In your own imagination, what do you consider the average mortgage?

[kimmi]

Well, it's Friday night and I'm bored. I work away from home for two weeks at a time, and my Friday nights consist of googling various things. Tonight's topic was money and it got me to thinking.

I know how much my mortgage is, and I don't think it's particularly high. Now I live on the outskirts of Brisbane, so my home isn't an inner city price. It's a lovely home, about 25 years old, so not new, but has everything we could dream of. I was astounded on my googling rampage how much your average family's mortgage is. Some people even saying that they would start to worry if their mortgage was over $1 million.

We are comfortable and financially responsible in our home, but I was honestly shocked.

Back to the original question, without finding real statistics, what do YOU think the average mortgage is?

[onthefly]

500-600k? Which seems astronomical to me. We could probably afford $250k Oh well.

[Astrid]

Down my way, probably $250,000 - $300,000. Honestly would not know for major cities these days.

I would love to know income vs mortgage figures. (to be honest I love knowing other peoples budget in general )

[*EJ*]

I couldn't begin to imagine any more than that either MadB. Our repayments are more than half of what we bring in each week (pay weekly). We could not live on anymore than that.

[blessedatlast]

I was going to say 300 - 350?? No idea, I have never had a mortgage and unless I have enough of a windfall to get me in the market I probably never will lol.

Are you going to tell us Kimmi or do I have to do my own googling?

[kimmi]

Oh I agree that 500k + is huge.... I mean we don't struggle, but I want a quality of life, a baby (IVF is expensive) and I can't imagine committing to repaying that kind of mortgage for the next 25 years..

I read somewhere your mortgage shouldn't be anymore than 3 times the amount of your combined salary for the year. Our mortgage is 1.5 times the amount of our salary (thank god) but should be ever be blessed with a baby and I dont work, our percentage is going to go right up..

[LuluHB]

I think (at least for Perth where the real estate market has only just recently started to get less completely nuts) around $400K is probably fairly normal.

[~ Zarava Flutterby ~]

In this area it would be anywhere from 300k MINIMUM, more the closer you get to the city.
If your looking at a brand new house & land it can be 500k plus.


Sent from my iPhone, more than likely while I should be doing something else!

[kimmi]

according to the different websites, the average mortgage (not property value) is 'about' $380000. Its amazing to see on some boards what people perceptions are. As I mentioned earlier, there are so many people out there saying 800k+ 1million+

[LuluHB]

Ooooooh. I was pretty close. Do I win my mortgage getting paid off?????? ;-)

[kimmi]

So on top of the mortgage you have other costs. Deposit (10% minimum for most) more than 20% if you want to start thinking about avoiding Lenders Mortgage insurance...

I know when we sold our investment unit to be able to buy our first 'home' together, the fees to sell and buy alone (including deposit) exceeded 50k... My mind is spinning. I wish money was free Then I'd have so much more bahaha

[kimmi]

Ooooooh. I was pretty close. Do I win my mortgage getting paid off?????? ;-)

Sure thing.... The cheque is in the mail

[Astrid]

We are about 1.5 times our combined income (well now since I am working). I would not even want consider a mortgage of 3 times our income, might be doable once I no longer have childcare fees. I only classify us as semi-comfortable at the moment.

[LuluHB]

Woohoo. Thanks Kimmi. You're a star. Might just wander down the drive and wait for the mail man . . .

[ss_storm]

Don't forget rates too. I know they're not exactly part of a mortgage, but they can be fairly hefty too!

I'd say anywhere between 3-5 hundred thousand. Most houses around here (small rural town in NSW) are around 200,000 - 300 000 for a decent house.
There is a beautiful place called "Apple Gum" that has been on the market for nearly the whole 2 or so years we've lived here, just from the pics I am in love. But it is also 750,000!

[Floweryfields]

My first mortgage was $70 000 - I am guessing the average these days in my area would be $200 000 anything bigger than that would give me palpitations!

I've never understood the need to have such a huge house that requires you to work so many hours to pay for it, that all you basically do is sleep in it.

[kimmi]

Woohoo. Thanks Kimmi. You're a star. Might just wander down the drive and wait for the mail man . . .

I should be there any day now............................ Just, if you plan on waiting by the mailbox, take a jumper, and maybe an umbrella

[Joeve]

It's scary I was talking to a lady at work who couldn't understand why her husband was balking at the prospect of a 700k mortgage...
We have 2 properties and totally mortgage for both would be 3 times our combined income but we get rent for one so that changes things a lot. We don't rely on the tenants rent as a given we are realistic that at times they will be late in paying or the property could be vacant at times so we can still cope well.