NKSK version 2

payment in Perth now.


WOW!!!


Can everybody please respond whether you live in Perth or not and say whether that would be difficult for you?

Thanks

Wendy

Mine's half that (well nearly).

I could pay that much on my OH's wages and I doubt I could earn enough to be able to afford it either.

I think I'd have stuck to renting had I lived over there.

themerlin

Whats that about $450k home loan.

northernbird

That is pretty much what ours is.

walaj

that would be about right - 30yr repayment, as for those that don't know, this is more commonly quoted than 25yrs

Sydney is not far behind at $3,000 to buy a 'typical first home'

Vim Fuego

Ours is $1700 and we factored in overhead for HUGE interest rate rises when we budgeted so we could probably do $3000 with a LOT of sacrifice (bearing in mind my OH also works, part time).

But we don't have other loans or credit cards, I'd imagine those are the people that will get hit first if (when?) the whole resource sector thing crashes.

We are also trying to make extra payments to get the variable-rate bit of the loan down and paying fortnightly.

At this point I'd like to thank my OH for the prudent financial planning bit of our relationship ...

worzel

That is about what we were paying in the UK after 10 years. But we are paying about half that at the moment and that is with paying extra to clear it early.

The median house price is approaching $500K so for a first time buyer with little deposit that sounds about right. I have sympathy for youngsters looking to get in the market today. With average incomes at around $60K (say $4K take home per month) you need two incomes to buy an average house. But you could say the same in most of the developed world these days.

themerlin

It's handy when they do that

I have a need to go and download bad news now

aston man

sprry to go off track a little,but what can you borrow for that kind of payment over 25 years?

thank you

mark937

Yep thats average!

aston man

flippin hell,am i right in thinking that,thats borrowing 420k???

northernbird

yep, there or thereabouts.

aston man

im off to unpack my cases!!

The Crow

Bloody hell - I feel extremely lucky to be paying about a fifth of that

CathnPaul

How do first time buyers (ie. ozzy kids) save up enough to get a deposit on something with a mortgage of that size???