simple q i was curious as to what other ppls are...
what percentage of fortnightly income goes towards your rent/ mortgage
ill go first....
Rent 58% here
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simple q i was curious as to what other ppls are...
what percentage of fortnightly income goes towards your rent/ mortgage
ill go first....
Rent 58% here
Our mortage is about a third of our income for the week.
Its gone from being 50% to about 35% in the recent cuts.
hey mel thats a nice drop hey !
My rent is 50%
Our rent is about 16% of our fortnightly income - while we're both working full time. On top of that, though, we pay a fake "mortgage" into savings/FHSA, because we've chosen not to buy just yet.
So when you add them together, it works out at around 60% of our fortnightly income.
We're pretty much living off DH's income, and stacking mine away.
about 16% but we're doing interest free for a few years .. and we need a bigger house so that will rise.
very interesting.
18% on rent here.
How do you workout the percentage?
add the total of your household fortnightly income....
divide by 100 then times it by what ever number intill the answer comes the closest to the amount your actually paying in rent/ mortgage. hope that helps
Thanks..
Ours is 11% Mortgage.
My mortgage is about 30% - I am single and on one income. Seems a lot less than the rest of you girls! I was extremely blessed at the price I purchased my home for 7 years ago!!!! I have always paid quite a lot less than others in my area were paying for rent.
thats nice and low thanks for sharing
about 30% mortgage.
Are you people talking gross or net income???? Are you factoring in superannuation for example, regular insurance payments?
Our rent is about 33% of Gross income.
Ours is only low because we only have a very small mortgage that was used to buy some land. I'm not rich or anything lol!
im talking about total income when i gave my 58% and we dont pay tax at this point no super and my insurance comes out of the remainder 42%:
We pay 23% mortgage per month, which equates to 11.5% per fortnight!
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):
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!
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?
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.
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.
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.
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
Ours is around 26% of my partner's net income (I don't work).
:
Wow, thats fantastic Cai!
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.
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.
our rent is 34% of our montly income after tax
we pay 34% based on DH's net income, mortgage, i dont work
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...)
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!:
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.
What we pay is 32% of our net income. What we are only required to pay is 21%.
Good point Mabello.... I didn't factor in FTB payments... including that source of income (I don't work) it might take our commitment down to 30%.
Currently, rent is 18% or joint net income, 30% of DH's income - so that's what it will be when munchkins come along.
But we're living very comfortably right now paying that 18% rent and putting 40% of our net joint income into savings. We go on interstate trips - 6 a year, still eat out, still go out. But then again, there's no pitter-patter around here just yet!
mine is 24%. I am in housing though, and when I move out into a private rental it is going to be about 40%.
I pay more too - always have. Mine is probably supposed to be around only 15% of my net income. I might be able to buy more clothes and shoes if I paid that! BUT in about 2 years I will not have a mortgage any longer - and by them I should be a SAHM - I know I will appreciate the sacrifice then!!!: