Whole Of Life Finances SpreadSheet
Mar 20th 2005, 12:01 pm
#31
Banned
Joined: Mar 2003
Posts: 4,432
Re: Whole Of Life Finances SpreadSheet
More logical layout, suggested minimum investable wealth at retirement based on current expenses.
Mar 20th 2005, 2:32 pm
#32
Forum Regular
Joined: Nov 2004
Location: Sydney
Posts: 108
Re: Whole Of Life Finances SpreadSheet
Originally Posted by Quinkana
The attached .zip file contains the start of a "Whole Of Life Finances" spreadsheet.
Please download (virus check), have a look, try out, criticize, suggest / make modification, ...
The basic idea is to find the minimum income needed to finance a mortgage, if you have one, pay your living expenses and taxes and end up at retirement owning your house and enough investable money for an adequate retirement.
There is plenty to criticize about the model:
1. it assumes that your income will maintain a constant purchasing power from now to retirement,
2. it assumes only one income per family,
3. it assumes that the return on your investments will just maintain the value of your money,
4. ...
I hope that you will play around with it at first as a plausible model to encourage debate.
Please download (virus check), have a look, try out, criticize, suggest / make modification, ...
The basic idea is to find the minimum income needed to finance a mortgage, if you have one, pay your living expenses and taxes and end up at retirement owning your house and enough investable money for an adequate retirement.
There is plenty to criticize about the model:
1. it assumes that your income will maintain a constant purchasing power from now to retirement,
2. it assumes only one income per family,
3. it assumes that the return on your investments will just maintain the value of your money,
4. ...
I hope that you will play around with it at first as a plausible model to encourage debate.
1. Can a temp resident (defacto spouse visa) get a mortgage or would it have to be my partner.
2. If it was in just one of our names would we be eligible for first time buyers grant twice?
3. Which home loan options are best for first time buyers
4. Any websites that give a comprehensive checklist of all the steps. I wouldn't want to overlook anything
Any advice would be greatly appreciated.
Mar 20th 2005, 3:38 pm
#33
Banned
Joined: Mar 2003
Posts: 4,432
Re: Whole Of Life Finances SpreadSheet
Originally Posted by mamichelle
Looks like an interesting program. Are you a mortgage expert? I am interested in buying a house here in Sydney and have a few questions
1. Can a temp resident (defacto spouse visa) get a mortgage or would it have to be my partner.
2. If it was in just one of our names would we be eligible for first time buyers grant twice?
3. Which home loan options are best for first time buyers
4. Any websites that give a comprehensive checklist of all the steps. I wouldn't want to overlook anything
Any advice would be greatly appreciated.
1. Can a temp resident (defacto spouse visa) get a mortgage or would it have to be my partner.
2. If it was in just one of our names would we be eligible for first time buyers grant twice?
3. Which home loan options are best for first time buyers
4. Any websites that give a comprehensive checklist of all the steps. I wouldn't want to overlook anything
Any advice would be greatly appreciated.
1. Anyone can get a mortgage - it's more a matter of the deposit and the interest rate you will be required to pay.
2. 1 grant if a couple, 2 if not - but I dare say they don't give it away.
3. Broad question - first time buyers tend to be in the weakest position financially - take care that you buy housing which is both affordable and adequate and take a fixed rate mortgage if possible so you know your commitments in advance.
4. First have a look here:
CANNEX Rates and Infomediaries
Jun 14th 2005, 3:17 pm
#34
Banned
Joined: Mar 2003
Posts: 4,432
Re: Whole Of Life Finances SpreadSheet
Updated with 2005-06 tax rates. Simplified calculation of tax:
Last edited by Megalania; Jun 14th 2005 at 3:19 pm. Reason: .zip file corrupted by BE.
