100k income 300k loan

Discussion in 'Loans & Mortgage Brokers' started by Buzzyear, 12th Jun, 2020.

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  1. Buzzyear

    Buzzyear Member

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    14th Feb, 2020
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    Townsville
    Hi All,

    probably be a stupid question but do you think getting a $300k mortgage when I earn between $100-$125pa depending on overtime and so on is a safe level of debt?

    I’m a fulltime QLD government employee, mortgage works out about $300 a week, $430 a week with rates and insurance.

    cheers
     
  2. Stoffo

    Stoffo Well-Known Member

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    Really depends on what other commitments you have.
    Anyone could say yes, that's easy :D
    But if you are 60yo, married with 5 kids all still living at home in a ppor that still has $500k owing, and 2 cars under finance :confused: then no......
     
    Niche likes this.
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    A important question could be.....what can you personally afford in repayments ?

    ta
    rolf
     
  4. Buzzyear

    Buzzyear Member

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    Townsville
    No debts , no credit cards, no car loans , own everything I got, I’m 40, I pay the ex missus $400 a fortnight child support.

    my minimum take home pay is $2700 a fortnight, But usually around $3300 and up to $4000 if I do a days overtime.
     
  5. Trainee

    Trainee Well-Known Member

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    Even taking the lower end of 1350 a week. 430 in repayments and property expenses. Thats barely 30% which is below the fairly generous definition mortgage stress.

    But.... how much would rent be? Expectations of capital gains? What is your concern?
     
  6. Buzzyear

    Buzzyear Member

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    Townsville
    I pay $250 a week rent currently,
    I suppose I’m afraid of debt, as I stated I don’t have any and it’s a pretty good
    Feeling, I’m 40 though and I really need to buy a place to live in so I got
    Something when I retire.
    I’ve got the $87,500 or 20% deposit saved up, so
    Good to go.

    only negative I can see is being tied to a debt or mortgage again, but I have to pay rent either way so I should just pull the trigger, just need to man up.

    looking for some reassurance on here I suppose lol.
     
    DoggaPP likes this.
  7. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    18th Jun, 2015
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    Location:
    Perth WA + Buderim Qld
    Have you done up a budget? We’ve got a free mini program to set one up if you need a bit of guidance.
     
    Stoffo likes this.