To buy an $800,000 property in Australia with a 20% deposit and a 30-year loan at 6%, you need a gross income of approximately $120,000–$140,000 to comfortably service the $640,000 mortgage. Couples typically need a combined income of $160,000–$190,000.
The Numbers at a Glance — $800,000 Property
| Item | Amount |
|---|---|
| Purchase price | $800,000 |
| 20% deposit | $160,000 |
| Loan amount (80% LVR) | $640,000 |
| Stamp duty (NSW, owner-occupier) | ~$31,335 |
| Other buying costs | ~$4,000–$6,000 |
| Total funds needed (20% deposit) | ~$197,000–$202,000 |
| Monthly repayment at 6%, 30yr | $3,836 |
| Monthly repayment at 6%, 25yr | $4,116 |
Income Required by Deposit Size
| Deposit | Loan amount | LMI | Monthly repayment | Income needed |
|---|---|---|---|---|
| 5% ($40,000) | $760,000 | Waived (FHBG, if eligible) | $4,556 | ~$130,000–$155,000 |
| 10% ($80,000) | $720,000 | ~$13,000–$17,000 | $4,316 | ~$125,000–$150,000 |
| 20% ($160,000) | $640,000 | Nil | $3,836 | ~$120,000–$140,000 |
First Home Guarantee at $800,000: In NSW, the property cap is $900,000 — so $800,000 qualifies. In VIC, the cap is $800,000 — exactly at the limit. In QLD, the cap is $700,000 — $800,000 does not qualify. Always check current caps.
First Home Buyer Stamp Duty at $800,000
| State | FHB stamp duty at $800,000 |
|---|---|
| NSW | $0 (exempt to $800,000 — at the exact threshold) |
| VIC | Concessional rate (full exemption only to $600,000) |
| QLD | Standard concession applies, reduced benefit |
| WA | Reduced — most of the concession has phased out |
| SA | Full duty |
| TAS | Above $600k concession threshold — full duty |
NSW FHBs are exactly at the stamp duty exemption ceiling at $800,000. A dollar above (e.g., $800,001) would trigger stamp duty in NSW. This makes $800,000 a strategically significant price point for NSW first home buyers.
Monthly Repayment by Rate ($640,000 loan, 30yr)
| Rate | Monthly | Annual |
|---|---|---|
| 5.50% | $3,634 | $43,608 |
| 6.00% | $3,836 | $46,032 |
| 6.50% | $4,044 | $48,528 |
| 7.00% | $4,256 | $51,072 |
Repayment as % of Income
| Gross income | Monthly (6%, $640k) | % of gross |
|---|---|---|
| $100,000 | $3,836 | 46% |
| $110,000 | $3,836 | 42% |
| $120,000 | $3,836 | 38% |
| $130,000 | $3,836 | 35% |
| $140,000 | $3,836 | 33% |
At $130,000–$140,000, the repayment falls into the 33–35% of gross range — generally acceptable. Below $110,000, a $640,000 loan is very difficult to service on a single income without an unusually low expense profile.
Total Buying Costs
| Cost | Non-FHB (NSW) | FHB (NSW, exempt at $800k) |
|---|---|---|
| Stamp duty | ~$31,335 | $0 |
| Legal/conveyancing | $1,500–$3,000 | $1,500–$3,000 |
| Inspections | $500–$1,000 | $500–$1,000 |
| Loan establishment | $200–$600 | $200–$600 |
| Moving | $1,000–$3,000 | $1,000–$3,000 |
| Total (20% deposit) | ~$196,000–$202,000 | ~$163,000–$169,000 |
What $800,000 Buys in Australia
$800,000 represents a significant mid-market price point:
| City | What $800,000 buys |
|---|---|
| Sydney | Apartment in inner/middle suburbs; older house in western suburbs (40–55km from CBD) |
| Melbourne | House in established middle suburbs; quality townhouse inner city |
| Brisbane | Quality house in desirable suburbs |
| Perth | Premium family home in good suburban areas |
| Adelaide | Very strong purchasing power; wide range of houses |
$800,000 is close to Melbourne’s median dwelling price (~$940,000) and well below Sydney’s median house price (~$1.45M) — but still achievable for serious buyers in both cities.
FAQ
What is the minimum income for an $800,000 house?
The absolute minimum (low expenses, no debts, favourable lender) is approximately $100,000–$110,000 for a single borrower with a 20% deposit. However, most buyers at this price point are more comfortably served by $120,000–$140,000. For couples, $155,000–$175,000 combined is a practical target.
Can I use the First Home Guarantee for $800,000 in NSW?
Yes — the NSW property price cap for the First Home Guarantee is $900,000 in FY2025–26, so $800,000 qualifies. You’d also pay zero stamp duty as a NSW FHB at exactly $800,000. This combination makes $800,000 a particularly strategic price point for NSW first home buyers.
For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.