Mortgage Costs
#1
Mortgage Costs
Okay, now when I took this job, I knew that I was taking a salary drop by UK standards but was also assured that roughly the dollar to pound was about the same and qualtiy of life etc etc...which obviously I bought into and was fine about as I intend to stay and not come back to the UK.
Now my issue, I thought I was getting a reasonably bloody good salary for us at 85,000 aussie dollars, 90something with my superann.
However, imagine my surprise when I went to look at how much of a mortgage I could get on that and how much the properties were in Perth......I thought I was a professional on a professionals salary yet I will be lucky to afford to buy a 1 bed 1 bath apartment....unless I have done something drastically wrong, but it appears in Perth that a 1 bed 1 bath apartment would cost around 260-300k and two beds seem to be 350 and upwards. If I work my tax out, I should imagine on that salary I would get around 4500 aussie dollars a month which would enable me to have a mortgage of no more than 330k aussie dollars.
Have I missed something?
I suspect the house prices etc are high as the Aussies buy places whilst working in the UK and rent them out to us whilst we move there, hence it seems much cheaper to rent than to own.
Thats only my initial flypass, but please correct me if I have completely gotten it wrong
Now my issue, I thought I was getting a reasonably bloody good salary for us at 85,000 aussie dollars, 90something with my superann.
However, imagine my surprise when I went to look at how much of a mortgage I could get on that and how much the properties were in Perth......I thought I was a professional on a professionals salary yet I will be lucky to afford to buy a 1 bed 1 bath apartment....unless I have done something drastically wrong, but it appears in Perth that a 1 bed 1 bath apartment would cost around 260-300k and two beds seem to be 350 and upwards. If I work my tax out, I should imagine on that salary I would get around 4500 aussie dollars a month which would enable me to have a mortgage of no more than 330k aussie dollars.
Have I missed something?
I suspect the house prices etc are high as the Aussies buy places whilst working in the UK and rent them out to us whilst we move there, hence it seems much cheaper to rent than to own.
Thats only my initial flypass, but please correct me if I have completely gotten it wrong
#2
Re: Mortgage Costs
There have been posts on here recently with regards to how much the proprties have gone up in recent months. We have purchased a 4 bed detached house for a bit more than you are quoting for a 2 bed appt in Melbourne. So I would say that it's just the way the market is in Perth at the moment.
Lorraine
Lorraine
#3
Re: Mortgage Costs
If its any help, we borrowed $310,000 for a house valued at $445,000 (4 bed 2 storey with pool) on a joint income of $75,000 & repayments are going to be $2000 a month. Hubbys friend went to Perth in Jan & is now looking to come to Brisbane, as they can't afford to buy anything there.
#4
Re: Mortgage Costs
coming to look at Brissy, well you know that already Woogle. We are not going to be able to afford a house here in Perth.
And the prices are still rising. When the train line comes to Rockingham they will rise again. So reccie at Brisbane for us lol
good luck
hugs Lace xxx Still renting lol
And the prices are still rising. When the train line comes to Rockingham they will rise again. So reccie at Brisbane for us lol
good luck
hugs Lace xxx Still renting lol
#5
Re: Mortgage Costs
Originally Posted by amanda34
Okay, now when I took this job, I knew that I was taking a salary drop by UK standards but was also assured that roughly the dollar to pound was about the same and qualtiy of life etc etc...which obviously I bought into and was fine about as I intend to stay and not come back to the UK.
Now my issue, I thought I was getting a reasonably bloody good salary for us at 85,000 aussie dollars, 90something with my superann.
However, imagine my surprise when I went to look at how much of a mortgage I could get on that and how much the properties were in Perth......I thought I was a professional on a professionals salary yet I will be lucky to afford to buy a 1 bed 1 bath apartment....unless I have done something drastically wrong, but it appears in Perth that a 1 bed 1 bath apartment would cost around 260-300k and two beds seem to be 350 and upwards. If I work my tax out, I should imagine on that salary I would get around 4500 aussie dollars a month which would enable me to have a mortgage of no more than 330k aussie dollars.
Have I missed something?
I suspect the house prices etc are high as the Aussies buy places whilst working in the UK and rent them out to us whilst we move there, hence it seems much cheaper to rent than to own.
Thats only my initial flypass, but please correct me if I have completely gotten it wrong
Now my issue, I thought I was getting a reasonably bloody good salary for us at 85,000 aussie dollars, 90something with my superann.
However, imagine my surprise when I went to look at how much of a mortgage I could get on that and how much the properties were in Perth......I thought I was a professional on a professionals salary yet I will be lucky to afford to buy a 1 bed 1 bath apartment....unless I have done something drastically wrong, but it appears in Perth that a 1 bed 1 bath apartment would cost around 260-300k and two beds seem to be 350 and upwards. If I work my tax out, I should imagine on that salary I would get around 4500 aussie dollars a month which would enable me to have a mortgage of no more than 330k aussie dollars.
