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lynn22

Is there an average mortgage amount ?

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How much could a family of four afford roughly for a) maximum mortage amount b) monthly mortgage repayments if the familys income was roughly

 

140K AUD (before any deductions)

 

200K AUD (before any deductions)

 

Just trying to get a feel for the prices of houses we should be looking at & what we could afford.

 

Obviously rent to begin with but scared about being out of the property ladder for too long.

 

(probs looking at a 25 year mortgage)

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It will also depend on the amount of deposit you have (< 20% and you start hitting some restrictions). To get an idea go onto one of the major banks websites as all have mortgage calculators

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How much could a family of four afford roughly for a) maximum mortage amount b) monthly mortgage repayments if the familys income was roughly

 

140K AUD (before any deductions)

 

200K AUD (before any deductions)

 

Just trying to get a feel for the prices of houses we should be looking at & what we could afford.

 

Obviously rent to begin with but scared about being out of the property ladder for too long.

 

(probs looking at a 25 year mortgage)

 

 

Hi Lynn

 

 

Very ball park figures for you.

 

2 Adults 2 Kids

 

$70,000 each Adult ($140k gross income joint)

 

Approx borrowing power range $630k - $728k

 

$100,000 each Adult ($200k gross income joint)

 

Approx borrowing power range $929,000 - $1,100,000

 

Now this is based on no other liabilities whatsoever.

 

Also to note that as mentioned your borrowing power may be restricted due to individual situation for example, visa type, deposit etc.

 

HTH

 

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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