Gov ScoreAustralia

Condition

Mortgage costs

How much more are households paying on a typical mortgage?

Mortgage costs: 3.10% in May 2022, 6.20% in Jul 2026.

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Latest
+$1,113extra per month on a $600,000 loan vs May 2022 · July 2026
Since the government took office
Worse+3.10 pts3.10% → 6.20% (May 2022 → Jul 2026)Starting point: Mortgage rates in May 2022 reflected the Reserve Bank’s pandemic emergency setting, which it had just begun to unwind.
Over the past year
Worse+0.40 pts5.80% → 6.20% (Jul 2025 → Jul 2026)

Mortgage costs

  • Nominal
  • Owner-occupier variable rate (outstanding loans)
  • RBA cash rate target

What this is

The average interest rate on existing variable home loans for owner-occupiers (RBA data), and what that means in monthly repayments on a typical $600,000, 30-year loan compared with May 2022.

Why it matters

About a third of Australian households are paying off a mortgage. Higher repayments take money directly out of their budgets.

More from the figures

  • The average variable rate on existing owner-occupier loans is 6.20%, up from 3.10% in May 2022.
  • That is about $13,353 a year more on a $600,000, 30-year principal-and-interest loan.
  • The RBA cash rate is 4.36%. The RBA sets rates independently to control inflation, and government spending adds to demand and inflation.

How it’s calculated

Standard amortisation formula applied to a $600,000 30-year principal-and-interest loan, using the RBA's average rate on outstanding owner-occupier variable loans in May 2022 and the latest month.

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