Generalis Posted February 25, 2008 Share Posted February 25, 2008 Hi I'm trying to find out how much a mortgage would cost for $300k. I've looked on one of the links via Real Estate, Property, Land and Homes for Sale, lease and rent - realestate.com.au and it came out about $2100 and another one I looked at came out at $1,100 so very big difference. The lower amount came in if we paid it fortnightly. Is this totally wrong. Also is $300k a lot to borrow by aussie standards as looking at median mortgage payments it came up at $800 per month so I'm freaking out whether I've got my figures right or we are gonna be mega skint. On one of the searches it came out that we can borrow $600k is that right for about $110k per year? Seems more than what we could borrow in the UK. Thanks for your help! Sam Link to comment Share on other sites More sharing options...
Life on easy street Posted February 25, 2008 Share Posted February 25, 2008 It is not a good idea to borrow more than 3.5 times your wages. In the U.K or Australia. Intrest rates are on there way up at the moment in Australia. Link to comment Share on other sites More sharing options...
Quoll Posted February 25, 2008 Share Posted February 25, 2008 Hi I'm trying to find out how much a mortgage would cost for $300k. I've looked on one of the links via Real Estate, Property, Land and Homes for Sale, lease and rent - realestate.com.au and it came out about $2100 and another one I looked at came out at $1,100 so very big difference. The lower amount came in if we paid it fortnightly. Is this totally wrong. Also is $300k a lot to borrow by aussie standards as looking at median mortgage payments it came up at $800 per month so I'm freaking out whether I've got my figures right or we are gonna be mega skint. On one of the searches it came out that we can borrow $600k is that right for about $110k per year? Seems more than what we could borrow in the UK. Thanks for your help! Sam If you pay fortnightly then it is just less than half the monthly rate because months are generally longer than two fortnights - it all evens out in the end. It is really up to you as to how much you want to be in debt - the banks probably would lend you that much but whether you want to be encumbered by that level of debt is another matter. With interest rates going up quite quickly you really need to factor in how you would cope with an increase - followed in quick succession by another and another increase. The calculators on realestate.com.au are ball park figures but generally pretty reliable. Remember too that the fees and charges need also to be factored in - stamp duty can be a bit of a killer. Link to comment Share on other sites More sharing options...
Guest Smartline Home Lending Posted February 28, 2008 Share Posted February 28, 2008 Hi, Your repayments would obviously depend on the loan that you took out and what the interest rate is. I dont know what interest rate you used but the amounts that you have are around about what you would be looking at to borrow $300k. A lot of people will pay fortnightly as it is easier to budget for (being that a lot of Australian workers are paid fortnightly). $300k is a decent size mortgage but definately not out of the ordinary. What you need to be looking at is your affordability and what payments you feel comfortable with. For the income that you quoted above you would be able to borrow up to about $600k - $700k, so $300k is well and truly in your range. Also things to consider is, is this your base wage or does it include overtime and bonuses? Do you have any other debt? Do you have kids? Do you have a spouse? These will also affect the amount that you can borrow. Link to comment Share on other sites More sharing options...
Generalis Posted February 28, 2008 Author Share Posted February 28, 2008 Thanks for that. The £110k per year is for me and husband. Husband accountant told he will start on $65k base and I work as a pa in local govt to a chief exec so have been looking at exec asst jobs advertised at $45k minimum. Got 2 children, one will be in full time childcare for a couple of years and the other after school so have budgeted around $2k per month for that. I used an income calculator that said we would clear about $7900 per month after deductions. Also need a car and have no savings for this at the moment. Is this realistic budget for mortgage, contact lenses, mobile, axa policy over here that I need to keep on paying till maturity $120 pm, electric, foxtel, council tax, water, food, petrol, car, childcare. I know I'm getting personal with my information but am I being realistic with my costings? I dont know what the cost of living is like over there but have read it to be either slightly less or the same. I worked out we'd have about $1450 pm left over after everything. Can anyone add anything to this that I may not have factored in. We work hard over here and earn quite a bit but it doesnt go far so we're used to having little spare money. Link to comment Share on other sites More sharing options...
Guest billy braveheart Posted February 28, 2008 Share Posted February 28, 2008 For a motgage of $300.000 you will pay approx $2100a month you can fix your rate here too just the same as in the uk Link to comment Share on other sites More sharing options...
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