Paul, I did the same as you on a few of the bank websites, and was taken aback by the huge figure. While on a visit to Sydney last year, I stopped into a Westpac in Sydney, and was told I could borrow substantially less. This due to having a home in the U.S., that although would be rented out with $4000AUD net income per month, the bank claimed that this 'income' would not be counted, as there is no guarantee it would be rented on a continuous basis. Aussie pretzel logic boggles the mind sometime. Anyway, I visited an office of Aussie Home Loans in suburban Sydney, and spoke with a Brit expat who confirmed the Australian way of thinking, but came up with an amount I could borrow that made actual sense. My advice, run your figures by a broker and see what they come up with. Mortgage House is another firm that I have heard of, but there are many others. Good luck, mate!!