eljustino

Hi all

Need some advice, If I make about A$42k in Perth as a nurse anyone have an idea what my take home pay would be after tax and medicare?

Also what would I need to clear roughly to have a decent standard of living and to buy my own house say for around the 200-300k$ mark. In other words could I have a decent standard of living and still afford to get my own house, I suppose that is my real concern. Also what would be my morgage costs on each month? Just to let you know I will be a single person living alone. Anyone...can you fill me in please??


And importantly will I have enough for a few

Cheers Justin

Sandra

I do not know Perth cost of living but on the take home side check out

http://www.ato.gov.au/scripts/taxcalc/calculate_tax.asp

you will take home approx 2742 per month = 632 per week

check out the websites for rental prices per week, as far as mortgages go you need to take into account your deposit and on costs with the price you are looking at, check out web sites such as St George and ANZ and Com Bank for mortgage calculators as only you know your details.

and from a personal opinion to rent and live on this wage will depend on what you want to live in and how far away from work you are but it sounds plausible.

Cheers

laverda down under

damn thats good.. i earn more than that here in QLD n i dont take that much a month,
id have thought you'd do ok though, but i wouldnt have thought if ya single youd need to bee looking a property of $300k !!!

but what do i know...
interesting though to find out how ya do.

joveazey

Hi,

Take off about 25-30% for tax, that leaves you with about $600 per week. A mortgage of $250k with a deposit of $15k will cost you about $400 per week. Not a lot left for everything else. Bills are quite expensive here too. I reckon you'd spend at least $100 per week on shopping. Sorry, but as we've found, it's not that cheap to live here. We bring home about $960 per week and our mortgage is only $82 per week and we are still skint ! There's 2 of us and a 2 year old. We have no other loans and just pay for bills and shopping. (mind you we both drink and smoke so that accounts for about $200 per week

Hope this helps and doesn't depress you too much.

Jo

jensteve

We have a mortgage of 170K and it costs us about $270 + insurance a month.

Lets face it, unless your wage coming is much higher, I dont think you will get a mortgage for more than 150K on your wage. We could only get a max of 182K on 50K anual wage in Perth, and without more than that coming in would have problems.
The morgages out here are weird you seem to be able to get yourself more in debt, and the fact that you can loan quite a substantial portion of your wage, little regard is given to other bills you have to pay, I have to agree it can be quite pricey with the everyday bills here.
Also remember they like a 20% deposit.
Jenny

ozzieeagle

I'm very curious as to where you got your rate of pay from ?

If you are going to work Afternoon shift, or weekends, or nights and even the occasional double shift, you can expect to earn at least 30-50 pct more than 42,000 Aud. Unless you are only intending to work only early shift weekdays. Maybe you didn't take shift allowances into consideration.


Check here for real rates of pay.

http://www.australiannursingagency.com/

Muzza04

where do you get that mortgage from....thats cheap....

is that not a per week payment

eljustino

Bloody hell,

Thanbks everyone for your posts but me being a little dense and a wee bnit tired forgot about the shift loading as ozzie put it, lates nights etc.....but even with that I wont be living in a condo by the sea, looks like armadale and those other dodgy areass may bne were i am heading.....no chance of subico now.... sniffle

J

ozzieeagle

I'll Admit I don't know too much about the Mortgage side of things, However in the early stages of a Mortgage, being a nurse, and able to turn on the income by working unsocial shifts, You'd be crazy not to knock as much of off what you owe when you can

Oh and dont forget the Salary packaging, that is aimed specifically at mortgage reduction.




There are RN's in Melbourne earning 90,000 Aud, however they are doing plenty of doubles.

jensteve

sorry forgot to mention it is per week.

Jenny

Sandra

Glad you added that !

I have $510,000 mortgage and I pay $3000 per month. I was just about to send you a request for your mortgage company.

Before anyone asks we can vouch for the fact they may let you borrow loads more than you earn if your deposit is big enough.

Gjn200

Do you mean they'll lend you more than the internet calculators say? (i.e about 3.5 times)

lynnbrooks

Hi Sandra,
what is classed as a 'big deposit' out there if you don't mind me asking?
Also could i ask what you do for a living or is that being too nosey?
Lynn

Sandra

To Gjn200 and lynnbrooks

the calculators form the basis of the what they like to lend, if you put down a decent percentage of the cost of the property they can take your multiples higher - because you lose your money first . How they work it is if you have more personal money in the property you are less likely to leg it if you do not have enough one month to pay. This is the same in any country.

This is a very basic explanation, but all mortgage lenders work on the same principles they have insurance and they work the odds. I was a mortgage counsultant in a past life and sister is in high finance sales.

'a big deposit' is the same in any country, may depend on the lenders but around 20-25% gets you into the higher multiples depending on the market.

We knew buying in Sydney would not be cheap, and please do not get me wrong I do not have a real posh place in Sydney, we bought the (big) crap house in a decent area.

For detail, and not cause I am boasting, I was just like everyone else wanting information when I was on the other side of the fence. We bought a house worth $780K - on costs added $40Kish to this. We had $300K from the sale of our UK home (we waited a year to sell in the UK and used 12K GBP - but sold at the height for us, early 2003).

so Percentages we paid for the on costs ourselves and used the first time homeowers $7K.

This left 780 - 510 = 270 deposit = 270/780 = 35% approx deposit

they lent us the 510 based on income (at the time of approx joint 130) but my job was a transfer so I had 6 years in the same job - hubby had three months in car sales?

My company moved us on a transfer so we had some relocation costs paid for us, this made a big difference in making initial choices of areas and being able to pack a whole house into a 40ft container without worrying about what we did and did not take.

I am in IT development but as a functional specialist.

So now here comes my other side of the coin......it has been sodding hard, it is a hefty debt to take on. My job transferred me to Aus and it was a way in to Aus when it might not have been possible to us through the normal routes. We had to move to Sydney because the job was here. We planned our whole move to Melbourne prior to transfer. It is a difficult enough time without putting yourself in debt above and beyond what you are used to. We could have reduced our debt and moved further out, but as a full time mum with kids and schools and special needs to consider we made the best choices for our family. We waited here in Aus over a year before we bought and looked every week at property and finance ensuring we really knew what we wanted, cause it is all new. I am not saying anyone else is wrong, we just made sure we really knew what we wanted.

Anyway I have waffled on enough. Best of luck to all your dreams

Gjn200

Cheers, but it isn't really a higher multiple, its still only 4 times.

Ta anyway.