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kristal
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Re: what's your minimum mortgage repayment %

Thu May 22, 2008 11:08 am

Our repayments are about 25% of our combined income. However, we had 2 years before we moved out of home where we put every last cent into our mortgage and then also got some inheritance which also helped pay off a large chunk of the mortgage also. So considering the villa we have that is right on the beach, our repayments are not as bad as they could be...

However, I still don't think I could take any more than 6 months off work when we finally have kids.
 
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TinaBeans
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Re: what's your minimum mortgage repayment %

Thu May 22, 2008 6:52 pm

eosh if you are wondering if you can do it, maybe live for a month or two as if you had that loan? So all the money (minus your current mortgage) that would go to the new mortgage goes into a savings account, you only have the remainder to live day-to-day. If you really struggle then I guess you know the answer- good luck.
 
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CharlieB
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Re: what's your minimum mortgage repayment %

Thu May 22, 2008 8:28 pm

I've worked ours to be around 27% of our after tax income. This has made me think about how much money we spend on crap!
 
Uptownerd
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Re: what's your minimum mortgage repayment %

Sat Jun 07, 2008 12:06 pm

I don't know, FH pays the mortgage and bills from his pay, and I save for the wedding and pay my little bills with my pay.

I sound like a little old wife who has her head in the sand :( hehe.

OH DON'T ASK ME, THE MAN OF THE HOUSE IS IN CHARGE OF THE FINANCES! hahahahaha
 
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Jacs getting Married
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Re: what's your minimum mortgage repayment %

Thu Jul 31, 2008 11:38 pm

We are about to buy a block of land and build on it, and we figured at current interest rates would be about 40% of our combined income. It freaked me out at first, but we are currently saving much more than that anyway, and still living a pretty good lifestyle. FH works in an industry where he will be earning quite a bit in a few years time, so by thetime we have kids and I stop working for a bit his pay rises will hopefully cover my loss of income.
 
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TinaBeans
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Re: what's your minimum mortgage repayment %

Fri Aug 01, 2008 9:28 am

ashlee GE do personal loans, I'm not sure who else but there are bound to be some out there. Can you get a personal loan through your current bank?
 
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MrBojangles
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Re: what's your minimum mortgage repayment %

Fri Aug 01, 2008 1:23 pm

Our minimum payment is 29% of our after tax income, but we actually pay about 70% because we're trying to pay extra, which we use as 'savings' when something big comes up we need money for. And to get it paid off sooner.

I don't think it matters so much what your repayment is as a percentage of your income, but how much actual cash you have left over. My parter and I live on about $500 a fortnight (yes, we're both paid terribly, but we love our jobs :D ), which means we don't go out that much, but still live comfortably. You may only have 25% of your partner's income to live on if you go on maternity leave but if your partner is earning $1000 a week after tax, then that's $250 for you to live on. If he's only earning $500 after tax on the other hand, you've only got $125 to live on, which is probably not enough with a baby!! I think you need to look more at what you can live on comfortably, taking into account the costs of having a baby, and then work out what percentage that is of your partner's salary, so you know how much you have left over for a loan, rather than the other way around...
 
leesa85
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Re: what's your minimum mortgage repayment %

Fri Aug 01, 2008 3:10 pm

Ours is about 20% of our before tax salary - if I have worked it out right!!

My partner has a fairly high paying job (when he works overtime, which he does, a LOT), so he pays all the repayments at the moment, and we try and put a couple of thousand extra in a year, just so it doesn't get overwhelming. But we also live away from each other a lot of the time, so we have more expenses than we would have if we lived together.

Our combined salary last year was about $145K.
 
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ub265
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Re: what's your minimum mortgage repayment %

Wed Aug 06, 2008 11:10 pm

ours is 43.25% for a tiny 2 bedroom unit...

our combined salary is about 90,000 after tax

wow i need a higher paying job lol
 
flyer
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Re: what's your minimum mortgage repayment %

Thu Aug 07, 2008 5:33 pm

Our's is approx 30% of our combined income which is allot considering if we have to go onto one income in the future if we start thinking about kidlets.

Basically my wage is used for bills, groceries, and what ever is left over for my 'spending'.

His wage go's into the mortgage and what ever is left over from that to a savings account and his 'spending'.

He had a whinge a few weeks back about not having any 'spending' money, I soon gave him a firm reminder that we are lucky to have a roof over our heads and food in the cupboard let alone 'spending money'. He hasn't mentioned a word of it since! lol :)

We pay $400 a week off the mortgage and that is about $40 more than the minimum re-payment. We are on a fixed rate also which was the best thing we ever did!

