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This should never have passed the OP's smell test. A figure like that should have made the OP run some quick figures, realise that she couldn't afford a 700k loan, and seriously question the MB.

You know your own budget. I don't. You tell me. If you don't know, don't borrow money until you do. I just think that 700k figure sounds wrong.

This sounds strange. You can't just take the income side, the calc should include the interest you have to pay. Usually, the interest rate applied by the banks in the serviceability calcs is higher than the current variable rate. Even if you were on a 92k salary package, with no other debts...