Browse Forums General Discussion Re: How much of your income is spent on loan repayments? 16Apr 12, 2011 5:41 pm On current rates, mine is about 35% of income (solo) but I generally put 50 - 60% into my loan to smash it down a bit quicker. Unless you earn a decent wage like I am lucky enough to do, paying a mortgage of on your own will eat up a big % of your income - particularly in perth...... Re: How much of your income is spent on loan repayments? 17Apr 12, 2011 5:55 pm ours is about 40% just on one income for now. Can't wait till I earn a decent income. I think it also depends on how much you earn. Someone on a lower income will be struggling if their repayments are around 50% as they won't have much left over for other things, whereas someone on a higher income might breeze through paying 50% on their mortgage as what they have left over is a lot higher. Re: How much of your income is spent on loan repayments? 18Apr 12, 2011 7:00 pm It looks like mine will be about 49% (when they start) of my take home pay, but if I take the salary sacrificed vehicle out of the equations, it drops to about 38%. Thats for the first 3 years though. At full interest rates it would be 53% (with salaray sacrifice payments) or 41% (without salary sacrifice payments) Re: How much of your income is spent on loan repayments? 20Apr 13, 2011 9:05 pm My vote went to the 40-50% range... However we are intentionally paying twice the minimum amount - VERY eager to get rid of this mortgage....!!! Building on the Sunshine Coast - Land settled 22nd July 2009 Building contract finally signed (after much deliberation on our part) 11th November 2009 Building commences 25th January 2010 - small local builder End of June - almost completed fit out 26th July - MOVE IN DAY!!!!!!!!!!!!!! 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 19827 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 35943 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12227 |