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Links Property Finance · Home loans for first home buyers: Income Needed for a $1m Home Loan

The lender tests about $8,050 a month at the assessment rate, not the $5,996 you would pay. Below is the income that covers it, by household.

Reviewed by Charles Touma Updated 18 October 2026

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What income do you need for a $1 million home loan?

A single applicant with no debts needs about $219,000, and a couple about the same combined, on our calculator assumptions. Children, car loans and student debt raise the income needed.

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The figure is set by the lender’s test: the repayment at the 9 per cent assessment rate is about $8,050 a month, against about $5,996 at the 6 per cent example rate over 30 years.

Part of the first home buyer loans guide.

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Does your income reach $1,000,000?

How much could you borrow?

$219,000
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.

$1,000,000

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 $1,000,000, by household?

The gross income that leaves enough surplus, on our calculator assumptions, to cover about $8,050 a month at 9%.

Single, no debts, no childrenAbout $219,000. Most of the income above $190,000 is taxed at 45%.
Couple, no debts, no childrenAbout $219,000 combined. Lower tax on two incomes is offset by higher living costs.
Couple, two childrenAbout $236,000 combined. Living costs for children come out of the surplus.
Single with a $500 a month car loanAbout $234,000. The repayment comes out of the surplus first.

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

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What are the repayments on $1,000,000?

At the 6 per cent example rate over 30 years, about $5,996 a month, or about $1,384 a week. At 5 per cent it would be about $5,368, and at 7 per cent about $6,653. The repayments on $1 million page has the full table.

Over 30 years the interest comes to about $1,158,000; a 25-year term brings that to about $933,000 for about $6,443 a month.

A family in a paddock at sunset

Who usually borrows $1,000,000?

A federation house in Sydney
  • Two professionals.Two salaries of around $110,000 each with no debts reach this size on our assumptions.
  • A single buyer on a senior salary.A specialist, a senior engineer or a manager on about $220,000, often with bonuses that some lenders count.
  • Upgraders with equity.Owners selling or keeping a first home, where rent from the kept property counts toward the income.
  • Buyers with a family guarantee.A guarantee changes the deposit, not the income test.

What deposit goes with $1,000,000, and does duty apply?

With a 5 per cent deposit under the 5% Deposit Scheme, $1,000,000 of borrowing supports a purchase of about $1,052,000, inside the $1,500,000 Sydney price cap and with no LMI. The stamp duty calculator works out duty at any price.

At that price the NSW first home buyer concession no longer applies, so transfer duty is about $41,600. With 20 per cent down the same loan supports about $1,250,000, with duty of about $50,400.

What if your income is a little short?

Four changes that close a gap at this size.

  • Count all the incomeBonuses, overtime and rent from a property you keep can count, at rates that differ by lender.
  • Clear small debtsA $500 a month car loan costs about $62,000 of borrowing at 9%.
  • Cut unused card limitsLenders count a share of the limit even when nothing is owed.
  • Pick the lender for the fileAt $1,000,000, expense benchmarks and income policies differ enough to change the answer.

Common questions about $1,000,000 home loans

How much do you need to earn for a $1 million mortgage?

About $219,000 as a single applicant with no debts, or about the same combined for a couple, on our calculator assumptions. Children and debts raise it.

What are the repayments on a $1 million home loan?

About $5,996 a month at a 6% example rate over 30 years. The lender tests you on about $8,050 a month at 9%.

Can a couple on $110,000 each borrow $1 million?

Close to it with no debts and no children, on our assumptions. A lender with a lower expense benchmark gets there more comfortably.

Can I use the 5% Deposit Scheme for a $1 million loan?

Yes, if you are eligible and the price is within the $1,500,000 Sydney cap. Duty applies above $1,000,000 for first home buyers.

How much interest is paid on $1 million over 30 years?

About $1,158,000 at 6%. A 25-year term brings it to about $933,000.

Check your own figure with the borrowing power calculator. The $800,000 income guide sits below this one.

Get advice on income needed for a $1m home loan

Charles runs your income, bonuses and commitments through the lenders that assess most generously 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.