View Full Version : Renting
I am not sure if this is in the right place, so sorry if it isn't.
Anyways, I am wondering what percentage of income people pay on rent and how they find it?
I am looking to move out in feb/mar 2008 with my 17 month old son, but am single and wondering how I am going to cope.
How much do you find you need for food, bills, etc.
i believe most real estates make sure that the rent is no more than 30% of ur income...
the bond is usually 4 times the weekly rent paid in advance and 1 or 2 weeks rent is usually needed as well as the bond before the move in date..
so make sure u have enough money saved for at least 5 weeks rent plus lots for shopping coz the first shop is fairly costly as u need to buy all the essentials and cleaning products, flour, etc etc.. that you wouldnt buy every week...
The Housing department recommends that people do not spend anymore than 60% of their income in rent, that allows enough money for all necessary bills and expenses etc.
Unfortunately that is obviously easier than said these days.
I pay around 60% which would be fine if I didn't have a car loan.
Without the car loan - I survived ok on that amount.
ETA re: above post.. it isn't 30% that would mean I cant pay more than $510 a month.. and my rent is $910.
It's 60% and they will let you go over that percentage at their own discretion
Hmm our rent is $410 a week which is close to 25% of our income. We also have a personal loan to repay.
As a couple we have the following fortnightly budget.
Rent - $820
Food - $110
Electricity - $80
Gas - part of rent
Phone (home) - $15
Phone (mobiles) - $50
Foxtel - $35
Cat food - $10
Internet - $40
Entertainment - $300
Loan - $300
Petrol - $20
All up between 60% and 70% of our pay depending how close we stick to the budget.. The rest goes into savings or extra to pay off the loan..
The best thing to do is to look at your current bills and add them up and minus them from your income.. then you will find how much you can spend on rent.
Im a sole parent too and am renting in Sydney. I have to move from the place im in (owners now want to move in) and am now looking at the south coast as Sydney is just getting TOO EXPENSIVE.
My advice would be not to get carried away. . .keep your eye on your budget and stay within your means.
Could I suggest that if it is just you and bubs to keep and eye/ear out for someone privately renting out their granny flat?
Just an idea.
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