Here’s how much you’ll need to afford a $750,000 home loan in Australia

By Jack Dona · · 3 min read
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Are you in the market for a property and have questions about how much money you’ll need for a $750,000 home loan? 

A home worth $750,000 might sound like a lot, but it’s actually close to the average mortgage size in the state of New South Wales. So, let’s break down things like how big a deposit you need for a $750,000 home and what your income needs to be to cover monthly repayments.

How much do you need to buy a $750,000 home? 

The first step in purchasing a home is to save up a deposit. A home loan deposit is usually 20% of the purchase price of the property, but there are cases where you can contribute as little as 5-10%. 

Aside from your initial deposit, you’ll also likely need to cover a few upfront provider fees and government charges, such as: 

  • Loan application fees
  • Settlement fees 
  • Conveyancing fees 
  • Property valuation fees
  • Stamp duty (unless you have an exemption).  

You can expect to pay into the hundreds for these fees, but may be entitled to a stamp duty waiver if you’re eligible for your state or territory’s First Home Owners Grant (FHOG). 

Aside from your deposit and the various fees associated with buying a property, a home loan lender will also take your borrowing power into account. Lenders can have different points of view when it comes to calculating your borrowing power, so make sure to shop around and compare home loans if at first you don’t succeed. 

What’s the deposit size for a $750,000 home loan?

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As purchasing a home in Australia usually requires a 20% deposit, a $750,000 home deposit will work out to be $150,000. 

A 20% deposit will put you in the 80% loan-to-value ratio (LVR) bracket, where many of the competitive home loan interest rates are found. 

If you don’t have a 20% deposit handy, but have enough for a 10% (or even 5%) one, you also have the option to look into low deposit home loans. A 10% deposit will require you to save $75,000, but a 5% deposit comes all the way down to $37,500. 

The catch is you’ll probably need to take out Lenders Mortgage Insurance (LMI), which may end up costing you more, as well as expose you to higher interest rates due to your higher LVR. 

If you haven’t quite got a 20% deposit, there are still some ways to avoid paying for LMI and qualifying for higher rates. These include: 

  • Seeking out a guarantor 
  • Using a cash gift as part of your deposit
  • Applying for a first home owners grant. 

How long does it take to save a 20% deposit for a $750,000 home?  

  • If you save $1,250 per month, you’ll have your $150,000 deposit in 10 years.
  • If you save $2,500 per month, you’ll have your $150,000 deposit in 5 years.
  • If you save $5,000 per month, you’ll have your $150,000 deposit in 2.5 years.
  • If you manage to save $12,500 per month, you’ll have your $150,000 deposit in as little as 1 year. 

Saving for a home loan deposit takes time, but helps to have a goal in mind – especially when it comes to creating a budget. Check out Mozo’s budget calculator to see how much you can save each month.

How much income do you need to buy a $750,000 home? 

A young happy couple in front of a yellow studio background. The man holds a box of clothes and the woman holds up a cardboard cut-out of a house

The best way to work out if you can afford a $750,000 home is to calculate your monthly repayments to see if your income matches up. 

If you purchase a $750,000 home with a 20% deposit, you’ll be up for a $600,000 loan. Now, say you’re an owner-occupier, paying principal and interest, with a loan term of 25 years at the average interest rate in the Mozo database of 6.60% p.a.

Using Mozo’s mortgage repayment calculator, you’d be up for a monthly instalment of $4,089. But taking into account ‘mortgage-stress’ (i.e. spending more than 30% of your monthly income on repayments), you’d need to be earning at least $13,630 after tax each month to comfortably meet your financial obligations. 

Calculated as a yearly salary, those looking to purchase a $750,000 house, your household would need to bring home an after-tax income of $163,560 per year. 

If you’re ready to buy, check out Mozo’s handy borrowing power calculator to see how big a loan you can afford. If you’re ready to compare home loans, have a look at some of the featured products below. 

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
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Loan purpose
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  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
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    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
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    5.04 % p.a.
    Initial monthly repayment
    $2,681
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    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
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  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
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    Initial monthly repayment
    $2,712
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  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
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    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
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    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
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    5.19 % p.a.
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    Initial monthly repayment
    $2,742
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    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
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    Initial monthly repayment
    $2,773
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    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
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    Initial monthly repayment
    $2,805
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    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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