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Links Property Finance · Home loans for first home buyers: Income Needed for a $600k Home Loan

About $133,000 for a single applicant with no debts, or $144,000 combined for a couple, on our calculator assumptions. The repayment is about $3,595 a month at a 6% example rate; the lender tests you on about $4,830.

Reviewed by Charles Touma Updated 18 October 2026

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What income do you need for a $600,000 home loan?

Most Sydney first loans are close to $600,000, and most of them are joint. A couple on two salaries in the $70,000s qualifies; a single applicant needs about $133,000.

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The reason is the assessment rate: the lender tests whether your surplus covers the repayment at 9 per cent, not the 6 per cent you would pay, so the income needed sits well above what the real repayment suggests.

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This page gives the income by household type, explains the test, and lists what lenders ask for once the income is there.

Part of the first home buyer loans guide.

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Does your income reach $600,000?

How much could you borrow?

$133,000
None

What moves the number

Choose any that apply. Each shows roughly how much it changes the figure, the way a lender’s assessment would.

$600,000

is an indicative borrowing figure at today’s typical rates. Lenders typically count around 80% of rental income, which is why an investment purchase can lift your number, your real figure comes from a proper assessment.

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What income is needed for $600,000, by household?

The combined gross income that produces enough surplus on our calculator assumptions. The repayment tested is about $4,830 a month at 9%.

Single, no debts, no childrenAbout $133,000. Single living benchmark, 30% tax bracket.
Couple, no debts, no childrenAbout $144,000 combined. Two incomes taxed separately, higher living benchmark for two adults.
Couple, two childrenAbout $162,000 combined. Dependant allowance added to living costs.
Single with $500 a month car loanAbout $144,000. Commitment deducted before surplus is measured.

Illustration only. Each lender applies its own expense benchmark, buffer and income policy.

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Who typically borrows $600,000?

A couple with coffee on a Sydney street
  • Couples on two ordinary incomes.Two salaries of $72,000 to $80,000 reach $600,000 with no debts, which is why most loans this size are joint applications for a first apartment or a middle-ring unit.
  • Single professionals a few years into a career.A single applicant needs about $133,000, which is a nurse unit manager, a mid-level engineer, a teacher at the top of the scale with allowances, or a tradesperson with a full order book.
  • Upgraders keeping the first property.Rent from the first home counted at 70 to 80 per cent often carries the second loan, so the salary needed is lower than the table suggests.
  • Rentvestors.Buyers who rent where they live and buy where the numbers work get the rent they receive counted, and some lenders apply a lower living benchmark.

Income from more than one source

Lenders do not treat every dollar the same. Base salary usually counts in full. Regular overtime, shift allowances and bonuses are often averaged over one or two years, and some lenders count only part of them.

Income from a second job generally needs a track record, and rent is usually counted at around 80 per cent.

If the income behind a $600,000 loan comes from several sources, the lender you choose can change the result. See second jobs and multiple incomes and overtime and allowances.

Moving day at a new home

What does $600,000 look like for a couple earning $144,000 together?

An illustrative couple, a paramedic on $80,000 and a bookkeeper on $64,000 with no children or debts, reach about $600,000 of borrowing on our calculator assumptions. They buy a two-bedroom unit near a western Sydney train line for $630,000 under the 5% Deposit Scheme.

  • The deposit is $31,500 from savings built over three years and the loan is $598,500, with no lenders mortgage insurance and, for first home buyers under $800,000, no transfer duty. Because they are at their limit, any new debt, even a small car loan, would bring the figure below $600,000, so they leave finance on anything else until after settlement.
  • The repayment is about $3,590 a month, and the lender tests it at about $4,820. This is an illustrative example, not a Links client: figures are rounded, at the 6% example rate over 30 years.
A couple sitting among moving boxes

Why does the lender test you on more than you will pay?

The repayment on $600,000 at the 6 per cent example rate is about $3,595 a month, but the lender assesses the loan at 9 per cent, which is about $4,830.

Over 30 years the loan costs about $695,000 in interest at the example rate. A 25-year term brings that to about $560,000 for roughly $270 a month more, and an offset account with $30,000 in it saves about $150 a month.

The $600,000 repayments guide works the monthly figures and the offset calculator shows what savings do to the term.

What do lenders ask for at this loan size?

Four things that decide a $600,000 application once the income is there.

  • Genuine savings or rent historyFive per cent of the price held for three months, or twelve months of rent paid on time with some lenders.
  • A property inside policyApartments over 50 square metres in established buildings pass everywhere; smaller units and new towers narrow the panel.
  • Commitments declared in fullCredit card limits, car finance and buy-now-pay-later accounts are checked against the credit file and bank statements.
  • A deposit that covers duty and costsUnder $800,000 a first home buyer pays no NSW duty; a second home buyer pays about $21,000 on a $600,000 purchase, in cash at settlement.

Common questions about $600,000 home loans

What income do I need for a $600,000 mortgage?

About $133,000 for a single applicant with no debts, or about $144,000 combined for a couple, on our calculator assumptions. Dependants, car loans and HECS raise the figure; counted overtime, rent from a property you keep and a generous lender lower it.

Can a couple on $70,000 each borrow $600,000?

A combined $140,000 with no debts and no children reaches about $575,000 on our assumptions, so it falls a little short. A lender that counts overtime or uses a lower expense benchmark gets there; a car loan or a child pushes it the other way.

Is $600,000 a realistic first loan in Sydney?

It is the most common one. It buys a $630,000 apartment with a 5 per cent deposit under the 5% Deposit Scheme or a $750,000 unit or semi with 20 per cent down, both under the $800,000 duty exemption.

Does rent from an investment property count toward $600,000?

Yes, at 70 to 80 per cent of the rent with most lenders. A property returning $600 a week can add around $120,000 of borrowing on our assumptions, which brings the salary needed well below $130,000.

What deposit goes with a $600,000 loan?

About $32,000 under the 5% Deposit Scheme on a $630,000 purchase, about $70,000 at 10 per cent on $665,000 with LMI or a guarantor, or $150,000 at 20 per cent on $750,000.

How long does a $600,000 approval take?

With documents complete, pre-approval in one to five business days and formal approval three to ten business days after the contract. Self-employed income and valuation questions add time.

Check your own figure with the borrowing power calculator, then the $600,000 repayments guide for the monthly cost. One step up, the $700,000 income guide works the same figures.

Get advice on income needed for a $600k home loan

Charles runs your payslips, commitments and deposit through the lenders with the most generous assessment at this size. Free, no credit check.

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Charles Touma, mortgage broker at Links Property Finance
Reviewed by Charles Touma Director & Mortgage Broker · MFAA member · Credit Representative 579003 under ACL 389328 About Charles · First home buyers · MFAA register · ASIC register · Complaints processEvery page is reviewed by Charles before it is published and checked against current lender policy and the official scheme pages linked where figures appear.

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: Revenue NSW, First Home Buyers Assistance Scheme · Housing Australia, 5% Deposit Scheme. Scheme rules change; the official pages are the final word. Checked against these sources on 12 October 2026.