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Links Property Finance · Home loans for first home buyers: Income Needed for an $800k Home Loan

About $174,000 for a single applicant with no debts, or $181,000 combined for a couple, on our calculator assumptions. The repayment is about $4,795 a month at a 6% example rate; the lender tests you on about $6,435.

Reviewed by Charles Touma Updated 18 October 2026

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What income do you need for an $800,000 home loan?

Eight hundred thousand dollars is a round number that matters twice in NSW. It is the price up to which a first home buyer pays no transfer duty, and it is the loan size that takes a couple into most middle-ring Sydney houses.

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Qualifying for it is a question of surplus: a lender needs to see enough income left after tax, living costs and commitments to cover the repayment at the assessment rate, not the advertised rate.

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This page works that backwards from the loan to the income, for a single applicant and a couple, and shows what moves the answer.

Part of the first home buyer loans guide.

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Does your income reach $800,000?

How much could you borrow?

$174,000
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.

$800,000

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 $800,000, by household?

About $174,000 for a single applicant with no debts, about $181,000 combined for a couple and about $199,000 for a couple with two children, on our calculator assumptions. The repayment tested is about $6,435 a month at 9%.

Single, no debts, no childrenAbout $174,000. Taxed at 37% above $135,000, single living benchmark.
Couple, no debts, no childrenAbout $181,000 combined. Two incomes taxed separately, higher living benchmark for two adults.
Couple, two childrenAbout $199,000 combined. Dependant allowance added to living costs.
Single with $500 a month car loanAbout $185,000. Commitment deducted before surplus is measured.

Illustration only. Each lender applies its own expense benchmark, buffer and income policy, and the differences at this loan size are large. The same working for a larger loan is in income needed for a $1m home loan.

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What does $800,000 cost each month?

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  • About $4,795 a month at 6% over 30 years.That is roughly $1,105 a week. At 5% it is about $4,295, and at 7% about $5,320.
  • About $6,435 a month at the 9% assessment rate.This is the figure the lender needs your surplus to cover. It is why the income needed is far higher than the actual repayment suggests.
  • About $4,000 a month interest-only.Available for investors and in limited cases for owner-occupiers, usually for up to five years, and assessed on the principal-and-interest repayment over the remaining term.
  • Total interest over 30 years: about $927,000 at 6%.Extra repayments, an offset account and a shorter term each cut it. Fortnightly repayments alone save years.

Self-employed income behind an $800,000 loan

If you are self-employed, lenders usually work from your last two years of tax returns and may add back some non-cash or one-off expenses, such as depreciation. Some use the latest year when income has risen, and others average the two.

The business’s taxable income, not its turnover, has to support the loan, so the timing of your returns matters. Low doc options exist, usually with a larger deposit. See self-employed lending and low doc home loans.

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How does a couple with one self-employed income reach $800,000?

An illustrative couple, one employed on $105,000 and one a sole trader whose taxable income averaged $77,000 over the last two years, earn about $182,000 between them. On our calculator assumptions that supports about $800,000.

They sell their unit and put $200,000 of the proceeds toward a $1,000,000 three-bedroom house in a middle-ring southern suburb.

Where do the deposit and the duty line meet?

An $800,000 loan with a 5% deposit under the 5% Deposit Scheme supports a purchase of about $840,000. That is just over the NSW duty exemption, so a first home buyer pays a reduced amount of transfer duty rather than nothing.

Keeping the purchase at or under $800,000 with a slightly smaller loan removes duty entirely, which can save several thousand dollars in duty.

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What if the income falls short?

Four ways households reach $800,000 without a pay rise.

  • Add an incomeA partner on $60,000 adds roughly $250,000 to $300,000 of borrowing on our assumptions. Most $800,000 loans are joint.
  • Clear the small debtsA car loan, a personal loan or an unused credit card limit each cost tens of thousands of borrowing. Clearing them is often faster than saving.
  • Keep the first propertyRent from a property you keep is counted at 70 to 80%. It can be the difference between $700,000 and $800,000.
  • Change the lenderExpense benchmarks and bonus policy differ enough that the same household can be declined at one lender and approved at another.

Common questions about $800,000 home loans

What income do I need for an $800,000 mortgage?

About $174,000 for a single applicant with no debts, or about $181,000 combined for a couple, on our calculator assumptions. Children, debts and HECS raise it; rental income and generous bonus policy lower it.

Can a couple on $90,000 each borrow $800,000?

Not quite, on our assumptions: a combined $180,000 with no debts and no children lands at about $795,000. A car loan or a child means a more generous lender or a slightly smaller loan.

What are the repayments on $800,000?

About $4,795 a month at a 6% example rate over 30 years, principal and interest. The lender assesses you on about $6,435 a month at the buffered rate.

How much deposit do I need for $800,000?

About $42,000 on an $840,000 purchase under the 5% Deposit Scheme, or $200,000 to avoid LMI on a $1 million purchase without the scheme. A guarantor can cover the gap.

Why is the first home buyer duty exemption $800,000 and not the loan?

The exemption is based on the purchase price, not the loan. A $780,000 purchase with an $800,000 loan is not possible, but a $780,000 purchase with a $740,000 loan is duty-free for an eligible first home buyer.

Does a HECS debt stop me borrowing $800,000?

No, but it raises the income needed by about $40,000 on our assumptions, because the compulsory repayment at this income is 10 per cent of salary and comes out before the lender measures the surplus. Lenders differ in how they treat a balance that will be cleared soon.

Check your own figure with the borrowing power calculator, then the stamp duty calculator for the duty line at $800,000. One step down, the $700,000 income guide shows what a smaller loan needs.

Get advice on income needed for an $800k home loan

Charles runs your actual payslips, commitments and deposit through the lenders with the most generous assessment at this loan 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.