Guest mccarudd Posted January 17, 2007 Share Posted January 17, 2007 Hi I'm starting to worry about making ends meet. I've rented a flat that I'm going to be spending about 42% of my take home pay on. I've been in country only 2 weeks, and am still trying to figure out the cost of living on things. With the rental market being so competitive in Melbourne, I had to sign a 12 month lease. The flat is 1400 pcm, and i bring home 3500. I'm on my own. This is starting to cost me some seriously sleepless nights. Any advice would be appreciated. I'm due to move in tomorrow. Link to comment Share on other sites More sharing options...
Guest dawn courage Posted January 22, 2007 Share Posted January 22, 2007 Couldn't say if you have made a mistake re the rent, but if you are permanent resident of Australia, why not think about buying a place, you would be entitled to great incentives, including a $7k first home owner grant, some lenders will do 100% and your mortgage could work out less than rent. just a thought Dawn Link to comment Share on other sites More sharing options...
connaust Posted January 22, 2007 Share Posted January 22, 2007 From Melbourne, it may be getting to upper limit i.e. rent nornally 25-45% of income.....that is the real estate market in Oz and why people are leaving cities..... What part of Melbourne, inner or inner east? Which university do you lecture at? Cheers Andrew http://www.aiec.biz Link to comment Share on other sites More sharing options...
Guest mccarudd Posted January 23, 2007 Share Posted January 23, 2007 Sorry, not been able to get to the net for a while. Yeah, renting is a mug's game, especially in Melbourne, but I don't have a choice right now. I have to figure out if I like the job, they like me etc., and get to know the city before I buy. Annoying by necessary! My thoughts are 6 months, then break the lease. I work at Monash. Living in the city is expensive, but Clayton/Berwick are not options! Link to comment Share on other sites More sharing options...
Guest BullCreek_Bob Posted January 27, 2007 Share Posted January 27, 2007 Couldn't say if you have made a mistake re the rent, but if you are permanent resident of Australia, why not think about buying a place, you would be entitled to great incentives, including a $7k first home owner grant, some lenders will do 100% and your mortgage could work out less than rent.just a thought Dawn G'day Dawn For repayments of $1,400 per month, the calculator I looked at said you'd only be able to borrow about $200,000. What sort of house will that buy? Cheers Bob in Bull Creek Link to comment Share on other sites More sharing options...
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