How much money should a first home be near a combined income of 80K?
living in sydney or melbourne near a 3 bedroom inwardly 30 mins from CBD
Answers:
The broad guidline is between 2x and 3x the annual net which would be between 160k and 240k.
A more specific guidline is your housing wage shouldn't exceed 28% of your gross income, so your housing return (which includes principal repayment, interest, taxes and insurance or PITI) shouldn't exceed 1865 per month.
Your total debt payments shouldn't exceed 36% of your monthly income, or $2400 (which includes the mortgage).
These are common rules contained by the US and I don't know how resourcefully they apply to Australia.
I enjoy no belief if those amounts will buy anything you want in those areas. :-)
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Answers:
The broad guidline is between 2x and 3x the annual net which would be between 160k and 240k.
A more specific guidline is your housing wage shouldn't exceed 28% of your gross income, so your housing return (which includes principal repayment, interest, taxes and insurance or PITI) shouldn't exceed 1865 per month.
Your total debt payments shouldn't exceed 36% of your monthly income, or $2400 (which includes the mortgage).
These are common rules contained by the US and I don't know how resourcefully they apply to Australia.
I enjoy no belief if those amounts will buy anything you want in those areas. :-)