How much do you pay for your mortgage/rent?
Jan 22nd 2009, 1:00 pm
#1
BE Enthusiast
Thread Starter
Joined: Nov 2001
Location: Under the glow of my new visa
Posts: 629
How much do you pay for your mortgage/rent?
As a percentage of your total net household income, approximately how much goes on monthly mortgage/rent payments? 20%? 30%? 50%?
- CDM
- CDM
Jan 22nd 2009, 1:29 pm
#2
Aussie Finn Mixture!
Joined: May 2005
Location: Leschenault WA (after few locations around WA and Around Europe!)
Posts: 1,151
Jan 22nd 2009, 7:00 pm
#5
Has left the building
Joined: Mar 2007
Posts: 4,079
Re: How much do you pay for your mortgage/rent?
There was an article I saw last night that reported 84% in WA
must go now and find it.
http://www.domain.com.au/Public/Arti...in%20Australia
must go now and find it.http://www.domain.com.au/Public/Arti...in%20Australia
Last edited by Geelong Gent; Jan 22nd 2009 at 7:03 pm.
Jan 22nd 2009, 7:25 pm
#6
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: How much do you pay for your mortgage/rent?
There was an article I saw last night that reported 84% in WA must go now and find it.
http://www.domain.com.au/Public/Arti...in%20Australia
must go now and find it.http://www.domain.com.au/Public/Arti...in%20Australia
"It has made the city the fourth-most unaffordable place in Australia to live."
So where's the top three...?
Jan 22nd 2009, 9:25 pm
#7
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: How much do you pay for your mortgage/rent?
About 30% - rent.
Jan 22nd 2009, 11:13 pm
#8
Canuck/Aussie
Joined: May 2006
Location: BC, Canada
Posts: 4,547
Re: How much do you pay for your mortgage/rent?
Our mortgage is 24% of our income, although we are continuing to overpay it. So technically our payments could be as low as 17% of our income if we wanted.
We were fortunate enough though to be able to pay for half the house outright, which is why our payments are fairly low. If we had a 100% mortgage we would have been paying closer to 35% of our income.
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.
We were fortunate enough though to be able to pay for half the house outright, which is why our payments are fairly low. If we had a 100% mortgage we would have been paying closer to 35% of our income.
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.
Jan 22nd 2009, 11:24 pm
#9
Demi-God
Joined: Oct 2008
Location: Far North Queensland
Posts: 2,812
Re: How much do you pay for your mortgage/rent?
Our mortgage is 24% of our income, although we are continuing to overpay it. So technically our payments could be as low as 17% of our income if we wanted.
We were fortunate enough though to be able to pay for half the house outright, which is why our payments are fairly low. If we had a 100% mortgage we would have been paying closer to 35% of our income.
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.
We were fortunate enough though to be able to pay for half the house outright, which is why our payments are fairly low. If we had a 100% mortgage we would have been paying closer to 35% of our income.
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.
Jan 22nd 2009, 11:33 pm
#10
Full Throttle
Joined: Mar 2005
Location: here
Posts: 1,728
Re: How much do you pay for your mortgage/rent?
36% when renting....
If we bought, we would aim for no more than 40% at a push... even that is a scary thought...
Downside is to obtain that, we would need to move from 8km from Sydney city centre, to 40km....
If we bought, we would aim for no more than 40% at a push... even that is a scary thought...
Downside is to obtain that, we would need to move from 8km from Sydney city centre, to 40km....
Jan 22nd 2009, 11:35 pm
#11
BE Enthusiast
Joined: Mar 2007
Location: Brisbane
Posts: 835
Re: How much do you pay for your mortgage/rent?
0%, our UK mortgage has halved thanks to interest rate cuts. Our tenants now pay our UK mortgage and our OZ rent!
Jan 22nd 2009, 11:51 pm
#12
Oiiii.. You slaggg!
Joined: Feb 2004
Location: Brisbaneshire
Posts: 5,209
Re: How much do you pay for your mortgage/rent?
)My best educated guess is that this figure will continue to fall with what is happening in the world - Then we fix...
Jan 23rd 2009, 12:18 am
#13
BE Enthusiast
Joined: Feb 2006
Location: UK to Sydney Feb 06
Posts: 738
Re: How much do you pay for your mortgage/rent?
About 40% - rent
Jan 23rd 2009, 12:28 am
#14
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: How much do you pay for your mortgage/rent?
0%
Jan 23rd 2009, 12:31 am
#15
Oiiii.. You slaggg!
Joined: Feb 2004
Location: Brisbaneshire
Posts: 5,209