Dean7133 Posted January 24, 2022 Share Posted January 24, 2022 Hi , I'm wondering if anyone could help with the below ? my wife and I are nearing the final stages of the visa process and looking to move to the Sunshine Coast from the UK. we started the visa process nearly 2 years ago and quite a lot has changed in this time , we’re now having to lend more money for our mortgage due to the property boom over this time. I’ve calculated the outgoings below and just need to make sure we will be comfortable as this is a life changing decision for us as I’m sure you can appreciate. we will be coming out on a 190 visa. my wife is a nurse and will be working in Aged Care, I understand that she can salary sacrifice a proportion of her wages and also we would be entitled to child care subsidy. I’m not entirely sure how this works so if anyone could help or add to things so we can get a realistic figure that would be extremely helpful my estimated figures are below. WIFES SALARY ; $75,000 MY SALARY ; $40,000 TOTAL INCOME $115,000 - $8000 remaining after tax Monthly Outgoings ; Mortgage $3000 Child Care $1600 Council Tax $200 Electric $160 Home Insurance $140 Internet $80 Groceries $300 Phones Combined ; 80 Fuel $200 Car Insurance $140 TOTAL $5900 / Remaining $2100 Quote Link to comment Share on other sites More sharing options...
Toots Posted January 24, 2022 Share Posted January 24, 2022 How many are in your family? I think your grocery bill will be a fair bit higher than $300 per month. 1 Quote Link to comment Share on other sites More sharing options...
Dean7133 Posted January 24, 2022 Author Share Posted January 24, 2022 Sorry I’ve just seen seen this was breaking it down at $300p/m for a family of 3! I will amend post now , Thanks! Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted January 24, 2022 Share Posted January 24, 2022 Unless you are both going to be living in walking distance of your employment your fuel will be more than $200 a month (especially if running two cars and/or one on public transport) You also don't have car payments in that list, so unless you are planning to buy a car outright (and hence it won't be in your monthly outgoings) you will need to add that (maybe twice if you need two cars) Quote Link to comment Share on other sites More sharing options...
Toots Posted January 24, 2022 Share Posted January 24, 2022 4 minutes ago, Dean7133 said: Sorry I’ve just seen seen this was breaking it down at $300p/m for a family of 3! I will amend post now , Thanks! Add water rates to your list. These will be approx. $250 per month. Quote Link to comment Share on other sites More sharing options...
Dean7133 Posted January 24, 2022 Author Share Posted January 24, 2022 Thanks for the information , we have budgeted 35k for vehicles already. 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted January 24, 2022 Share Posted January 24, 2022 (edited) Your other issue may be getting a mortgage (big enough to require $3000 a month repayments) with those salaries (base don what you propse your repayments will be) unless you have a decent deposit. If you have $150 AUD as a deposit NAB would allow you to borrow $525K (based on $115 income and $2900 expenses a month) which is only $2,000 in repayments (but limits your house purchase price to $650K) - remember stamp duty and fees also need to paid (on a $650k house this would be nearly $20K) If you have $250K AUD as a deposit they let you borrow more - up to $800K (and this is $3000 a month in repayments) however now stamp duty etc would be $35k on the maximum $1m house price Of course other banks have other products, but this gives you an idea of what might be possible depending on how much your deposit can be. https://www.nab.com.au/personal/home-loans/calculators/borrowing-calculator Edited January 24, 2022 by Ausvisitor 1 Quote Link to comment Share on other sites More sharing options...
Dean7133 Posted January 24, 2022 Author Share Posted January 24, 2022 We will have $430,000 deposit available may be more but have worked on the lower end of the selling price for our property in the UK. Mortgage is based on a 2.7% interest rate with max lending of 1 million. Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted January 24, 2022 Share Posted January 24, 2022 55 minutes ago, Dean7133 said: We will have $430,000 deposit available may be more but have worked on the lower end of the selling price for our property in the UK. Mortgage is based on a 2.7% interest rate with max lending of 1 million. Cool, should be fine then. The mortgage lending rules seem to be a little different in AUS to the UK 3/4/5 times salary, they take much more notice of deposit amount and committed outgoings then the UK (although the UK is going that way to). 1 1 Quote Link to comment Share on other sites More sharing options...
