To buy a $600,000 property in Australia with a 20% deposit and a 30-year loan at 6%, you need a gross income of approximately $90,000–$105,000 to comfortably service the $480,000 mortgage. Couples on a combined income of $130,000–$150,000 are generally well-positioned.
The Numbers at a Glance — $600,000 Property
| Item | Amount |
|---|---|
| Purchase price | $600,000 |
| 20% deposit | $120,000 |
| Loan amount (80% LVR) | $480,000 |
| Stamp duty (NSW, owner-occupier) | ~$22,490 |
| Other buying costs (legal, inspection, etc.) | ~$3,000–$5,000 |
| Total funds needed (20% deposit) | ~$147,000–$150,000 |
| Monthly repayment at 6%, 30yr | $2,878 |
| Monthly repayment at 6%, 25yr | $3,088 |
Income Required by Deposit Size
| Deposit | Loan amount | LMI | Monthly repayment (6%, 30yr) | Income needed |
|---|---|---|---|---|
| 5% ($30,000) | $570,000 | Waived (FHBG) | $3,418 | ~$100,000–$115,000 |
| 10% ($60,000) | $540,000 | ~$9,000–$12,000 | $3,238 | ~$95,000–$110,000 |
| 20% ($120,000) | $480,000 | Nil | $2,878 | ~$90,000–$105,000 |
Income needed = gross annual salary to pass lender serviceability at 9.00% assessment rate (APRA 3% buffer). Actual lender requirements vary.
First Home Buyer Concessions at $600,000
| State | FHB stamp duty at $600,000 |
|---|---|
| NSW | Fully exempt (threshold $800,000) |
| VIC | Fully exempt (threshold $600,000) — at the exact threshold |
| QLD | Partial concession (full exemption ends at $500,000) |
| WA | Concession applies, reduced benefit at $600,000 |
| SA | No exemption |
| TAS | 50% concession up to $600,000 |
| NT | Check current NT thresholds |
NSW and VIC first home buyers pay zero stamp duty at $600,000. In QLD, the full exemption ends at $500,000 — you’ll pay some duty at $600,000. Use our stamp duty calculator for your exact state.
Monthly Repayment by Interest Rate ($480,000 loan, 30yr)
| Rate | Monthly | Annual |
|---|---|---|
| 5.50% | $2,725 | $32,700 |
| 6.00% | $2,878 | $34,536 |
| 6.50% | $3,034 | $36,408 |
| 7.00% | $3,193 | $38,316 |
| 7.50% | $3,356 | $40,272 |
Repayment as % of Income
| Gross income | Monthly repayment (6%, $480k) | Repayment as % of income |
|---|---|---|
| $80,000 | $2,878 | 43% |
| $90,000 | $2,878 | 38% |
| $100,000 | $2,878 | 35% |
| $110,000 | $2,878 | 31% |
| $120,000 | $2,878 | 29% |
At $90,000 income, repayments on a $480,000 loan represent 38% of gross — tight but passable for lenders. At $100,000–$110,000, it falls into the more comfortable 30–35% range.
Total Buying Costs at $600,000
| Cost | Non-FHB (NSW) | First home buyer (NSW) |
|---|---|---|
| Stamp duty | ~$22,490 | $0 (exempt to $800,000) |
| Legal/conveyancing | $1,500–$2,500 | $1,500–$2,500 |
| Building & pest inspection | $500–$800 | $500–$800 |
| Loan establishment | $200–$600 | $200–$600 |
| Moving | $1,000–$3,000 | $1,000–$3,000 |
| Total (20% deposit) | ~$145,000–$150,000 | ~$123,000–$128,000 |
NSW FHBs save approximately $22,000–$23,000 in stamp duty at this price point.
Can I Buy a $600,000 Property on $80,000?
It’s very tight. At $80,000, estimated borrowing power is $390,000–$440,000. To borrow $480,000, you’d need:
- Low expenses and no other debts
- A favourable lender (credit policy varies significantly)
- Or a larger deposit to reduce the loan to $400,000–$430,000
Realistically, $80,000 is the borderline minimum for a $600,000 purchase — it’s more comfortably achieved at $90,000+.
FAQ
What income do you need for a $600,000 mortgage?
A $600,000 mortgage (100% LVR — not typical) would require approximately $120,000–$135,000 income. A more common scenario is a $480,000 mortgage with a 20% deposit, which requires approximately $90,000–$105,000.
Is $600,000 a good first home price?
$600,000 is at the upper limit for first home buyer concessions in Victoria (exactly at the stamp duty exemption threshold) and below NSW’s $800,000 exemption. In QLD, SA, and WA, it’s above the full exemption threshold. It’s achievable for FHBs with $80,000–$120,000 combined income using the First Home Guarantee.
For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.