comet555

Good for you. I assume everyone will get there someday!

I'm hoping to get there in another 5 years, we'll see if that happens

wullieb1

Approx 27% of our combined total is rent.

Wish it was lower :-(

hereshoping

About 30% but we're making over payments, it could be more like 20-25%. Mortgage obviously, you wouldn't make overpayments on rent

quoll

0% here too.

Dorothy

No. He's an old guy and squatting is hard on old, arthritic knees.

If we're talking take-home then currently about 25% on rent plus another 10% for our mortgage while the house is being built. Once the house is finished and we move in the mortgage will go up to about 40%.

stevemich

If I remember rightly, the official description of "Mortgage Stress" is when you are paying 30%+ of your household income toward the house...

This is an interesting thread...

pazza

Are these percentages based on 100% mortgages, or have a lot of you paid a substantial deposit.
Hope thats not too cheeky a question, just curious to see what i'm going to be able to afford.

comet555

I'm not sure about everyone else but for ours we paid a deposit of about 50% (proceeds from last house sale). So that definitely helped. Right now our payments would be 17% but we overpay it so that we pay about 24%. Had we taken out a 100% mortgage we would have been paying closer to 35%.

Now if we had taken out the kind of mortgage the bank approved us for it would be higher than even 35%.

I would not listen to the bank on what you can afford. Figure out your net pay and work out 30% of that. That is the amount I really wouldn't go over on your regular payments. Even better would be to be around 20-25% (or lower of course). That way you've got a bit of room in case of interest rates, job losses, etc.

John_R

50% of my income on a 80% mortgage.


John

dave7370

About 45% renting.

ABCDiamond

To Emphasise the Interest rates...

The current RBA advised Standard Variable Mortgage interest rate is 6.85%
The ANZ bank is currently quoting 6.91%.

The average rate for the last 20 years has been 9.12% !!

What can people afford to pay if and when it goes back to the long term average rate ?

Spondylus

We're paying about 25% in rent. Thats after tax.

Pollyana

About $30 renting. Can't afford to buy and never will be able to, so not everyone will get to the 0%.....

breezeboylan

$30, wow thats cheap. lol
Tracie

sj oldfield

Personally I would never get myself into a mortgage that is more than 30-35% of our take home pay. I just don't like worrying about money. I'd rather live in a less fancy house and have money to do other things, or to pay off the mortgage sooner.[/QUOTE]

Yeah but sometimes you dont get the choice!!!
My son has just managed to get his foot on the ladder and he is paying more that 50% of his income...and its not a fancy house, just a small cottage block.
It was either that or staying in rented for the rest of his days!