mortgage question
Sep 13th 2006, 3:04 pm
#1
pink 'n' bouncy
Thread Starter
Joined: Jul 2006
Location: Zombie nation
Posts: 6,087
mortgage question
Can some please enlighten me on how much auusie banks are prepared to loan ?!? In the uk the standard is 3 times your salary,is it the same in Aus?I was speaking to someone who has just returned from a holiday in Vic and he said that they only loan twice your salary .If thats the case either houses or dirt cheap or everyone rents 
Anyone with info ??
regards,Lee
Anyone with info ??
regards,Lee
Sep 13th 2006, 4:10 pm
#2
A rather curious boy
Joined: Aug 2006
Location: Melbourne
Posts: 5,917
Re: mortgage question
Originally Posted by stuckinblighty
Can some please enlighten me on how much auusie banks are prepared to loan ?!? In the uk the standard is 3 times your salary,is it the same in Aus?I was speaking to someone who has just returned from a holiday in Vic and he said that they only loan twice your salary .If thats the case either houses or dirt cheap or everyone rents
Anyone with info ??
regards,Lee
Anyone with info ??
regards,Lee
try this for starters
http://www.yourmortgage.com.au/calculators/
Sep 13th 2006, 4:18 pm
#3
pink 'n' bouncy
Thread Starter
Joined: Jul 2006
Location: Zombie nation
Posts: 6,087
Re: mortgage question
Cheers for the reply busterboy.It seems that your disposable income (after all bills except the mortgage seems to have a massive effect on your borrowing capacity rather than the wage that you are on......or is that the same thing ?!?!?
Its hard to calculate when your have no experience of the cost of Aussie living.
Lee
Its hard to calculate when your have no experience of the cost of Aussie living.
Lee
Sep 13th 2006, 4:23 pm
#4
A rather curious boy
Joined: Aug 2006
Location: Melbourne
Posts: 5,917
Re: mortgage question
Originally Posted by stuckinblighty
Cheers for the reply busterboy.It seems that your disposable income (after all bills except the mortgage seems to have a massive effect on your borrowing capacity rather than the wage that you are on......or is that the same thing ?!?!?
Its hard to calculate when your have no experience of the cost of Aussie living.
Lee
Its hard to calculate when your have no experience of the cost of Aussie living.
Lee
not sure if they take that all in to account when you apply for the mortgage or if the site is trying to give you a realistic idea of what you can actually afford...why not PM someone who has just bought a house in Oz like binbird to ask for some advice?
Sep 13th 2006, 10:15 pm
#5
A modern day warrior
Joined: Jul 2005
Location: Here and there...currently here.
Posts: 344
Re: mortgage question
When we saw a mortgage broker here, we were offered 7.5 x my salary :scared: . When I pointed out that would leave me no money each month, after paying the mortgage, he said that is not our problem, it is yours!
This explains why the rate of repossesions is going up in Sydney. Instead of working out what they could afford a lot of people maxed out and now there has been a few rate rises and a few cents on petrol they can't cope.
Best thing is stick to the UK formula of 3 x single income or 3.5 x joint income, or no more than a third of your monthly income should go towards your mortgage and ignore what the banks offer you. Having said that all that we are looking to take out a 60% bigger mortgage than we had in the UK, but we can afford it.
This explains why the rate of repossesions is going up in Sydney. Instead of working out what they could afford a lot of people maxed out and now there has been a few rate rises and a few cents on petrol they can't cope.
Best thing is stick to the UK formula of 3 x single income or 3.5 x joint income, or no more than a third of your monthly income should go towards your mortgage and ignore what the banks offer you. Having said that all that we are looking to take out a 60% bigger mortgage than we had in the UK, but we can afford it.
