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  1. #1
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    Default Ftb? Income drop? Work decision

    DH wants to move into another field, there is an opportunity but it is just under 55k a year and we would have to move interstate (happy to move)

    He is currently on about 110K. But it's a bit "dead end" -if his current role ends (which it could, not the most secure job) then he will be faced with no job where we currently live

    The new job is for a council and is an entry level position for something he is interested in.

    I am a sahm with 3 kids. Oldest in school. Yes, I do plan on going back to work when kids are all in kinder/ school but I can't earn a lot. Hubby will be the primary income earner


    My worries are

    Will we be able to get a rental on just 55k? If there is more ftb will real estate agents take this into consideration?

    Are we crazy walking away from such a high paying job? Has anyone dropped so much income through choice and regretted it?

    Does anyone live well on 55k? We already have to budget

    Kinder fees are also a worry, kids will go to state school. Is there any help for people on this level wage or does your wage have to be much lower?

    Thanks for any help

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    "Living well" is such a subjective term. We are on about that amount and eat well, with fresh produce and good quality meat, our kids do classes that cost money (swimming, dance) we can afford to run and maintain one car that's in good nick, we can afford clothes and the occasional meal out. However we only pay $200 p/w rent for a very nice property as we share with family.

    If you already have to budget on twice the wage you'll need some serious number crunching time! Some things will just have to go.

    How much would you be looking at paying in rent? That will influence what you will get approved for. Yes I think real estate agencies do accept FTB as part of your overall income so that should bump it up.

    Do you get FTB payments at all now? The maximum is about $170 per fortnight per child of pre school/primary age. I think. So I would factor that on top of hubby's wage, though I'm not sure you'd qualify for the full rate. I'd have a play with the centrelink rate estimators. You might be eligible for a health care card, too.

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    yadot  (29-08-2016)

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    Hard to say without knowing the areas involved.

    all I can say is look into what this means after tax and benefits - you may be surprised
    at how much less tax you'll pay.

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    yadot  (29-08-2016)

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    Thanks for the reply, should've mentioned- we currently have a large mortgage which we won't have, hence why we have to budget

    Will check out the calculator

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    We've found rentals around Melbourne on a lot less than 55k. As a pp said, living well is very subjective. We did live well on that income level but didn't have a lot of luxuries and bought cheap groceries. Ftb should be a reasonable amount at that income level.

    You may also qualify for rent assistance from centrelink.
    Last edited by AdornedWithCats; 29-08-2016 at 11:53.

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    If you qualify for a concession card- kinder in Victoria is free and mossy schools seem like they will help you pay fees

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    yadot  (30-08-2016)

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    We are a family of 5 on 60k per year. We have a mortgage, but it only costs around $300-350/week. We receive $600 FTB a fortnight for 3 kids. We manage fine, but do have to spend carefully. I think it would feel like a big adjustment to have your income halves though!

    ETA - we use a low-fee paying private school (around 4k per year).

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    I'll be back

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    Ok, I read all the read. Sorry, I can't add anything.

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    If income is at 55k its too high for hcc. When I had my son 5 years ago I didn't work for 15 months. My husband earned nearly 40k...but we got $13k ftb that included rent assitance. We paid $1521pcm for rent. I never remember struggling that much.

    On 55k you'd get nearly full ftb and rent assistance. Rate estimator is really good tool to use.

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