Been in our little place 3 years and have done many improvements, and the value of our place has gone up $100,000.00 already and we have probably only spent $10,000 all up on the it all.

Lots of jobs half done, but getting more towards summer now can stuck into it all again!
 
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cin
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Re: what's your minimum mortgage repayment %

Thu Jun 11, 2009 11:59 am

At the moment out loan is about 25% of our joint income after tax keep in mind i only work two days a week, we will be purchasing a new home soon we hope which will go up in repayments by an extra $900 at least we think, so when i will be home after maternity leave after the second it will be my hubbys income only for at least 4-6mths taking that to almost 50% of his wage. It tough sometimes but if you put your mind to it you can do anything you just have to be strict is the key! When we finnish have our children i will be working more and it will be much easier.

Also our current home is on a fixed rate grrrrr of 8.14% meaning were paying at the moment $600 more a month than we need too!!! So when we sell that will change for sure! Grrr
 
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mellyk83
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Re: what's your minimum mortgage repayment %

Thu Jun 11, 2009 12:44 pm

Up until yesterday ours was about 25% roughly.. we live paying off debts that we have so sometimes struggle paying our bills just from mainly FH's stupidity we are trying to get rid of. We sold our house and the settlement was yesterday and we have a terrilble fixed interest rate at 8.59% so now with the block we brought is 5.23% so instread of paying $2300 a month min in mortgage we will be paying $1008 min until we start building so hopefully we can get rid of a few CC before that and be much more comfortable and cut them up and live off our wages..
 
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kristal
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Re: what's your minimum mortgage repayment %

Thu Jun 11, 2009 12:56 pm

^^^Good luck with that Melly - sounds like you guys are trying as hard as you can to get ahead. Wow 8.59% is huge considering what you can get at the moment.

I am sure everything will work out for you in the long run once you have cut them up.
 
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Allicat9
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Re: what's your minimum mortgage repayment %

Thu Jun 11, 2009 4:28 pm

Wellll...

Currently our mortgage is approximately 19% of our combined income after tax. However in recent weeks I have decided that I want to live a little closer to the city - we are looking at Chadstone, Notting Hill and Camberwell and still want 3 beds... so yeah lots of $$$$!!!!

We'll be keeping our current property as an investment and refinancing it to get the deposit for a new place, after which our mortgage will be around 42% (residence) plus 6% (top up required for investment).

Whoa! 48%!!! But I spose that's the cost of 2 properties....
 
ldr10
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Re: what's your minimum mortgage repayment %

Fri Jun 12, 2009 12:01 pm

Ours is around 19.5% of our combined income after tax if we pay only the minimum, but we try to pay as much extra as we can per month which can make it around 25-30% mark. We'll probably only stay in this house for another 3-4 years, then buy something bigger before we start a family.
 
flimmy
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Re: what's your minimum mortgage repayment %

Wed Jun 17, 2009 2:37 pm

Ours is around 20% off our combined income. I have just started work so my wage will cover the mortgage 100% and DFs will be towards everything else.
Our mortgage isn't a huge amount per month so the wage from my casual job will cover it hopefully.
 
poshspice
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Re: what's your minimum mortgage repayment %

Thu Jul 23, 2009 9:12 am

OK you all need to move to Tassie!!!

We've just bought land and are building. Should be completed by end of the year.

We've bought 2.75 acres, 15 minutes from work, about 25 minutes from city centre, we're building a 3 bedroom home, and our mortage will be about 18% of combined income (and our incomes aren't anything out of the ordinary, infact probably considered small compared to what the same job on the mainland would earn).
 
LouLou16
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Re: what's your minimum mortgage repayment %

Thu Jul 23, 2009 12:02 pm

Our is around 40% of our combined incomes.

When we purchased our home it was the height on the interest rates (early 2008), we hit just under 9%. We are on a variable rate mortgage and even though our interest rate has dropped to just over 5%, we are still paying our repayments at the highest rate.
We've decided to do this as long as we both can, with still managing to save and enjoy ourselves! We've knocked years off our mortgage in just over 12 months by doing this, saving us thousands, if not tens of thousands in interest!
 
nikolina84
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Re: what's your minimum mortgage repayment %

Sat Jul 25, 2009 7:32 pm

We use 100% of my pay on our mortgage and hubby earns about 50% more than me so we live of his salery :)
 
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Allicat9
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Re: what's your minimum mortgage repayment %

Tue Dec 08, 2009 4:57 pm

I think you will struggle to get a loan with Bankruptcy on your record...
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