To buy a $700,000 property in Australia with a 20% deposit and a 30-year loan at 6%, you need a gross income of approximately $105,000–$120,000 to comfortably service the $560,000 mortgage. For couples, a combined income of $150,000–$170,000 is a practical benchmark.
The Numbers at a Glance — $700,000 Property
| Item | Amount |
|---|---|
| Purchase price | $700,000 |
| 20% deposit | $140,000 |
| Loan amount (80% LVR) | $560,000 |
| Stamp duty (NSW, owner-occupier) | ~$26,990 |
| Other buying costs | ~$3,500–$5,500 |
| Total funds needed (20% deposit) | ~$172,000–$175,000 |
| Monthly repayment at 6%, 30yr | $3,357 |
| Monthly repayment at 6%, 25yr | $3,602 |
Income Required by Deposit Size
| Deposit | Loan amount | LMI | Monthly repayment (6%, 30yr) | Income needed |
|---|---|---|---|---|
| 5% ($35,000) | $665,000 | Waived (FHBG, if eligible) | $3,987 | ~$115,000–$135,000 |
| 10% ($70,000) | $630,000 | ~$11,000–$14,000 | $3,777 | ~$110,000–$130,000 |
| 20% ($140,000) | $560,000 | Nil | $3,357 | ~$105,000–$120,000 |
First Home Guarantee eligibility: The property price cap for the First Home Guarantee varies by state. In NSW, the FY2025–26 cap is $900,000 — so $700,000 qualifies. In VIC, the cap is $800,000 — $700,000 qualifies. Check the current state-specific caps.
First Home Buyer Stamp Duty at $700,000
| State | Stamp duty for FHB at $700,000 |
|---|---|
| NSW | $0 (exempt to $800,000) |
| VIC | $0 (exempt to $600,000 only) — duty applies above $600,000 |
| QLD | Partial concession |
| WA | Reduced duty applies |
| SA | Full duty |
| TAS | 50% concession up to $600,000, full duty above |
At $700,000, NSW FHBs pay zero stamp duty — a saving of approximately $27,000. Victorian FHBs above $600,000 are no longer fully exempt and pay a reduced rate.
Monthly Repayment by Rate ($560,000 loan, 30yr)
| Rate | Monthly | Annual |
|---|---|---|
| 5.50% | $3,180 | $38,160 |
| 6.00% | $3,357 | $40,284 |
| 6.50% | $3,539 | $42,468 |
| 7.00% | $3,725 | $44,700 |
Repayment as % of Income
| Gross income | Monthly repayment (6%, $560k) | % of gross income |
|---|---|---|
| $90,000 | $3,357 | 45% |
| $100,000 | $3,357 | 40% |
| $110,000 | $3,357 | 37% |
| $120,000 | $3,357 | 34% |
| $130,000 | $3,357 | 31% |
At $110,000–$120,000 income, the repayment burden falls into the 34–37% of gross range — acceptable to most lenders. Below $100,000, servicing a $560,000 loan becomes difficult unless debts are very low and the lender’s HEM is favourable.
Total Buying Costs
| Cost | Non-FHB (NSW) | FHB (NSW, exempt) |
|---|---|---|
| Stamp duty | ~$26,990 | $0 |
| Legal/conveyancing | $1,500–$2,500 | $1,500–$2,500 |
| Inspection fees | $500–$800 | $500–$800 |
| Loan establishment | $200–$600 | $200–$600 |
| Moving | $1,000–$3,000 | $1,000–$3,000 |
| Total (20% deposit) | ~$170,000–$175,000 | ~$143,000–$148,000 |
What Markets Have Properties at $700,000?
$700,000 is a significant entry point in most Australian markets:
| Market | What $700,000 buys |
|---|---|
| Sydney | Apartment in inner/middle suburbs; older house in far outer west |
| Melbourne | Established house in middle and outer suburbs |
| Brisbane | Quality house in most suburbs |
| Perth | Good family home in mid to upper suburbs |
| Adelaide | Well-positioned house in most suburbs |
| Regional NSW/QLD | Larger homes, lifestyle properties |
FAQ
What salary do I need to borrow $560,000?
To comfortably borrow $560,000 (a $700,000 property with 20% deposit), you generally need $105,000–$120,000 single income, or $145,000–$165,000 combined for a couple, assuming moderate expenses and no major existing debts.
Can a couple on $120,000 combined buy a $700,000 house?
It’s very tight. At $120,000 combined, estimated borrowing power is approximately $560,000–$640,000. To buy at $700,000, you’d need a deposit of $130,000–$140,000+ and very low other commitments. The First Home Guarantee (5% deposit, no LMI) makes this more achievable if both are first home buyers and meet income limits.
For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.