Borrowing Power on $350,000 Combined (Couple)
How much a couple earning $350,000 combined can borrow for a home loan. Based on bank assessment rates and the 30% serviceability rule.
Last verified: 1 July 2025On $350,000 combined, a couple could borrow approximately $1,063,603
Based on 9.25% assessment rate (6.25% + 3% buffer) and 30% serviceability ratio over 30 years.
Monthly repayment
$6,548.79
at 6.25% over 30 years
Fortnightly repayment
$3,022.52
at 6.25% over 30 years
Weekly repayment
$1,511.26
at 6.25% over 30 years
What $1,063,603 Buys You
How your $1,063,603 borrowing power compares to median house prices across Australian capital cities (with a 20% deposit).
| City | Median | Loan needed (80%) | Affordable? |
|---|---|---|---|
| Sydney | $1,150,000 | $920,000 | Yes |
| Melbourne | $800,000 | $640,000 | Yes |
| Brisbane | $780,000 | $624,000 | Yes |
| Perth | $700,000 | $560,000 | Yes |
| Adelaide | $720,000 | $576,000 | Yes |
| Hobart | $650,000 | $520,000 | Yes |
| Canberra | $850,000 | $680,000 | Yes |
| Darwin | $500,000 | $400,000 | Yes |
Median prices are approximate mid-2025 figures. Actual prices vary by suburb.
Deposit Needed
How much deposit you need for different property values with $1,063,603 borrowing power.
| Deposit % | Max property | Deposit | Est. LMI |
|---|---|---|---|
| 5% | $1,119,582 | $55,979 | $42,544 |
| 10% | $1,181,781 | $118,178 | $19,145 |
| 20%(no LMI) | $1,329,504 | $265,901 | $0 |
LMI estimates are approximate. Actual LMI varies by lender, loan amount, and LVR.
Monthly Repayments at Current Rates
| Rate | Monthly | Fortnightly | vs 6.25% |
|---|---|---|---|
| 5.5% | $6,039.02 | $2,787.24 | -$509.77/mo |
| 6% | $6,376.84 | $2,943.16 | -$171.95/mo |
| 6.25%(current) | $6,548.79 | $3,022.52 | — |
| 6.5% | $6,722.69 | $3,102.78 | +$173.91/mo |
| 7% | $7,076.18 | $3,265.93 | +$527.39/mo |
| 7.5% | $7,436.87 | $3,432.40 | +$888.08/mo |
What Reduces Your Borrowing Power
HECS-HELP debt
Compulsory repayments are deducted from income before assessment
-$106,360
Credit card ($10K limit)
Banks assume 3% of your credit limit as a monthly commitment, even if paid in full
-$36,466
Car loan ($500/month)
Existing debt repayments directly reduce serviceability
-$60,777
Each dependant
Banks add ~$400/month per dependant to living expenses
-$48,622
How to Increase Your Borrowing Power
- Pay off debts first — closing a $10K credit card could add $36,466 to your borrowing power
- Save a bigger deposit — a 20% deposit avoids LMI (saving $42,544) and shows lenders you're a lower risk
- Longer loan term — a 35-year term increases borrowing power to approximately $1,090,011 ($26,408 more)
- Add a co-borrower — combining incomes significantly increases capacity
- Reduce living expenses — lower declared expenses mean more income available for repayments
Lenders Mortgage Insurance (LMI)
LMI is required when your deposit is less than 20% of the property value. Here's what you'd pay on a $1,063,603 loan:
5% deposit (95% LVR)
$42,544
on $1,119,582 property
10% deposit (90% LVR)
$19,145
on $1,181,781 property
15% deposit (85% LVR)
$8,509
on $1,251,298 property
LMI can often be added to the loan (capitalised), but this increases your total debt. First home buyers may be eligible for the First Home Guarantee which allows a 5% deposit with no LMI.
Frequently Asked Questions
How much can a couple borrow on $350,000 combined?
A couple earning $350,000 combined could borrow approximately $1,063,603 for a home loan. Banks assess your combined ability to repay at 9.25% (current rate plus 3% buffer), using up to 30% of gross combined income.
Can a couple on $350,000 buy a house?
With $1,063,603 borrowing power, a couple could buy a property worth $1,329,504 with a 20% deposit. This is enough for a median-priced home in Sydney, Melbourne, Brisbane, Perth, Adelaide, Hobart, Canberra, Darwin.
What deposit does a couple on $350,000 need?
A 20% deposit of $265,901 avoids LMI and lets you purchase up to $1,329,504. A 5% deposit of $55,979 is possible but adds approximately $42,544 in LMI.
Other Combined Incomes
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General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.
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