Parley Posted January 24, 2022 Share Posted January 24, 2022 I would be worried having such a high mortgage payment on your annual salaries. I think it will be a struggle. If one or other of you lose your job, you will not be able to maintain your repayments and could even lose your house. It might be better to rent for a few years. 2 Quote Link to comment Share on other sites More sharing options...
calNgary Posted January 24, 2022 Share Posted January 24, 2022 2 hours ago, Parley said: I would be worried having such a high mortgage payment on your annual salaries. I think it will be a struggle. If one or other of you lose your job, you will not be able to maintain your repayments and could even lose your house. It might be better to rent for a few years. With the deposit they have , they should only need a small mortgage to buy a nice house in Sunny Coast if they select their area carefully. Of course if they want Millionaires row in Noosa or Mooloolaba or a Mc manshion on the river it would cost more but a simple 4 bed brick lowset can cost around the Hi 5's - $6 upwards.. Cal x 1 Quote Link to comment Share on other sites More sharing options...
Toots Posted January 25, 2022 Share Posted January 25, 2022 12 hours ago, Toots said: Add water rates to your list. These will be approx. $250 per month. Apologies! Water rates are approx. $250 per quarter so roughly $60 per month. Quote Link to comment Share on other sites More sharing options...
BeachBabe2022 Posted January 25, 2022 Share Posted January 25, 2022 Maybe add in private health insurance. I don't have any. But most people do. Quote Link to comment Share on other sites More sharing options...
Ken Posted January 25, 2022 Share Posted January 25, 2022 13 hours ago, BeachBabe2022 said: Maybe add in private health insurance. I don't have any. But most people do. Family income is less than $180,000 so it's not essential. 1 Quote Link to comment Share on other sites More sharing options...
Lavers Posted January 27, 2022 Share Posted January 27, 2022 Food bill will be around $200 a week, everything else doesn't look bad. You will be entitled to family tax part b when you arrive then after 12 months family tax part a. Childcare is heavily subsidised here probably knock 4/5ths off your bill. 1 1 Quote Link to comment Share on other sites More sharing options...
BeachBabe2022 Posted February 20, 2022 Share Posted February 20, 2022 On 26/01/2022 at 02:16, Ken said: Family income is less than $180,000 so it's not essential. Most people seem to have it, whatever their income. Quote Link to comment Share on other sites More sharing options...
Ken Posted February 20, 2022 Share Posted February 20, 2022 1 hour ago, BeachBabe2022 said: Most people seem to have it, whatever their income. Really? Most people I know don't have it - even some who I recommend to get it because they're having to pay the surcharge. 1 Quote Link to comment Share on other sites More sharing options...
BeachBabe2022 Posted February 20, 2022 Share Posted February 20, 2022 15 minutes ago, Ken said: Really? Most people I know don't have it - even some who I recommend to get it because they're having to pay the surcharge. Every single time I go to the doctors, dentist, massage therapist, reflexology, acupuncturist, herbalist, naturopath, they all think it odd that I don't have it, as 99% of their patients do. Quote Link to comment Share on other sites More sharing options...
Ken Posted February 20, 2022 Share Posted February 20, 2022 21 minutes ago, BeachBabe2022 said: Every single time I go to the doctors, dentist, massage therapist, reflexology, acupuncturist, herbalist, naturopath, they all think it odd that I don't have it, as 99% of their patients do. For those it would be Extras Cover. I was thinking of Hospital Cover. Yes, more people do have Extras Cover (which has nothing to do with exempting you from MLS) than have Hospital Cover. 1 Quote Link to comment Share on other sites More sharing options...
DIG85 Posted February 20, 2022 Share Posted February 20, 2022 (edited) 45% of the Australian population have hospital cover - an extraordinarily high figure for a country with a universal healthcare system, but unsurprising when the tax system effectively allows you to opt out of tax by taking out PMI. In the UK only 13% have PMI. Edited February 20, 2022 by DIG85 Quote Link to comment Share on other sites More sharing options...
Ken Posted February 20, 2022 Share Posted February 20, 2022 18 minutes ago, DIG85 said: 45% of the Australian population have hospital cover - an extraordinarily high figure for a country with a universal healthcare system, but unsurprising when the tax system effectively allows you to opt out of tax by taking out PMI. In the UK only 13% have PMI. Prior to the introduction of Medicare's predecessor (Medibank) in 1975, 77.5% of the Australian population had hospital cover. It had steadily declined to 30% before the Medicare Levy Surcharge was introduced but then jumped up to the current level. 1 Quote Link to comment Share on other sites More sharing options...
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