If we go conservative and use these ballpark figures:
Loan amount $650,000 76.4%LVR
Principle and Interest over 360 month loan term (30yrs) @ 7.5%pa= $4,545pm
$4,545+$2240 (living expenses for a couple) = $6785pm = $81,420pa
On a Gross income of $115,000.00pa,
less 9.5% super $10,925.00
Less tax $32,797.00
NET = $82,203.00pa
So you'd need around $115000 gross to meet those repayments by the banks estimate.
This is a conservative estimate and your repayments would be lower ie: $39,516pa (4.5%pa), so when the bank works it out,
you could probably comfortably get the loan with a lower income figure. Play around with this
For a bit more in depth, I found a servicing calc which you can download here
You'll need to update the borrowing rate to about 7.5%pa ( assessment rate) or so, and go ahead to fill in your personal details.
There's a section under PAYG income which you can enter self employed income.
This is the same sort of servicing calc which the lenders use. This one is from Genworth, which is an insurer.
Id fill it in for you but I don't want your personal information on record anywhere. GL
