Any families in Australia living on combined gross income of less than $100,000 a yr?
Jan 27th 2012, 5:49 am
#61
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Re: Any families in Australia living on combined gross income of less than $100,000 a
Don't know how people could manage to do that on less than $100K gross per year to be honest.
Jan 27th 2012, 6:14 am
#62
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Re: Any families in Australia living on combined gross income of less than $100,000 a
It's not, but what might be new to many posters, is when the value of your home falls, your wages track sideways for a few years and interest rates rocket up.... been there, done that and it's not fun.
Jan 27th 2012, 6:26 am
#63
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Re: Any families in Australia living on combined gross income of less than $100,000 a
In Oz, with traditionaly high interest, a person buying a variable rate at the moment, could in a couple of years find themselves staring at an interest payment beyond their means.
It also answers the original post. Average house price (in Perth) is $450k. A mortgage of $400k means a repayment of between $30-36k. To service that, you need a minimum of a $100k a year income. Otherwise you are facing mortgage stress.
Jan 27th 2012, 6:29 am
#64
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Re: Any families in Australia living on combined gross income of less than $100,000 a
But that's always the risk you take when you have a mortgage, only thing you can do (if you're able) is ride it out and wait for things to get better.
Jan 27th 2012, 6:34 am
#65
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Re: Any families in Australia living on combined gross income of less than $100,000 a
I think the point he was making is that $34k a year is a huge amount of cash to be handing out. It would not take many bits of bad luck to find you staring at repossession. I know i have been there. Average mortgage all tickety boo, then i was made redundant and wife became ill and couldnt work. Result was came in a hairs breadth of losing the lot. Only saved by the fact i got offered a new job the day of the repossession hearing and court granted a suspended repossession order.
In Oz, with traditionaly high interest, a person buying a variable rate at the moment, could in a couple of years find themselves staring at an interest payment beyond their means.
It also answers the original post. Average house price (in Perth) is $450k. A mortgage of $400k means a repayment of between $30-36k. To service that, you need a minimum of a $100k a year income. Otherwise you are facing mortgage stress.
In Oz, with traditionaly high interest, a person buying a variable rate at the moment, could in a couple of years find themselves staring at an interest payment beyond their means.
It also answers the original post. Average house price (in Perth) is $450k. A mortgage of $400k means a repayment of between $30-36k. To service that, you need a minimum of a $100k a year income. Otherwise you are facing mortgage stress.
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
Jan 27th 2012, 6:39 am
#66
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Re: Any families in Australia living on combined gross income of less than $100,000 a
I agree, but if you're a first time buyer, or on a lower income, maybe you should be looking at property that's under the average for Perth.
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
Jan 27th 2012, 6:57 am
#67
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Re: Any families in Australia living on combined gross income of less than $100,000 a
I agree, but if you're a first time buyer, or on a lower income, maybe you should be looking at property that's under the average for Perth.
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
For some, coming here and only earning a small income, it might still be a better option than what they had back in the UK. But i would suspect for most, to come here and find you are earning less than $100k, it will mean a reduction in lifestyle and i just do not get the point of that.
Jan 27th 2012, 7:56 am
#68
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Re: Any families in Australia living on combined gross income of less than $100,000 a
In fact, renting is often spruiked by the property doomsayers as a preferable option for life. I've had many of them tell me they put their spare cash into shares, gold, silver, super, etc. and expect to be sitting pretty when they retire.
Personally I'd rather pay off my mortgage and leave something behind to give my kids get a leg up.
I agree, but if you're a first time buyer, or on a lower income, maybe you should be looking at property that's under the average for Perth.
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
There are plenty of options there, it might mean living further out from the city, or something smaller, but surely those are the types of homes we were all looking at when we were first time buyers?
I agree, but it also goes back to the earlier posts of why would you come here to find yourself in a crappier house in a crappier place than you were back in the UK? Pointless excersice. The sun might shine more in Perth than the UK, but i know for me it would be worthless sunshine if i was sat there in a house that was crap.
Last edited by Vash the Stampede; Jan 27th 2012 at 7:59 am.
Jan 27th 2012, 1:36 pm
#69
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Re: Any families in Australia living on combined gross income of less than $100,000 a
Ha Ha......love it!!
Jan 27th 2012, 2:35 pm
#70
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Re: Any families in Australia living on combined gross income of less than $100,000 a
I just happen to work in a city where my skills are valued which sadly is not in Australia where IT skills are not valued at all as you can see by the number of jobs being off shored.
Jan 27th 2012, 6:19 pm
#71
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Re: Any families in Australia living on combined gross income of less than $100,000 a
Jan 27th 2012, 10:07 pm
#72
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Re: Any families in Australia living on combined gross income of less than $100,000 a
Maybe your stance is why you can't get back to Sydney, you have overpriced yourself out of the market.....have you considered that? I'm not saying you are not worth it, I don't know your skills or experience, but your approach certainly does have its failings.....and a sense of immaturity.
Jan 27th 2012, 10:11 pm
#73
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Re: Any families in Australia living on combined gross income of less than $100,000 a
I do agree that you wouldn't need 200k but I don't agree that it would give you access to far more things than in the UK. One of the big bonuses you get living in the UK is that you are on the doorstep of Europe and a short (cheap) flight away from the US.
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Jan 27th 2012, 10:23 pm
#74
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Re: Any families in Australia living on combined gross income of less than $100,000 a
Yes I will concede that, what I meant was access to things in Sydney itself which in my limited opinion is more open than London for example. In Sydney the sheer proximity of the beach, harbour, mountians and National Parks as well as the delights of some of the city itself far outweighs the accepted pleasantries of 'the old smoke'.
Jan 27th 2012, 10:34 pm
#75
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Re: Any families in Australia living on combined gross income of less than $100,000 a
For you of course, for me beaches are of zero importance and London just has something very few cities has which is why it is one of the great cities of the world along with New York, Paris and Rome. I would never live in any city anyway but we are all different.
Yes I will concede that, what I meant was access to things in Sydney itself which in my limited opinion is more open than London for example. In Sydney the sheer proximity of the beach, harbour, mountians and National Parks as well as the delights of some of the city itself far outweighs the accepted pleasantries of 'the old smoke'.