Average mortgage now over $300k
#1
Average mortgage now over $300k
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
#2
Re: Average mortgage now over $300k
Originally Posted by ScottDavis
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
To give you an example - I was trying to work out how much we could borrow.
The first time I put in my husbands salary, made it a joint application and quoted on there that I was a 'homemaker'.
I then put the salary in as a sole application and he could borrow $50k more!! charming!!
#3
Re: Average mortgage now over $300k
Originally Posted by ScottDavis
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Paula
#4
Re: Average mortgage now over $300k
Originally Posted by ScottDavis
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
hope it helps
Paula
#5
Just Joined
Joined: Jun 2006
Posts: 12
Re: Average mortgage now over $300k
Go to any of the major banks' web site - eg - www.commbank.com.au.
Look for tools and use "How much can I borrow"
Look for tools and use "How much can I borrow"
#6
Re: Average mortgage now over $300k
Originally Posted by tygwyn
Its more means tested here. They take into account any children you have and lots of other things.
To give you an example - I was trying to work out how much we could borrow.
The first time I put in my husbands salary, made it a joint application and quoted on there that I was a 'homemaker'.
I then put the salary in as a sole application and he could borrow $50k more!! charming!!
To give you an example - I was trying to work out how much we could borrow.
The first time I put in my husbands salary, made it a joint application and quoted on there that I was a 'homemaker'.
I then put the salary in as a sole application and he could borrow $50k more!! charming!!
Online calculators only give you a rough idea of how much you can borrow; they're not a true simulation of a mortgage assessment. The only reason it asked you for the number of children is because it would have used this information to work out a rough estimate of your outgoings.
In a real mortgage interview, you will simply be assessed on the balance of incomings vs. outgoings, current commitments and value of assets.
Please, please don't generalise about what Australian banks ask for in a mortgage interview on the basis of a few minutes with an online calculator. It's just not realistic.
#7
Re: Average mortgage now over $300k
Originally Posted by Vash the Stampede
I'm guessing that this was an online calculator, not an actual interview with a bank.
Online calculators only give you a rough idea of how much you can borrow; they're not a true simulation of a mortgage assessment. The only reason it asked you for the number of children is because it would have used this information to work out a rough estimate of your outgoings.
In a real mortgage interview, you will simply be assessed on the balance of incomings vs. outgoings, current commitments and value of assets.
Please, please don't generalise about what Australian banks ask for in a mortgage interview on the basis of a few minutes with an online calculator. It's just not realistic.
Online calculators only give you a rough idea of how much you can borrow; they're not a true simulation of a mortgage assessment. The only reason it asked you for the number of children is because it would have used this information to work out a rough estimate of your outgoings.
In a real mortgage interview, you will simply be assessed on the balance of incomings vs. outgoings, current commitments and value of assets.
Please, please don't generalise about what Australian banks ask for in a mortgage interview on the basis of a few minutes with an online calculator. It's just not realistic.
Hi Vash
Yes this was based on an online calculator but a friend of mine actually had a financial advisor come to her house with a very similar outcome - not generalising Vash - the poster asked a question and I answered it based on mine and others experiences!
#8
Re: Average mortgage now over $300k
Hi Scott
We were offered 5.8 x joint salary by the commonwealth bank a few months after landing with my other half in temporary employment and me on 3 months probation for a new job. :scared:
Judging by what other people have said on the forum this is not an exception it seems very easy to run up a huge mortgage so do your calculations very carefully.
We were offered 5.8 x joint salary by the commonwealth bank a few months after landing with my other half in temporary employment and me on 3 months probation for a new job. :scared:
Judging by what other people have said on the forum this is not an exception it seems very easy to run up a huge mortgage so do your calculations very carefully.
Originally Posted by ScottDavis
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
#9
Re: Average mortgage now over $300k
It really depends on the lender, we were offered anything from 4 x up to 7 x our annual salary (through a broker)
#10
Re: Average mortgage now over $300k
Originally Posted by tygwyn
Hi Vash
Yes this was based on an online calculator but a friend of mine actually had a financial advisor come to her house with a very similar outcome - not generalising Vash - the poster asked a question and I answered it based on mine and others experiences!
Yes this was based on an online calculator but a friend of mine actually had a financial advisor come to her house with a very similar outcome - not generalising Vash - the poster asked a question and I answered it based on mine and others experiences!
#11
Re: Average mortgage now over $300k
Originally Posted by ScottDavis
http://www.domain.com.au/Public/Arti...=NationalIndex
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
Does anyone know what an Aus bank typically lends as a multiple of salary? In the UK it's typically 3.5 x single or 2.5 x joint I think. Is Aus the same?
I wouldnt take much notice of the average mortgages, I bet if that only included new mortgages in the last 12months it would be higher than that.
#12
Re: Average mortgage now over $300k
Originally Posted by Vash the Stampede
What do you mean by "a very similar outcome"? What was the outcome, and on what was it based?
#13
Re: Average mortgage now over $300k
Originally Posted by tygwyn
A similar outcome to what I explained Vash! Initally they spoke about a joint application and then looked at a sole application - he was able to borrow more as a sole applicant!
#14
Re: Average mortgage now over $300k
Originally Posted by Vash the Stampede
Sole applicant and single income, or sole applicant and dual income?
#15
Re: Average mortgage now over $300k
Originally Posted by tygwyn
Sole applicant and sole income - wife is a home maker at the moment the same as me!
Did they explain why?