Browse Forums General Discussion Re: How much of your income is spent on loan repayments? 41May 01, 2011 10:56 pm Ours is currently about 32% of our average take home wage, but my wage can go up depending how many weekends I work and his on how much overtime he does as well! When we have a good month it drops to about 28%. Once I finish my next degree (number 3 and the last one) it will drop to about 21%. 2nd build here we come in Whittlesea! https://forum.homeone.com.au/viewtopic.php?f=31&t=92617 1st Build - Henley - Cooper in Doreen! (2009) https://forum.homeone.com.au/viewtopic.php?f=31&t=17354 Re: How much of your income is spent on loan repayments? 42May 01, 2011 11:11 pm 37% of combined gross income. Although our repayments are currently about 50% of my own income. However if I was a single parent with children I would have a smaller home but probably live in an more expensive location closer to my family and resulting in less travel time for work and support around me. it would be an entirely different lifestyle too and I would be automatically assuming my mortgage would be 50% of my income. Re: How much of your income is spent on loan repayments? 43May 02, 2011 12:57 am I think 25% which is based on both DH wage and mine if i was working FT (currently on MAT leave) and if i have a job to return to (stupid state govt cutbacks) then thats what it will be but we dont start building until August at the earliest and in that time we are hoping to sell our house so if we do it could be anything from 10% to 30%. Currently we are paying 50% - 60% DH choice and once we are settled with bills etc we will start to pay extra. We dont have any other loans so basically we pay it all into the home loan and redraw what we need when ever we need it. Jasmin Hickinbotham Belmont - modified Signed: February 2011 Slab should go down before 2012 My build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=52310&p=799483#p799483 Re: How much of your income is spent on loan repayments? 44May 08, 2011 9:53 pm You've hit the nail on the head. The percentage still comes down to what the income is anyway. I know that we can live on half to a third of our current income. We have done it a few times when there has been a new baby. Therefore we factored that into our mortgage planning. We knew that whatever we did regarding increasing mortgage we had to know we could afford it should one of us stop working suddenly. The financial planner wanted us to get income protection insurance and life insurance. Since my other half cannot get life insurance we know we have to invest to support ourselves well if the worst of him no longer being able to work and living on my income alone or needing to become a full time carer for him. Our current plan means we can do it if we get past this first 5 years. Re: How much of your income is spent on loan repayments? 46May 11, 2011 9:50 pm Ours is far too much! Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: How much of your income is spent on loan repayments? 47May 11, 2011 10:22 pm Wow... just calculated ours as HTB has gotten a payrise recently. Our's is approx. 28% Previously is was around 34% but we put all our extra savings into an offset account, thereby decreasing our monthly repayments. Doesn't feel like we have much left though after all bills etc have been paid off and the last few months have been expensive. Once HTB has finished his apprenticeship at the end of the year we should be only paying approx. $26% How much of your income is spent on loan repayments? 48May 11, 2011 10:45 pm Ours is 55% just on dh's wage.. Re: How much of your income is spent on loan repayments? 49Jun 09, 2011 3:18 pm Ours is about 45% of combined take home pay... DH wage changes depending on his shifts so some fortnights we get more than others.. I dont see us having any trouble in the first few years paying it, will just be hard to save substantially like we have previsouly.. But all worth it IMO! Building in Adelaide, SA Slab poured 08/09/2011 Handover 18/01/2012! WORLD CONCEPT HOMES Our build thread: viewtopic.php?f=31&t=44725 Re: How much of your income is spent on loan repayments? 51Jun 10, 2011 1:01 pm We are in WA. It's 30% with my Hubby's and my pay. He's on a contract though. When it's just my pay, it's 51% - I am moving to weekend shifts shortly so I can some additional income to give us a bit more breathing room as Hubby's current contract is coming to an end. The extra money will drop it down to 44% The large difference of % between joint and single income is that we have a small mortgage - specifically so that we could live on one income if we had to. We've built in a 3% rise in interest rate so if it goes up, we can still afford to live. Interestingly enough, since we've moved from the Western Suburbs to the South Eastern Corridor (Mosman Park to Thornlie) our expenses have halved. We should be able to increase our payments once Hubby can get a permanent job. Re: How much of your income is spent on loan repayments? 52Jun 18, 2011 9:08 pm On our current rate, we are paying 32% of our combined after tax income. My income alone wouldn't cover it as I only work 2 days a week, but if it was just DH's pay, it would be around 40%. That said, we are on a crappy loan at the moment - due to the way we worked our construction loan (stayed in the old place until the new one was built, and then sold it and put that money straight on the new loan), not many banks would look at us, so we were a bit limited as to the options about which loan provider to go with. Now that exit fees have been abolished (has that happened yet??) we will be looking at refinancing. For us, I personally wouldn't want to go any higher than what we are paying now. That said, we are also paying around another 22% of our combined after tax income in child care fees.. really looking forward to the end of the year when we will only have one child in day care and our child care fees will halve!! Built the Coral Homes Hamilton 252 - moved in 20/10/2010 and loving it!! https://forum.homeone.com.au/viewtopic.php?t=27215 Re: How much of your income is spent on loan repayments? 53Jun 19, 2011 8:39 am Deemaree Ours is far too much! It always is, Dee! ~Nic~ ....we are also paying around another 22% of our combined after tax income in child care fees.. really looking forward to the end of the year when we will only have one child in day care and our child care fees will halve!! I remember this... I went back to work when our third was six months old, and after the first week, my husband and I sat down and decided that the cost of two kids in full time care and one in after school care was ridiculous. So he quit his job and stayed home with them until the little bloke went to kinder. We were slightly worse off financially (who am I kidding? We went backwards, financially! ), but a lot more sane. The day our youngest finished primary school and I knew I'd never have to pay another cent of child care EVER, I was all: Re: How much of your income is spent on loan repayments? 54Jun 22, 2011 6:58 am Ours is 22% of our combined take home. Thankfully we have no other debt and no children to feed yet so we are making additional repayments towards the principal each month to get it paid off asap. 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 19114 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 35332 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11934 |