This started from my work colleague telling me that "as long as you've the 20% deposit and a legit job, banks will loan the remaining total and don't even need to look at personal debt, income, expenses, etc. Although, bank will require the personal (debt, income, etc) information to complete the formality." To buy any property, we only require 2 conditions: 1. 25% of purchase price (including the 5% purchase cost) 2. A "legit" job (high/medium/low income) Now I'd to ask PCers if that statement is accurate (purely from financial point of view)? Does it not sound too simple? ----PS: If you're interested, you could also read on my personal situation below Current situation: only 1 PPOR a) Market value = 750k (already owned it for 4+ years) b) Remaining Loan = 350K (interest only) c) I've recently pulled out equity and it's currently sitting in a separate offset = 250k Can I now purchase a $1mil property? As I've now satisfied the 2 conditions above: 1. 25% = $250k -> this will be coming from c (250K) 2. I've a full-time job with medium income Note: I do currently have a MB. However, the answer I got on whether I could buy $1mil property, it sounds like a lot more complex than just the 2 conditions above. E.g. is the property for investment or live-in? if invest, what's the approx rental return etc. Thanks in advance!