To borrow $1,500,000, a couple with no other debts needs about $316,000 combined, and a single applicant about $338,000. That is at the 6% example rate, assessed at 9% over 30 years. The repayments are about $8,993 a month at 6%, and lenders test about $12,069. Children, other loans and HECS lift the income needed.

Income needed for a $1,500,000 loan
Household Income needed Loan as a multiple of income
Couple, no debts, no children About $316,000 combined 4.7 times
Single, no debts About $338,000 4.4 times
Couple, two children About $336,000 combined 4.5 times

What deposit goes with a $1.5 million loan?

With 20%, $375,000 on a $1,875,000 home. The 5% Deposit Scheme caps the price at $1.5 million in Sydney, so with a scheme deposit the most you can borrow is $1,425,000. A 10% deposit on a larger price usually means mortgage insurance: about $37,000 to $56,000 on a $1,500,000 loan at 90%.

Who avoids mortgage insurance at this size?

Listed professionals with some lenders, who waive LMI up to 90% for doctors, dentists, lawyers, accountants and others. See LMI waivers and home loans for doctors. Buyers with a parent’s guarantee avoid it too, whatever their job.

Is interest only common at $1.5 million?

For investors, often: interest only at 6% is $7,500 a month against $8,993 principal and interest. Lenders still assess the loan on principal and interest over the shorter remaining term, so interest only does not raise borrowing power. See interest-only home loans.

How do debts change the income needed for a $1.5 million loan?

Lenders count your debts before your income can carry the loan. Even an unused $10,000 card is assessed at 3.8% of its limit a month, which lifts the single income needed by about $11,000.

How debts lift the income needed for $1.5 million
Situation Income needed
No other debts $338,000
A $10,000 credit card limit $349,000
A car loan of $500 a month $353,000
Both $364,000

Does a shorter loan term change the income needed?

Yes. Over 25 years instead of 30 the repayments are higher, so a single applicant needs about $353,000 rather than $338,000 for the same $1.5 million, and the repayment rises to $9,665 a month at 6%.

How does a HECS debt change the income needed for $1.5 million?

Compulsory HELP repayments come out of your pay, so the lender counts them as a commitment. On 2026-27 rates a single applicant with a HECS debt needs about $449,000 instead of $338,000 for a $1.5 million loan. See HECS-HELP repayment thresholds.

What else does a lender check besides income for a $1.5 million loan?

  • Your deposit and where it came from; see genuine savings.
  • Your credit file, including repayment history.
  • Living costs, as the higher of what you declare and a benchmark.
  • Whether the property suits the lender: some limit loans on units under 50 square metres; see small apartment home loans.

What are the repayments on a $1.5 million loan?

  • At 6% over 30 years: $8,993 a month, or about $4,151 a fortnight.
  • At 6% over 25 years: $9,665 a month.
  • At the 9% rate lenders test: $12,069 a month, the figure your budget is checked against.

Nearby loan sizes: the income needed for a $1.2 million home loan. The borrowing power calculator starts from your own income instead.

Questions people ask

What salary do I need for a $1.5 million mortgage?

About $316,000 combined as a couple, or $338,000 single, with no debts on our assumptions.

What are the repayments on $1.5 million?

About $8,993 a month at 6% over 30 years. See repayments on a $1.5m home loan.

Can a couple on $150,000 each borrow $1.5 million?

Not quite: $300,000 combined reaches about $1,422,000 on our assumptions with no debts.

Will a bank lend six times my income?

Some will, but APRA limits how much new lending banks write at six times income or more, so very high multiples are harder to place.

Charles Touma tests a $1.5 million loan across lenders, including LMI waivers for your profession and how bonuses are counted. A free 30-minute call covers your borrowing. General information only, not credit advice. Lender policies change, and your own circumstances decide what suits you.

Sources: APRA, serviceability buffer; APRA, debt-to-income limit; Housing Australia, 5% Deposit Scheme price caps, checked 27 October 2026.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.