Have I missed something?
I suspect the house prices etc are high as the Aussies buy places whilst working in the UK and rent them out to us whilst we move there, hence it seems much cheaper to rent than to own.
Thats only my initial flypass, but please correct me if I have completely gotten it wrong
$85k is an okay salary for a professional but most that I know are on 100k+ & a lot on significantly more than that. Also most Aussie homebuyers are on a 2 salary income.
Good luck.
#6
Re: Mortgage Costs
Originally Posted by Amazulu
Yep. Perth property is booming at the moment & affordability is an issue. The market is not catering for first time buyers anymore. It's now based on people who already have property & investors. It's tough, but no different from what was going on in the UK a few years ago. This is happening all over the world & like I said FTBs are no longer supporting the market.
$85k is an okay salary for a professional but most that I know are on 100k+ & a lot on significantly more than that. Also most Aussie homebuyers are on a 2 salary income.
Good luck.
$85k is an okay salary for a professional but most that I know are on 100k+ & a lot on significantly more than that. Also most Aussie homebuyers are on a 2 salary income.
Good luck.
I think I need to have a discussion about my salary, they estimated after my bonus I would come out with around 120.....but am starting to worry my lack of negotiating may have put me in the doghouse instead of the four bed townhouse.
#7
Re: Mortgage Costs
Originally Posted by amanda34
I think I need to have a discussion about my salary, they estimated after my bonus I would come out with around 120.....but am starting to worry my lack of negotiating may have put me in the doghouse instead of the four bed townhouse.
#8
Re: Mortgage Costs
Originally Posted by Amazulu
What job do you do?
Senior ERP Consultant (finance software). I am fine, just either really should buy a couple of one beds and rent them out and wait for the prices to go further, then afford to get something more.....substantial.
I actually want to live in a little apartment now as single, dont want the maintenance etc etc....but that may change in a year or two and the thought of being restricted to what seems to be in the 350 price range is a bit spooky. Being that its the whole cost of living and lifestyle I was sold on to move to Perth...it seems I am getting about what I would in London.
Not complaining, have to say, the weather, the people and the atmosphere is my reason and so its not going to stop me, but has put thoughts in my head about not expecting what I was sold
#9
Re: Mortgage Costs
Originally Posted by amanda34
Senior ERP Consultant (finance software). I am fine, just either really should buy a couple of one beds and rent them out and wait for the prices to go further, then afford to get something more.....substantial.
I actually want to live in a little apartment now as single, dont want the maintenance etc etc....but that may change in a year or two and the thought of being restricted to what seems to be in the 350 price range is a bit spooky. Being that its the whole cost of living and lifestyle I was sold on to move to Perth...it seems I am getting about what I would in London.
Not complaining, have to say, the weather, the people and the atmosphere is my reason and so its not going to stop me, but has put thoughts in my head about not expecting what I was sold
I actually want to live in a little apartment now as single, dont want the maintenance etc etc....but that may change in a year or two and the thought of being restricted to what seems to be in the 350 price range is a bit spooky. Being that its the whole cost of living and lifestyle I was sold on to move to Perth...it seems I am getting about what I would in London.
Not complaining, have to say, the weather, the people and the atmosphere is my reason and so its not going to stop me, but has put thoughts in my head about not expecting what I was sold
#10
Re: Mortgage Costs
Originally Posted by Amazulu
The myth of Perth & the rest of Australia for that matter being cheap has been blown out of the water. It's expensive to live here. End of. It used to be cheaper but not any more. I can afford to live well here because I work in mining & earn the mining money & we brought a 2/3 deposit for our home. If you had no equity & were on an average salary then it would be very tough to get started here. Saying that, I also love it here & at the moment cannot think of many other places where I'd rather live.
I think thats whats taking me there actually. To live somewhere so laid back and the weather, the people etc etc but still be able to afford to live there (albeit by the sounds of it just) then where else could you go realistically?
Florida? Shudder at the prospect.
#11
Re: Mortgage Costs
Originally Posted by woogle
If its any help, we borrowed $310,000 for a house valued at $445,000 (4 bed 2 storey with pool) on a joint income of $75,000 & repayments are going to be $2000 a month. Hubbys friend went to Perth in Jan & is now looking to come to Brisbane, as they can't afford to buy anything there.
Wow, now if I could get that kind of mortgage on 2k a month, then I would be a happy bunny as thats about what it would cost to rent a 2 bed 2 bath in Perth. As I really did wonder how they considered buying a house and paying twice the rental value in mortgage an investment....knew I had to be missing something as here in the UK the rents always (or just about) cover the mortgage.