To buy a $900,000 property in Australia with a 20% deposit and a 30-year loan at 6%, you need a gross income of approximately $135,000–$160,000 to comfortably service the $720,000 mortgage. Couples typically need a combined income of $185,000–$210,000.
The Numbers at a Glance — $900,000 Property
| Item | Amount |
|---|---|
| Purchase price | $900,000 |
| 20% deposit | $180,000 |
| Loan amount (80% LVR) | $720,000 |
| Stamp duty (NSW, owner-occupier) | ~$35,835 |
| Other buying costs | ~$4,500–$6,500 |
| Total funds needed (20% deposit) | ~$222,000–$226,000 |
| Monthly repayment at 6%, 30yr | $4,316 |
| Monthly repayment at 6%, 25yr | $4,630 |
Income Required by Deposit Size
| Deposit | Loan amount | LMI | Monthly repayment | Income needed |
|---|---|---|---|---|
| 5% ($45,000) | $855,000 | Waived (FHBG, NSW/VIC eligible) | $5,126 | ~$145,000–$175,000 |
| 10% ($90,000) | $810,000 | ~$15,000–$19,000 | $4,856 | ~$140,000–$165,000 |
| 20% ($180,000) | $720,000 | Nil | $4,316 | ~$135,000–$160,000 |
First Home Guarantee at $900,000
| State | FHB Guarantee eligible at $900,000? | FHB stamp duty at $900,000 |
|---|---|---|
| NSW | Yes (cap $900,000 — at the limit) | Duty applies (over $800,000 exempt threshold) |
| VIC | Yes (cap $800,000) — $900,000 EXCEEDS cap | Concessional rate |
| QLD | No (cap $700,000) | Standard concession |
| WA | No (cap $600,000) | Minimal concession |
In NSW, $900,000 is exactly at the First Home Guarantee property cap — eligible. However, the NSW FHB stamp duty exemption ends at $800,000, so stamp duty applies on the $100,000 above the exemption threshold (approximately $3,700 in the concessional zone between $800k–$1M).
In VIC, $900,000 exceeds the First Home Guarantee cap ($800,000), so the Guarantee is not available.
Monthly Repayment by Rate ($720,000 loan, 30yr)
| Rate | Monthly | Annual |
|---|---|---|
| 5.50% | $4,088 | $49,056 |
| 6.00% | $4,316 | $51,792 |
| 6.50% | $4,549 | $54,588 |
| 7.00% | $4,791 | $57,492 |
Repayment as % of Income
| Gross income | Monthly (6%, $720k) | % of gross |
|---|---|---|
| $110,000 | $4,316 | 47% |
| $120,000 | $4,316 | 43% |
| $130,000 | $4,316 | 40% |
| $140,000 | $4,316 | 37% |
| $150,000 | $4,316 | 35% |
Below $130,000 single income, a $720,000 loan is difficult to service. Most lenders will want to see income above $135,000 for this level of borrowing on a single application.
Total Buying Costs (NSW)
| Cost | Non-FHB | FHB (concessional zone $800k–$1M) |
|---|---|---|
| Stamp duty | ~$35,835 | ~$3,700 (on amount above $800k) |
| Legal/conveyancing | $2,000–$3,000 | $2,000–$3,000 |
| Inspections | $600–$1,000 | $600–$1,000 |
| Loan establishment | $300–$700 | $300–$700 |
| Moving | $1,500–$3,500 | $1,500–$3,500 |
| Total (20% deposit) | ~$222,000–$228,000 | ~$188,000–$194,000 |
What $900,000 Buys
$900,000 is the approximate median dwelling price in Melbourne and below Sydney’s median house price.
| City | What $900,000 buys |
|---|---|
| Sydney | Apartment in inner suburbs; established house in outer/middle western suburbs |
| Melbourne | House in most established suburbs — at or above the metro median |
| Brisbane | Quality house in premium suburbs |
| Perth | High-end family home in desirable areas |
| Adelaide | Exceptional purchasing power; prestige properties accessible |
FAQ
What combined income do I need for a $900,000 house?
For a couple, a combined income of approximately $185,000–$210,000 comfortably supports a $720,000 loan (20% deposit on a $900,000 property). Couples closer to $160,000–$175,000 combined may qualify with low debts and expenses.
Can I buy a $900,000 property with the First Home Guarantee in NSW?
Yes — $900,000 is exactly at the NSW cap for the First Home Guarantee in FY2025–26. You can purchase with 5% deposit ($45,000) without paying LMI. However, you’ll pay a small amount of stamp duty on the amount above the $800,000 FHB exemption threshold.
For advice tailored to your situation, speak with a licensed mortgage broker. Find one through MoneySmart.