On a combined household income of $150,000, most lenders will approve a joint home loan in the range of $720,000 to $860,000, depending on living expenses, debts, dependants, and the lender. With a clean financial profile, some couples may qualify for up to $940,000.
Estimated Borrowing Power — Joint $150,000
| Combined income split | Estimated borrowing power | Monthly repayment at 6% |
|---|---|---|
| $75k + $75k, low expenses | ~$840,000–$940,000 | ~$5,040–$5,640 |
| $100k + $50k, moderate expenses | ~$760,000–$860,000 | ~$4,560–$5,160 |
| $80k + $70k, moderate expenses | ~$750,000–$840,000 | ~$4,500–$5,040 |
| Combined, 2 dependants | ~$640,000–$730,000 | ~$3,840–$4,380 |
| Combined, with credit card debts | ~$690,000–$780,000 | ~$4,140–$4,680 |
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 Joint Assessment Works at $150,000
Combined gross monthly income: $12,500. After PAYG and Medicare levy on both incomes (varying by how the income is split), net household income is approximately $108,000–$112,000/year.
Lenders apply HEM benchmarks to the household — not double the single-person figure. For a couple without dependants in a metropolitan area, HEM is approximately $3,200–$3,800/month. This is why borrowing power per dollar of income improves in a joint application compared to single.
Impact of dependants:
| Dependants | Monthly HEM increase (approx.) | Borrowing power reduction |
|---|---|---|
| 1 child | +$600–$800/month | ~$70,000–$90,000 |
| 2 children | +$1,200–$1,500/month | ~$130,000–$160,000 |
HECS Across Two Borrowers
If both partners have HECS, both are deducted. At common income splits within the $150,000 combined:
| Partner income | HECS rate | Annual HECS | Monthly |
|---|---|---|---|
| $80,000 | 4.5% | $3,600 | $300 |
| $70,000 | 2.5% | $1,750 | $146 |
| Combined | — | $5,350 | $446 |
Combined HECS at this income level reduces borrowing power by approximately $50,000–$70,000.
Repayment Estimates
| Loan amount | Monthly repayment (6%, 30yr) | Fortnightly | % of $150,000 gross |
|---|---|---|---|
| $550,000 | $3,298 | $1,522 | 26% |
| $650,000 | $3,897 | $1,799 | 31% |
| $750,000 | $4,496 | $2,075 | 36% |
| $850,000 | $5,095 | $2,352 | 41% |
At 30% of combined gross income ($3,750/month), the loan supported is approximately $624,000. At 35%, that’s approximately $728,000. These are good practical benchmarks to keep repayments manageable.
Deposit Requirements
| Purchase price | 20% deposit | Stamp duty (NSW est.) | Total funds needed |
|---|---|---|---|
| $800,000 | $160,000 | ~$31,090 | ~$197,000 |
| $900,000 | $180,000 | ~$35,835 | ~$221,000 |
| $1,000,000 | $200,000 | ~$40,335 | ~$247,000 |
First Home Guarantee: Available to joint applicants with combined income up to $200,000. At $150,000 combined, both applicants qualify — enabling a 5% deposit purchase with no LMI, significantly reducing the upfront capital required. See our First Home Guarantee guide.
With 5% deposit on a $900,000 property: $45,000 + stamp duty ($35,835 NSW) + legal/other costs (~$5,000) = approximately $88,000 total. Compare this to $221,000 for a 20% deposit.
What Can $150,000 Combined Buy?
With borrowing power of $760,000–$860,000 and a 20% deposit (or 5% with FHBG), realistic purchase prices are $800,000–$960,000 (20% deposit) or $800,000–$900,000 (5% deposit, FHBG).
| City | What’s achievable |
|---|---|
| Sydney | Apartment inner/middle suburbs; house in outer suburbs and satellite cities (Wollongong, Newcastle, Central Coast) |
| Melbourne | House in many established suburbs; wide range of options in outer ring |
| Brisbane | House in most suburbs; premium outer areas |
| Perth | Wide market access; good quality homes in desirable suburbs |
| Adelaide | Excellent purchasing power; houses in most areas |
A combined income of $150,000 opens up genuine house-buying options in Melbourne and Brisbane, and meaningful choices in Sydney beyond apartments.
Parental Leave Planning
Couples on $150,000 combined income should model what happens to loan servicing during parental leave. The primary earner’s government paid parental leave is capped (18 weeks at the National Minimum Wage in 2026), and the secondary income may be reduced or paused.
Strategy: Before buying, build 3–6 months of repayments as a buffer in an offset account. This protects against income disruption during parental leave without needing to redraw or refinance.
FAQ
What can a couple on $150,000 combined afford?
With borrowing power of $760,000–$860,000 and a reasonable deposit, a couple on $150,000 combined can target properties in the $800,000–$960,000 range. This opens houses in Melbourne, Brisbane, Perth, and Adelaide, and quality apartments in Sydney.
Does having dependants significantly affect our borrowing?
Yes. Each dependent child adds approximately $600–$800/month to assessed living expenses (HEM), reducing borrowing power by approximately $70,000–$90,000 per child. This is one of the most significant factors reducing borrowing power for young families.
Borrowing power estimates are indicative only. For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.