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    And this is why I can never see us owning a home. We simply can not afford more than $300 per week. How anyone can afford $600 a week on one wage is beyond me

    ***Sent from my phone***

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    We have looked at the calculators!!
    We live in Perth and the housing prices are getting crazy!!
    We just want a biggish block with a neat 4 beds.. To get it in our price we need to move a hour away from work.
    Going on the calculator to borrow $390000 we have $60000 deposit we are having to repay $589 per week. Very scary if the interest goes up. Not sure if we should keep renting.

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    The other thing is that you should allow another, say, $5k per year for rates, water, home insurance and repairs and maintenance (all expenses that you don't have to pay as a renter).

    We have a $300k loan, and the repayments are currently between $1600 - $1700 per month, interest only right now. But the house is worth more. Thankfully we made some money from selling our previous property, as we would struggle to buy an average house on our current income.

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    YMo7 is offline 37 week ultrasound of our baby girl
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    Quote Originally Posted by bellieellie View Post
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    We have looked at the calculators!!
    We live in Perth and the housing prices are getting crazy!!
    We just want a biggish block with a neat 4 beds.. To get it in our price we need to move a hour away from work.
    Going on the calculator to borrow $390000 we have $60000 deposit we are having to repay $589 per week. Very scary if the interest goes up. Not sure if we should keep renting.
    Always budget for an interest rate rise. If you can not afford to pay it off at 9%-10% interest then you can not afford the house.

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    Our repayment is $900 per fortnight (we pay more than that though so we pay our house off quicker).
    Its for a 3 bed, 2 bath, second living/rumpus area and average block in a nice area.
    As other posters have mentioned there are so many variables though so comparing to others probably wont help.
    I agree that you should always budget for the rates, water,insurance, repair/upkeep bills on top of the mortgage to make sure you can afford the house you want.
    Good luck searching!

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    Quote Originally Posted by Happy2be3 View Post
    And this is why I can never see us owning a home. We simply can not afford more than $300 per week. How anyone can afford $600 a week on one wage is beyond me

    ***Sent from my phone***
    i agree, it would be very hard on one wage. Houses are so expensive these days. The only way around it is to buy somewhere really cheap. Where we live, no way could you get any kind of house for 300 a week in rent, i dont know how some families do it.


 

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