About $5,995 a month at a 6% example rate over 30 years. The lender tests you at about $8,045, which on our calculator assumptions needs roughly $219,000 of household income, and above $1 million many lenders also want a bigger deposit.
A million-dollar loan is a family house in most of Sydney: a $1.25 million purchase with 20% down, or a $1.1 million purchase with 10% and LMI. It is also where lender policy changes.
Loans above $1 million often attract lower maximum loan-to-value ratios, a second valuation on the property, and closer scrutiny of income that is not plain salary.
This page gives the repayment at several rates, the interest over the term, the income behind the loan, and the policies that apply at this size.
Part of the first home buyer loans guide.
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Charles and the team at links property finance recently assisted me with my purchase of my first property in Burwood. As a first home buyer, Charles made the process simple and easy. I would recommend Charles to all first home buyers
Charles at Links Property Finance made buying our first home so much easier than we expected. As first home buyers, we had a lot of questions around borrowing capacity, our deposit and the different government schemes available to us. Charles explained everything clearly, compared different lenders and kept us updated throughout the whole process. He was always easy to reach and made sure we understood what was happening from pre approval right through to getting our home loan approved. We would definitely recommend Links Property Finance to anyone looking for a mortgage broker, especially first home buyers who want someone to guide them through the process.
Charles went above and beyond to help us secure our home loan. He worked hard to find the best option for us and kept us updated throughout the whole process. His knowledge of the lending market was impressive and he made everything straightforward.
Charles Touma, Mortgage Broker.
Principal and interest, rounded. The example rate is 6%.
| 5%, 30 years | Monthly $5,370. Weekly $1,239. |
|---|---|
| 6%, 30 years | Monthly $5,995. Weekly $1,384. |
| 7%, 30 years | Monthly $6,655. Weekly $1,535. |
| 6%, 25 years | Monthly $6,445. Weekly $1,487. |
| 9%, 30 years (assessment rate) | Monthly $8,045. Weekly $1,857. |
| 6%, interest only | Monthly $5,000. Weekly $1,154. |
Illustration only. Rates at this size are often negotiated and depend on the deposit and the lender. Figures exclude fees and LMI.
On a loan this size, small rate differences are large in dollars: 0.25 per cent is about $2,500 a year in interest at the start of the loan. Switching costs, including discharge and registration fees and any fixed-rate break cost, come out of that saving.
Asking your current lender to reprice is the quickest test, and the answer can then be compared with other lenders. See is it worth refinancing for 0.5% and asking for a better rate.
An illustrative couple, a hospital registrar and a nurse, buy a four-bedroom house in a northern suburb for $1,110,000. They have $160,000 saved: $111,000 is the 10 per cent deposit, so the loan is $999,000.
Many lenders reduce the maximum loan-to-value ratio once a loan passes $1 million, often to 90% and sometimes to 80%, so the deposit needed is larger than the headline 5% or 10%. A second valuation is common on properties above $1.5 million.
LMI premiums at this size run well into five figures, and a few insurers will not cover loans above certain limits at all.
The income lenders look for at this size is worked through in income needed for a $1m home loan. The 5% Deposit Scheme still applies to purchases up to $1.5 million in Sydney, which means a $1 million loan on a $1.05 million purchase can go through with a 5% deposit and no LMI for an eligible first home buyer.
Stamp duty is the other large number. Above $1 million a first home buyer in NSW pays the standard rate, which on a $1.25 million purchase is more than $50,000.
The stamp duty calculator works out the figure and the large home loans guide covers lender policy at this size in detail.
What each one is worth.
About $5,995 a month at a 6% example rate over 30 years, principal and interest. At 5% about $5,370; at 7% about $6,655. Interest-only at 6% is about $5,000.
Roughly $219,000 of household income with no debts on our calculator assumptions. Dependants, school fees and car loans push it higher; rental income and bonus income counted in full pull it lower.
Commonly 10% to 20% of the price, because many lenders cap the loan-to-value ratio above $1 million. An eligible first home buyer can use the 5% Deposit Scheme up to a $1.5 million purchase in Sydney, which allows a 5% deposit with no LMI.
About $1,158,000 at 6%, more than the loan. A 25-year term cuts it to about $933,000 for roughly $450 a month more.
On our assumptions it passes with no debts: $250,000 leaves enough surplus to cover the $8,045 assessment repayment. The actual repayment at the example rate takes about 43% of take-home pay, so whether it is comfortable is a budget question rather than a lending one.
Not always at $1 million, but many lenders require two valuations above $1.5 million or $2 million. Charles orders the valuation early so a shortfall is known before the contract is unconditional.
The repayments calculator handles any amount, and the large home loans guide explains lender policy above $1 million.
Charles prices a $1 million loan with the lenders that lend at this size without a larger 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.
