Calculate Your Required Income
✅ 20% deposit — you avoid Lenders Mortgage Insurance
Current average variable rate — adjust to your quoted rate
Student loan repayments deducted automatically once you earn above $54,435/year
Most employees claim this. Only untick if this is a second job.
Affects your net take-home at the required salary.
To buy a $650,000 home with a $130,000 deposit, you need to earn at least:
per year
Based on the 30% mortgage stress rule
Home Loan Breakdown
| Property details | |
| Property price | $650,000 |
| Your deposit | $130,000 (20%) |
| Loan amount | $520,000 |
| Interest rate | 6.50% |
| Loan term | 30 years |
| Repayment schedule | |
| Monthly repayment | $3,288 |
| Annual repayments | $39,456 |
| Total repaid over term | $1,183,440 |
| Total interest paid | $663,440 |
| Income requirement | |
| Minimum salary (30% rule) | $131,520 |
| Conservative (28% rule) | $140,914 |
| Your take-home at this salary | |
| Take-home (annual) | $94,280/yr |
| Monthly take-home | $7,857 |
Estimates based on 2025–26 ATO rates and the 30% mortgage stress rule. Actual borrowing capacity depends on your lender's assessment. Not financial advice.
What Home Can I Afford on My Salary?
| Annual Salary | Max Repayment/month | Borrowing Power | Max Property (20% dep.) |
|---|---|---|---|
| $60,000 | $1,500 | $237,000 | $296,000 |
| $80,000 | $2,000 | $316,000 | $395,000 |
| $100,000 | $2,500 | $395,000 | $494,000 |
| $120,000 | $3,000 | $474,000 | $593,000 |
| $150,000 | $3,750 | $592,000 | $740,000 |
| $200,000 | $5,000 | $790,000 | $988,000 |
| $250,000 | $6,250 | $987,000 | $1,234,000 |
Borrowing power estimates are based on the 30% gross income rule at 6.5% interest over 30 years. Actual borrowing capacity is determined by your lender based on expenses, credit history, and other liabilities.