Browse Forums General Discussion Re: How much of your income is spent on loan repayments? 21Apr 14, 2011 9:20 am With two mortgages and a car loan, I'm the bank's b!tch. And the missus has decided she's going to give up her permanency to go relief teaching, so I'm possibly going to be living off garden slugs and my own dandruff for the next few years... Homestead Homes SA: The Lamont Bayswood Estate; Aldinga Beach Preliminary Signing: April 2010 Floorplans: 13 June 2010 Building Contract: 19 June 2010 Selections: 28 Sept 2010 Scraped; Trenching: 21 Jan 2011 Slab Poured: 28 Jan 2011 Framing: 17 Feb 2011 | Completed 24 Feb 2011 Roof & Gutters: 02 Mar 2011 Bricks: 03 Mar 2011 Wire-up: 12 Mar 2011 Re: How much of your income is spent on loan repayments? 22Apr 14, 2011 11:22 am we don't start building until the end of the year and completed next year...FH has just finished his apprenticeship so with everything it looks like we will be 60% as of today and 44% once we haev the higher income and interest don't go up :S Re: How much of your income is spent on loan repayments? 23Apr 14, 2011 1:58 pm Ours is in 40-50% but we only have one income. Renovation Thread: viewtopic.php?f=31&t=38489 Re: How much of your income is spent on loan repayments? 24Apr 15, 2011 9:38 pm we have 5 properties and are on about 70% until we finish building this one to rent out, then it will be a bit lower...we are pretty good at saving if it means we can get another property!!! Make your own Organic Vegetable Patch, Learn How to Build a Pergola http://www.homestyledesign.com.au Re: How much of your income is spent on loan repayments? 26Apr 16, 2011 8:22 pm ours is 21% of our after tax income finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: How much of your income is spent on loan repayments? 27Apr 16, 2011 8:25 pm I'm at about 45% on my income. It is a bit higher than I wanted but it is my only debt (I have no credit cards or other loans). If interest rates get too high I will need to get a boarder or two or just move out and rent something smaller and cheaper. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: How much of your income is spent on loan repayments? 29Apr 18, 2011 4:15 pm Most of my income goes on our mortgage, and this includes extra payments. I could reduce the repayments if needed, and use the full contract term to pay off the loan, but I rather pay it off quicker We live off my partners pay (he earns a bit more than me) Re: How much of your income is spent on loan repayments? 30Apr 25, 2011 7:30 pm Our minimum mortgage payments are about 20% of net income, but I pay 50%+ most months. Some months I can push it to 90% - OH travels a fair bit for work so his living expenses are nil some months. We only have one furry dependent. Re: How much of your income is spent on loan repayments? 31Apr 25, 2011 7:40 pm I just worked ours out and we pay 34% of our after tax income on the mortgages. We have two mortgages, one for the house we're currently living in (which we plan to sell once we build) and one for the block of land we are going to build on. Custom downslope build Build thread viewtopic.php?f=31&t=61873 Blog http://www.buildingroyalmanor.blogspot.com.au Re: How much of your income is spent on loan repayments? 35Apr 25, 2011 10:15 pm Our minimum atm is just under 25% of after tax income. We pay closer to 30%... not a lot extra, but enough to give us a little peace of mind. We are only on one income, and have 5 kids, so I'll be at home raising them for a while longer That other 70% is totally used, so the extra in our home loan is the only buffer we have. We feel like we manage fine... and I guess if we didn't I'd have to go out and work Re: How much of your income is spent on loan repayments? 36Apr 26, 2011 10:26 pm I am just about to lookout for a home loan. Any good recommandations? ___________________ Building with Carlisle Homes, Montrose 36 in Point Cook http://www.pointcookfb.blogspot.com/ Re: How much of your income is spent on loan repayments? 37Apr 26, 2011 11:21 pm We will pay about 50% but we have two great incomes and no other debt. We are also lucky in so far as we have loads and loads of equity. We are working on the principal that what is a horrific debt now will be the norm in ten years. That is what happened to us lst time and we made a killing. Re: How much of your income is spent on loan repayments? 39Apr 30, 2011 11:27 pm AKP its a very invidual thing, but should be no more than 1/3. That way most people can afford it. You're comparing apples (US) and oranges (Australia) given the dispariging difference in average house prices, particularly Houston - given the relatively close average pay rates (US$50k v A$70k). Add to the fact that your interest rate is about 4% compared to our 7%. The cost of an average house here in Perth for example is 3 times greater than that in Houston - I know cos I have an investment property in Houston - but our average pay isn't 3 times higher! Re: How much of your income is spent on loan repayments? 40May 01, 2011 8:09 am Huggy_B AKP its a very invidual thing, but should be no more than 1/3. That way most people can afford it. You're comparing apples (US) and oranges (Australia) given the dispariging difference in average house prices, particularly Houston - given the relatively close average pay rates (US$50k v A$70k). Add to the fact that your interest rate is about 4% compared to our 7%. The cost of an average house here in Perth for example is 3 times greater than that in Houston - I know cos I have an investment property in Houston - but our average pay isn't 3 times higher! The bubble appears to be deflating so may be back at Houston multiples very soon. On subject, I think the affordable percentage depends on how much you earn. If you take home $500k a year, spending 80% on the mortgage still leaves you with $100k spending money..... The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19097 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35326 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 |