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BorrowingPagey9 [6 Posts] Hi. I am looking to sell my townhouse in Brisbane and upgrade to a house. My question is: "what is the general rule regarding ones monthly replayments and income"? If my repayments are 40% of the monthly net income, am I over borrowing? I don't have any other major expenses other than the norm (food, rates etc). Chris White [36 Posts] Hi There, The Australian average is approx. 20% of gross income spent on loan repayments - or approx 27% of net income, depending on your MTR. Approximately 8% of folk are at or over 50% of their gross income. So if they earn $60k per annum gross, then their loan repayments are approx. $30,000 p.a. That would make the repayments at about 66% of their net income. This is considered to be mortgage stress! You would certainly qualify for a loan, I would just recommend doing a good budget. Chris White T 1300 664 373 | F 02 9966 5608 | Subscribe to our free newsletter at www.prospergroup.com.au | Visit our weekly property market updates - www.prospergroup.com.au/blog   |
User loginIn The NewsRBA Rate Drops Rate The RBA has just announced a 100 basis point drop to its benchmark cash target rate. Developers Expectant The Federal Government's $1.5 billion first-home package has stimulated the development market. RBA Rate Cut RBA delivers investors an early xmas present by cutting its benchmark by 75 basis points to 5.25% Today's TipYou should never pay more than 30 cents in the dollar in income tax <more> Active forum topicsBreaking a fixed interest contract Author: marie07 Where is the bottom Author: wealth4life.com Who's OnlineTake The Test
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