About $2,400 a month at a 6% example rate over 30 years, principal and interest. The lender tests you at about $3,220, which on our calculator assumptions needs around $96,000 of income for a single applicant.
Four hundred thousand dollars is the loan behind a first apartment in the outer ring, a regional house, or a Sydney purchase with a large deposit.
It is also the size at which a single income on $90,000 to $100,000 qualifies comfortably, which makes it the most common first loan for a solo buyer. This page gives the repayment at several rates, the figure the lender tests, the income behind it, and what the loan supports at each deposit.
Part of the first home buyer loans guide.
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Principal and interest, rounded. The example rate is 6%.
| 5%, 30 years | Monthly $2,145. Weekly $496. |
|---|---|
| 6%, 30 years | Monthly $2,400. Weekly $553. |
| 7%, 30 years | Monthly $2,660. Weekly $614. |
| 6%, 25 years | Monthly $2,575. Weekly $595. |
| 9%, 30 years (assessment rate) | Monthly $3,220. Weekly $743. |
| 6%, interest only | Monthly $2,000. Weekly $462. |
Illustration only. Rates depend on the lender, deposit and loan purpose. Figures exclude fees and LMI.
A $400,000 loan most often sits behind a first apartment, a studio or one-bedroom unit, or a purchase further out where a deposit of $40,000 to $80,000 goes a long way. Two things then matter as much as the repayment.
The first is the apartment itself: some lenders set minimum internal sizes and limit how much they lend in one building, so a small unit can shorten the lender list.
See small apartment home loans. The second is the price caps on the 5% Deposit Scheme and NSW duty relief, which a purchase at this level usually sits well under. See NSW first home buyer schemes.
An illustrative separated parent wants to keep a three-bedroom house in an established suburb, valued at $750,000 with $50,000 owing.
Buying out the former partner’s half of the $700,000 equity costs $350,000, so the new loan is $400,000 in one name, about 53 per cent of the value.
With a 5 per cent deposit under the 5% Deposit Scheme, $400,000 of borrowing supports a purchase of about $420,000 with a deposit near $21,000 plus costs, no LMI, and no NSW transfer duty for a first home buyer.
With 20 per cent down the loan supports $500,000 and the deposit is $100,000.
Between those two, LMI applies unless a guarantor covers the gap. On a $445,000 purchase with a 10 per cent deposit, LMI can run to several thousand dollars and is usually added to the loan. The LMI calculator shows the range and the buying cost calculator adds legals and moving.
What each lever is worth.
About $2,400 a month at a 6% example rate over 30 years, principal and interest. At 5% about $2,145; at 7% about $2,660. Interest-only at 6% is about $2,000.
Roughly $96,000 as a single applicant with no debts on our calculator assumptions, or about $108,000 combined for a couple. Commitments and dependants raise it; counted overtime or rent lowers it.
About $21,000 on a $420,000 purchase under the 5% Deposit Scheme, or $100,000 to avoid LMI on a $500,000 purchase without it.
About $463,000 at 6%, more than the loan itself. A 25-year term cuts it to about $373,000 for about $175 a month more.
Not as a single applicant with no other income on our assumptions, which reach about $315,000 on $80,000. Counted overtime, a partner’s income or a more generous lender benchmark can close the gap.
It is roughly $553 a week, close to the median Sydney unit rent. The lender’s test is the $3,220 at the assessment rate, not the actual repayment.
Use the repayments calculator for any amount, and the $100,000 borrowing guide for the income side.
Charles prices a $400,000 loan with the lenders that suit your deposit and shows the real monthly figure. Free, no credit check.
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General information only, not credit or financial advice. The figures are illustrations built on stated assumptions, not a quote or an assessment of your position. Lender policy, rates and assessment rules change and differ between lenders. Links Property Finance holds an Australian Credit Licence authorisation and can assess your actual borrowing power.
Official sources for the figures on this page: Housing Australia, 5% Deposit Scheme. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.
