My friend needs some advice
‘My husband and I are planning to buy our first property in Sydney at the end of this year. We are also expecting our first child at the same time. We are a professional couple with one income at the moment, and would like advice on how far we should stretch ourselves to buy a house.
Can anyone advise how much an average professional couple should budget per month for living expenses in Sydney. The reason for this question is we are returning to Australia from overseas this year and are not sure of the cost of living in Australia anymore.’
I’m thinking here that there are 2 different answers o your question.
The first is you can afford to spend $X per week/fortnight or month.
The 2nd is you are comfortable spending $X per week/fortnight or month.
They can be two vastly different amounts. I know of couples who could afford to Borrow $750,000, yet were only comfortable paying off $350,000. It’s up to you, if you can afford it of course…
Ps: Welcome Back!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055adl
Why not take say 35% of your net monthly income and divide that figure by say $7.85 and that is roughly what the average lender will lend you.
Now whether you feel you can pay back more or less is upto you and the negitating power of your broker you engage.
Don’t forget lending terms and conditions vary considerably.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
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