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Thread: what % of you income fortnightly is rent/mortgage?

  1. #19

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    Quote Originally Posted by Arimeh View Post
    Our mortage is about a third of our income for the week.

    Its gone from being 50% to about 35% in the recent cuts.
    same here now hon....although we have decided not to change ourpayment plana nd still pay the 50% into the loan for rainy day money (we have redraw)


  2. #20

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    Mine is 30% net income. So about 25% gross income - not including super - I don't contribute extra to super anyway - paying off the mortgage at this stage!

  3. #21

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    Geeze Squidpa! You're living pretty precariously, sorry don't mean to sound harsh though. DH is a banker and ideally rent/mortgage should be no more than 30% of your Gross income including tax and super. We thought we were extending ourselves by paying 33%. How do you feel about your sitch?

  4. #22

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    it aint great but we make do. we food shop pretty much monthly and we are really calculated when it comes to things like milk and bread its all calculated down to the last slice. we waist nothing pretty much. you dont see me getting beauty treatments done or hubbie we dont eat out havnt seen a movie in years and yeas like about 10 years or 8 years so long cant memba.

    i was living in a camper van when pregnant with josiah and that humbled me even more that was after lease was up and they wanted to renovate it and there was a rental crisis on properties... well guess what... my lease is up here on 8th may house is for sale.. i think im in a better position than other ppl in this world. i do have hopes and dreams but dont think ill ever reach them i guess money isn't everything as long as there is respect and love..

    we dont have family/friend support so make our own way the kids dont miss out tho and i make sure of that the best we can.

  5. #23

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    my 18% was just on DH's taxable income... not including super. I've heard of the 30% general rule of thumb.

    hmm.. if i work it out on net income... it's around 26%. Each month can be different tho.

  6. #24

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    We're paying about 35% of net income on rent atm, that's with just my partner working. I have a higher earning power than he does (he's on a low income at this job, which isn't his 'career' as such, there's just very little steady work in what he does), and when I go back to work we'll think about getting a mortgage then. Maybe. I may go back to work full time and he can work part-time or freelance and be SAHD the rest of the time.

  7. #25

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    Ours is 10.4%

    Also when it comes to how to work it out... the best way is

    Mortgage/Rent Divide by Income Times by 100

  8. #26

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    Ours is around 26% of my partner's net income (I don't work).

  9. #27

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    Quote Originally Posted by Niliac View Post
    Ours is 10.4%

    Also when it comes to how to work it out... the best way is

    Mortgage/Rent Divide by Income Times by 100

    Wow, thats fantastic Cai!

  10. #28

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    This is a really interesting thread for me. I pray DP never finds it because he is always trying to persuade me to just sell this place and move somewhere else (bigger and more exxie) and I am the one who is super cautious about over-extending ourselves. I know that seems a bit laughable when we are currently paying 16% of our net income on mortgage but growing up money was very, very tight so I'm a bit paranoid.

    Mind you, I have done him a deal that if we can put aside what we would be paying in mortgage payments on a bigger place for six months then he might have a deal.

  11. #29

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    Rent is 40% of our income after tax.

    To give you an idea, a bank wont give you a homeloan unless the payments are 30% or under your income to service the loan if that makes sense.

  12. #30

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    our rent is 34% of our montly income after tax

  13. #31

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    we pay 34% based on DH's net income, mortgage, i dont work
    Last edited by Olive; April 13th, 2009 at 09:09 PM.

  14. #32

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    DH's income is very variable, and we're paying a whole lot more on our mortgage than we need to (by choice) - so, as it stands, average week, we pay about 33% of our take home income on mortgage. if we looked at what we HAVE to pay though, it would maybe be about 20% - was a whole lot less than that when i was working (have been off for months with horrible ms) and that will change again when my mat pay kicks in next week - will probably be about 20% of take home income that we choose to pay (we pay weekly and essentially one week in four is just surplus so that we have a buffer for when things get tight like when Gremlin arrives, the recent bushfires and DH being out of work at that time...)

  15. #33

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    Ours is 54% after tax... down from around 70% this time last year.

    I agree Bath, it is a precarious position to be in. We've often had to make difficult choices, but we've come through a really tough financial time with a lot of help from our village

  16. #34

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    Quote Originally Posted by MistyFying View Post
    Ours is 54% after tax... down from around 70% this time last year.

    I agree Bath, it is a precarious position to be in. We've often had to make difficult choices, but we've come through a really tough financial time with a lot of help from our village
    thats fantastic to have come so far well done!

  17. #35

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    I'm not currently working, so going on DH's take home net income, and my small amount of FTb each fortnight, our mortgage is 47% of our income.

  18. #36

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    What we pay is 32% of our net income. What we are only required to pay is 21%.

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