holmanj

My husband and I are looking to spend up to $600k on house with $ 200k deposit. We will both be working, and was wondering what sort of salary would be needed per annum and rough guide outgoings/childcare per month?

Any advice would be much appreciated.


Marc & Jacs

jad n rich

Thats about a $3800 a month mortage, use a mortage calculator to get exact payments, so pretty high income, remember $100,000 a year is only $1369 a week after tax.

JoolsB

Depends on your lifestyle but in Melbourne without going into a figure breakdown I would reckon with the size mortgage and if you have kids & childcare costs probably about $8k a month after tax minimum...

Bix da Boss

Well thats gonna freak a lotta people out - 8K a month after tax What sort of jobs offer that kind or salary, answer, very few!!! And if you are in a position to have one of them, you are very very lucky indeed!

I do agree though, for that size of mortgage even over 30yrs its gonna cost a lot per month!!

For a lot of jobs in Cairns, I know from what a lot of our friends say, the average wage BEFORE tax is 3 to 5K per month!! Obviously, dont know abt Melbourne, but I honestly cant see that it would be that different!

The Crow

Actually, I don't think you're far off If I added $3K mortgage to our outgoings - it would put ours to nearly $7K a month and I only pay for 4 year old kinder and minimal school fees (books and excursions). And I wouldn't say we lead a frivolous lifestyle

JoolsB

No alas we are not earning $8k a month-if only!!

I was just looking at the size of their potential mortgage ($3500 ish) and what they would spend on living for a family of 4 (?) each month, 2 cars & insurance costs, childcare costs (normally alot?!-even the doggy day care I have been looking at for when I start work is going to cost $960 per month for 3 days each week!!)

Our outgoings for couple with no kids $2600 per month (but thats with small home loan of only $650 per month) and only $300 "fun money" a month. We are quite stingy so if we are spending $3k a month with small home loan and only 2 people then big home loan, 4 people, childcare costs etc-is $8k so unreasonable a figure?

Of course they could do what we have done and buy somewhere alot cheaper than $600k i.e. $450k and reduce outgoings. Our place cost $392k as we wanted to keep loan as low as possible but it takes an hour & 10 into CBD...

JoolsB

I rest my case....

tabby

we live 1hr by train from Brisbane CBD and are kindy fees are $282 per week for 1 child and school fees (inc a/school and v/care) for the other are £220....

Our home loan is smallish but we have 1 investment loan for $408500 and that is $3003.18 per month

Bix da Boss

Yeah I know,I did think abt the fact that they didn't have to buy a hse of that value etc. I do realise you answered the question of the OP with the figures they gave and yes, I do agree, with that sort of mortgage, child fees and living etc that figure is not unreasonable. I suppose with two of them working they could achieve it in Melbourne.

I stand corrected, not so freaky after all with their potential outgoings I'll keep me mouth shut next time

Take care
Gill

Mairead

I have been using this budget calculator to work out how much we need to live.

http://www.home-loans.com.au/loan-ca...t-planner.html

rabsody

I think you are right too JoolsB. We have two kids but no childcare or after school costs, mortgage is about $160k and our monthly outgoings are about $6-$7k. If they added another $2k per month for mortgage (which they would require for the size of their mortgage), plus childcare costs, that makes it more like about $9k per month

Our does include things like kids braces, piano lessons, private health etc though, which you could cut out if you had to.

Timber Floor Au

400k is a serious mortgage, for owner occupier. esp, for a new migrant .

Perhaps jump on the ladder a bit further down the scale for a year or so, then bump yourselves up.

Ste

JoolsB

I agree completely and that's what we're doing. We know our ideal area and have worked out it's achievable in about 2-3 years when we are more settled but until then, as newbies, we didn't want the stress.

Everyone-give yourselves a break and ease in gently-Rome wasn't built in a day so it doesn't all have to be perfect immediately!