To put that in perspective someone with a million dollar mortgage in Sydney would be forking out $1,346 per week in interest payments! To support payments of $1346 per week and without putting yourself into mortgage stress (greater than 30% of income) you would need a income before tax of $336,960!
Having a mortgage of 30% of you wage earning 40k is not the same as when your earning $160k. The general cost of living is no different. If your paying $1346/w in rent why do you need a remaining $4k to be comfortable? A couple earning 200k combined can easily service $1 million mortgage.
