Hi all we are looking to buy our first home, having 4 kids we need a 4 bed but the houses are so expensive..
How much do you repay each month??
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11-07-2012 22:21 #1
How much do you pay in mortgage repayments??
12-07-2012 08:14 #2
At the moment our repayments are just over $2k a month. Houses are expensive, so probably best to prioritise what you can live with, and what you can live without. For example, you need a 4 bedder, but perhaps you will have to look in a cheaper suburb, or look at an older house rather than a fully renovated modern house etc. Also, be patient with looking. Took us ages to find the right house for us, and I never thought we'd find it in our price range or area. We did - we had to live without an extra bedroom and without double garage - but the house didn't need any work at all and had a big backyard, which were 2 things on our wishlist. I do wish we had that fourth bedroom now though LOL!
12-07-2012 08:30 #3
I would suggest visit any of the bank / mortgage broking sites and using their online calculators to work out what your repayments would be. There are heaps around. There are also calculators to help you work out how much deposit you need etc.
Our repayments are about $750 a month for land only.
12-07-2012 08:31 #4
We currently pay between $1650-1700 a month, our mortgage is just over $300k and it works out to be about $385/week. To rent a house similar to ours in our area, ot would coat around $350/week, so hopefully in a few more years, rent costs will start to overtake our mortgage payments and I'll feel good about paying that much each week when we first bought, we were paying about $100 more pet week on our mortgage than we would have if we were renting, that was 3 years ago, so although a mortgage is so expensive at first, it really pays off in the long run, becauuse your repayments stay the same whilst rent goes up.
12-07-2012 10:14 #5
I think we're about to pay $2600 per month.
You can look online on websites like aussie home loans and they will calculate what your payments would be according to what you borrow.
12-07-2012 10:17 #6Senior Member
- Join Date
- Oct 2010
around $800/fortnight but thats more than our minimum repayments and its a private sale.
12-07-2012 10:21 #7
There are so many variables when it comes to purchasing a house that suits you that I really don't think that knowing the amount other people pay each month will help.
For us personally we needed at least 3 bedrooms and preferred to have 2 bathrooms and toilets and a double garage for extra storage. Also for it to not need any work done on it as DP and I both aren't handy at all and we just wanted to move in once we bought. We are also a single income family with no plans for me to return to paid work in the near future so we needed something we could easily afford on the one wage and still be able to afford our previous life style.
The ONLY way we managed to tick all our boxes was to sacrifice on location. When we moved in our place was only 12 months old but it is in a sort of dodgy area that we wouldn't have even considered of I were working.
I would recommend working through your finances and seeing how much you could afford and going to see a broker which is free anyway.
12-07-2012 10:23 #8Senior Member
- Join Date
- Apr 2006
$2,500 per month for current house we live in. We are about to rent it out asnd will be getting $2,400 in rent each month.
New mortgage is $3,300 per month.
12-07-2012 10:24 #9
it really depends on how much you have to spend to get the house in the first place - and how much you can AFFORD in mortgage ..
we pay $400 a week .. which is $1600 a month - but we are definitely in suburbia about 40 mins to the city (not at peak time .. lol)
12-07-2012 10:34 #10
We pay 4500 a month ... It's going to be tight when I finish up to have bub
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