PaulandNic

What percentage of your earnings goes on your mortgage?

I'm guessing as your all Poms you've prob bought your house outright as you lot are rich! (so half of the people here seem to think ... ) ... but what DO you spend?

I've been told 30% is wise, but with the rise in house prices these days 50% in not uncommon ...

Appreciate your input ...

(Oh and appreciate NOT the best time to post this ... ... but will bump it in the morn)

ozzieclare2b

just as an aside been speaking to one of our friends this morning. his sister works in banking in sydney and she reckons house prises are going to start falling so she is holding off buying for now until they drop..something to do with knock on effect from us markets..so who knows!

By the time we are sorted out we may have around 30-40k aussies dollars to put on a house which isnt alot considering we own a third of our house outright here. I dont think everyone on here is loaded just some people tend to brag more lol, and i couldnt give a toss if we dont get a 4x4 or a mansion with a pool, as long as we have a decent home i am not going to kill myself to get the aussie dream..thats one thing i hate about the uk...peole seeem to judge others on what they own, what car they drive etc. I will be happy with anything as long as its safe. Even if we went with 5k we would make a bloody good go of it and who knows we may not buy..why would we need to if we can rent a fabulous house for far less than a mortgage?

why

we got a 100% mortgage with no deposit after 1 year of being here......based on my part-time earnings. after ten years of up grading . i reckon we spend 25% but also get salary packaging on top so really less than that...(sorry not very accurate)!!!!!...but the worry i have is that the cost of living has risen sharply very quickly...it's difficult to know if this is due to the droughts and floods we have had or petrol prices or the world money situation....i don't expect prices will go down though......

gerry

some one on in our money situtation lol

we too worry we wont have enough when we go we are takeing around £50k as well but worried we will be in same boata s regards to mrgage and payments???!!!

if it helps we think we are aiming at around $400k for a average house with around $70k deposit.....

i am a wood machinest abd expect to earn around $25k
and my wife a care assistant expects to earn around $15k

and one child aged 7

CathnPaul

Dont forget that if you dont put 20%deposit down you are eligible for mortgage insurance which is a pretty penny. x x we are weighing up when to buy. Houseprices up here are still on the up and we arent sure what to do.

matt-and-jenny

Ours is 30% of our income..
J

Vim Fuego

Our loan is 30% of our joint income (my OH is part time) which is very manageable for our lifestyle.

We have it split 75%/25% Fixed/Variable.

We also try to take lump sums off the variable loan where we can and have increased the repayments above the minimum on both. We have a penalty-free redraw so if we needed cash in a hurry then no worries.

Also we pay fortnightly, which reduces the repayment time compared to monthly (obviously...).

We put a 20% deposit down thanks to the prior form of my wife who was the sensible one ... no credit cards for us these days, we only spend what we have

nurselindsey

Hi there

Our mortgage repayments will be around 40% of Andys fortnightly wage when we eventually start to pay, unfortuantely though because we are building there will come a time when we have to pay both rent and mortgage -I best get saving now. The amount of mortgage we pay increases throughout the build. Saying all this we are managing to save a good portion of his wage and I don't feel that we missing out on anything! We were lucky in the fact that we were able to buy land almost outright and are now borrowing money to build. Andy earns $60,000pa (maybe a little more) and we were able to borrow up to a maximum of $260,000 although we haven't borrowed this. We have chosen to build due to our budget as we would have struggled to buy with the amount of money we had/could afford in the areas that we liked. Ditto what was said re credit cards/loans etc - we have none we just budget tons better than we did in the UK (its a must) and we too will pay our mortgage fortnightly as when taking a mortgage over 30 years, by paying fortnightly the term reduces by approx 5 years.
Hope this helps

Lindsey

Timber Floor Au

http://virginmoney.com.au/home-loans...C24&cid=HL_C24

Not for info, just to watch the OLD cpl getting it on !!!


LOL

Bernieboy

We are/will be in the same boat when we get over,thank **** our OH'S have money/business sense,if it was me we would be living in a box

Wendy

We pay just under 43% of my OH's basic take home pay in mortgage. By the time we have added in his overtime and stuff then it works out about 37%. We have a 95% mortgage.

Don't want to burst your bubble honey, but I doubt ADL prices will come down They are rising at an alarming rate, and there is no sign of a slow down here. Maybe in the other cities, but people are buying here from other states because they get more for their money here and it's a good investment for them.

comet555

Our mortgage is 29% of my husbands net take home wage. I won't be working at least for a while longer because we still have two little kids at home.

We have a variable mortgage and put down a 45% down payment. I'm sure we could have afforded a more expensive house but we didn't want to have big mortage payments. We're big on savings as much as we can for reducing mortgage, retirement, and also fun things like trips and stuff.

We also don't use credit cards mostly because we just haven't gotten around to getting one yet. I used to use a credit card for everything in Canada, and paid it off every month too. It actually helped to keep track of spending because I got a bill at the end of the month for my months spending. Plus, we got 1% cash back. So we'd get like $10-20 a month just for using the card. So, they're not all bad.... but you absolutely have to pay off at the end of the month!

PaulandNic

Ok thanks for replies ...

We're not really in a position to buy yet and not even a PR ... ... but am trying to think ahead ...

Tryin! ...

We see it that renting is just paying someone elses mortgage and to be honest our home IS our castle and think we'll be happy to pay 50% maybe.

My daughter is working now so don't cost us anything really and the boy is talking about starting an apprenticeship once we hopefully get PR so the kids will be as good as sorted soon ...

We live modest lives and a meal out once a fortnight will do.

I have finance for my Ute which is a bit high ... ... but apart from that no other outlays really apart from the usual.

Would be nice to paint a wall in the house or even bang the odd nail in tho! ...

Just one thing. A few people have mentioned paying mortgage fortnightly, can it be paid weekly does anyone know, is that something the banks won't allow for obv reasons? ...

Cheers.

PaulandNic

We had 3 in the UK with £15k worth of limits ... ... so you can see we're good with money! ...

BUT! ... have learnt and over here have the one with a $2,500 limit for emergencies.

If we don't have the money, we don't buy the goods now ...

Wendy

We had the option of paying weekly, fortnightly or monthly. We chose fortnightly because that's how often we get paid, plus it reduces the term of the loan That's with the Commonwealth. http://www.commbank.com.au/personal/...s/default.aspx