On a $70,000 gross annual salary in Australia, most lenders will approve a home loan in the range of $330,000 to $400,000, depending on your living expenses, debts, and the lender. With minimal commitments, some borrowers at this income may qualify for up to $430,000.
Estimated Borrowing Power on $70,000
| Scenario | Estimated borrowing power | Monthly repayment at 6% |
|---|---|---|
| Low expenses, no debts | ~$390,000–$430,000 | ~$2,340–$2,580 |
| Moderate expenses, no debts | ~$340,000–$380,000 | ~$2,040–$2,280 |
| With $8k credit card limit | ~$310,000–$350,000 | ~$1,860–$2,100 |
| With $350/month car loan | ~$280,000–$320,000 | ~$1,680–$1,920 |
| With HECS-HELP debt | ~$300,000–$350,000 | ~$1,800–$2,100 |
Based on 30-year P&I loan at 6.00% p.a., assessed at 9.00% (APRA buffer). Use our borrowing power calculator for a personalised estimate.
How Lenders Assess $70,000
Your gross monthly income is approximately $5,833. After PAYG withholding and the Medicare levy, your estimated net income is around $56,000–$57,500 per year ($4,670–$4,790/month).
Lenders apply the APRA 3% serviceability buffer to any new loan rate. At a 6.00% mortgage rate, they test serviceability at 9.00%. On a $360,000 loan over 30 years, that’s approximately $2,897/month — a substantial proportion of gross monthly income.
Lenders also apply HEM (Household Expenditure Measure) benchmarks to estimate living expenses for your household type. For a single adult in a metropolitan area, HEM is approximately $2,100–$2,500/month. This benchmark is used if your declared living expenses are lower than the HEM figure.
HECS at $70,000
The compulsory HECS repayment rate at $70,000 in FY2025–26 is 2.5% of taxable income ($1,750/year = $146/month). Lenders add this to your monthly commitments.
Effect on borrowing power: approximately $20,000–$30,000 reduction.
Repayment Estimates
| Loan amount | Monthly repayment (6%, 30yr) | Fortnightly | % of $70,000 gross |
|---|---|---|---|
| $250,000 | $1,499 | $692 | 26% |
| $300,000 | $1,799 | $830 | 31% |
| $350,000 | $2,098 | $968 | 36% |
| $400,000 | $2,398 | $1,107 | 41% |
A 30% gross income benchmark for housing costs is $1,750/month. This is broadly consistent with a $290,000–$310,000 loan at 6% over 30 years. Many lenders will approve higher — the practical ceiling depends on total expenses and the assessment rate.
Deposit Requirements
| Purchase price | 10% deposit | Stamp duty (NSW est.) | Total needed |
|---|---|---|---|
| $350,000 | $35,000 | ~$11,240 | ~$50,000 |
| $400,000 | $40,000 | ~$13,490 | ~$57,000 |
| $450,000 | $45,000 | ~$15,805 | ~$65,000 |
First home buyers using the First Home Guarantee can buy with just 5% deposit and no LMI. This reduces the cash needed for a $400,000 property from ~$57,000 to approximately $33,000 (including buying costs). See our First Home Guarantee guide.
What Can $70,000 Buy?
With borrowing power of $340,000–$400,000, and a 10–20% deposit ($40,000–$80,000), realistic purchase prices are $375,000–$480,000.
| Market | What’s achievable |
|---|---|
| Regional Australia | House in most regional cities and towns |
| Perth suburban areas | Established houses in outer suburbs |
| Adelaide | Units or small homes in outer suburbs |
| Brisbane outer suburbs | Units and townhouses |
| Melbourne / Sydney | Very limited — mostly studio/1-bed apartments in outer areas |
Tips to Improve Borrowing Power on $70,000
Close unnecessary credit cards — a $10,000 card limit reduces borrowing power by $30,000–$40,000.
Avoid new car loans before applying — wait until after settlement before financing a new car.
Consider the First Home Guarantee — buying with 5% deposit frees up cash for other purposes or allows you to buy sooner.
Build income — an increase to $80,000–$85,000 adds approximately $70,000–$90,000 in borrowing power. Even a part-time second job or consistent overtime (if payable) that’s been earned for 12+ months may be accepted by some lenders.
Talk to a mortgage broker — different lenders assess $70,000 income very differently. A broker can identify lenders with more favourable HEM benchmarks or income assessment policies for your situation.
FAQ
Can I get a mortgage on $70,000 a year in Australia?
Yes. At $70,000, most lenders will approve loans in the $330,000–$400,000 range. Combined with a reasonable deposit, this is sufficient for property in regional areas, outer capital city suburbs (especially Perth and Adelaide), and many growth corridor locations.
Is $70,000 a good salary in Australia?
$70,000 is close to the median full-time adult wage in Australia (approximately $95,000 at FY2025–26 per ABS). It’s a modest but workable income for home ownership in many areas, particularly outside Sydney and Melbourne.
Borrowing power estimates are indicative only. For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.