How Much Income Do I Need to Buy an $800,000 Property?

$800,000 is a meaningful line in Sydney: it is roughly where apartments and some townhouses sit, and it is the NSW stamp duty exemption threshold for eligible first home buyers. Here is the honest arithmetic.

The deposit

With the 5% deposit scheme, about $40,000 plus a few thousand in costs, and no stamp duty for eligible buyers at this price. Without the scheme, a 20% deposit is $160,000.

The loan and repayments

A $760,000 loan over 30 years at recent rates means repayments in the mid-$4,000s per month. Lenders then test you at roughly 3% higher, so the question is whether your budget survives the buffered repayment, not the actual one.

The income

As a broad indication, households supporting this size of loan typically earn somewhere in the $130,000 to $160,000 range before tax, less with low expenses and no debts, more with dependants, cards or a car loan. It is an estimate, not a rule, lender policies differ widely.

Run your own numbers in the Buying Position tool or borrowing power calculator, then ask Charles what a lender would actually approve.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.