000 sitting in offset at 6% saves about $100 a month in interest and shortens the loan.
  • Fortnightly repaymentsHalf the monthly amount every fortnight makes one extra monthly repayment a year and takes years off the term.
  • A longer termStretching 25 years to 30 drops the repayment by about $220 a month, at the cost of more interest overall.

Common questions about $500,000 home loans

What are the repayments on a $500,000 mortgage?

About $3,000 a month at a 6% example rate over 30 years, principal and interest. At 5% it is about $2,685, and at 7% about $3,325. Interest-only at 6% is about $2,500.

What income do I need for a $500,000 home loan?

Roughly $114,000 as a single applicant with no debts on our calculator assumptions, or about $126,000 combined for a couple. Lenders differ, and commitments or dependants raise the figure.

How much deposit do I need for a $500,000 loan?

About $26,000 on a $525,000 purchase under the 5% Deposit Scheme, or $125,000, 20 per cent, on a $625,000 purchase to avoid LMI without the scheme.

How much interest do I pay on $500,000 over 30 years?

About $579,000 at 6%, which is more than the amount borrowed. Extra repayments, an offset account and a shorter term all cut it substantially.

Is $3,000 a month affordable on my income?

Usually, if you earn about $114,000 as a single applicant on our calculator assumptions: lenders test your surplus against about $4,025 a month at the assessment rate, not the actual repayment.

Will a $500,000 loan qualify for first home buyer help?

Usually yes. A purchase under $800,000 in NSW is exempt from transfer duty for an eligible first home buyer, and the 5% Deposit Scheme applies up to $1.5 million in Sydney with no income caps.

Use the repayments calculator for any amount and rate, and the offset savings calculator to see what savings in offset do to the term.

Get advice on $500k home loan repayments

Charles prices the loan with the lenders that suit you, shows the repayment at today’s rates rather than an example, and checks the income side at the same time. Free, no credit check.

Prefer a callback?

Charles Touma, mortgage broker at Links Property FinanceCharles calls back within one business day. No documents needed yet.

A family in front of the sold sign at the home they bought together
Charles Touma, mortgage broker at Links Property Finance
Reviewed by Charles Touma Director & Mortgage Broker · MFAA member · Credit Representative 579003 under ACL 389328 About Charles · First home buyers · MFAA register · ASIC register · Complaints processEvery page is reviewed by Charles before it is published and checked against current lender policy and the official scheme pages linked where figures appear.

General information only, not credit or financial advice. The figures are illustrations built on stated assumptions, not a quote or an assessment of your position. Lender policy, rates and assessment rules change and differ between lenders. Links Property Finance holds an Australian Credit Licence authorisation and can assess your actual borrowing power.

Official sources for the figures on this page: Revenue NSW, First Home Buyers Assistance Scheme · Housing Australia, 5% Deposit Scheme · Revenue NSW, First Home Owner (New Homes) Grant. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.