MarkMC

about 45%, but that is only short term. We have not been here long, took a house slightly more expensive than we wanted, and took a job on lower wages to get started. Having said all that, there is a surplus from the people renting our house in the UK too.

Paddy_M

Surely % of income is (almost) meaningless and it is what you can afford.

A person with net income of $40,000 with 30% for mortgage is left with $28k

A person with net income of $60,000 with 50% for mortgage is left with $30k

Just a thought.

viviennef

I've got a rubbish house and pay 45% at least. couldnt get smaller. I am very mortgage stressed. Sometimes things go well though and then its less than that.


But I do have a back up plan

Vivienne

Kooky.

Are you the one blowing up all the ATMs in Sydney?

Amanda Jayne

Or sleeping on a park bench?

viviennef

mmm, ATMS. thats a thought.

Much more boring. Returning to full time work

I do work heaps but a fair part of it is on my husbands business bringing in work, part on a business venture that I can't draw on and partly on another partnership that will pay immediately but is not really what I want to be doing.

When I really am up against the wall which happens periodically, I just change focus to immediately paid work (no long term gain) - back up then is to get someone else to help me with the unpaid stuff.

We are in a difficult position financially because we decided to start out own stuff without adequate capital behind us. You really need at least 100k (more like 200k) I think to start a business properly but if you dont have it then you have to get skint doing it because cashflow is the killer of many small businesses. This means it takes forever to get going properly. Having lots of babies so quickly doesnt help.

Anyway, hopefully it will all pay off and in 5 years we will get solvent! I have to stay in with the kids now so its kind of the right time.

I have another great business idea though too as plan c involving dirty knicker sales...... Of course I wouldnt be the knicker provider but I think on another thread, I have a potential supplier

Vivienne

DunRoaminTheUK

We put down about 45% of the total value of our mortgage as a deposit which made **** all difference to us when the interest rates went sky-high last year.

We are in a much better position now as we are paying almost $1,000 per month less than we were about 6 months ago (and I'm assuming it's going to go lower still?).

JCSUPERMOTO

Why didnt it make any differnce if you put down 45%?
Was the interest rate high last year then?
And whats the fixed rates at the monet or trackers please?
cheers jase

DunRoaminTheUK

Sorry, I got my sums wrong. It was actually about 30% but the cost of the house was $550,000 so when alls said and done our mortgage was still sufficiently large enough to be 'doable' when we first arranged it but far less 'doable' when our initial rate had risen by almost 2%.

We are currently paying less than our initial rate so alls good.

elmao

25-30% on rent depending on our income for the week!

highersights

Rent is 40% of take-home pay (Sydney)

fudge7000

my morgage in england is about 60% of my wage! am hoping for a much lower % when renting in melbourne!

Wol

The three rentals we had to use before building our own place cost $720, $750 and $370 per week. Percentages of income don't say much <g>.