Hi all,
I'm doing some research and am interested in what percentage of your household's total disposable income goes into the mortgage.
So for example if you earn $1800 after tax per fortnight and your partner earns $1600 and the mortgage repayments are $1500 a fortnight, that would be $1500/$3400 = roughly 44%. Figures relating to your primary residence (as opposed to investment properties) would be really helpful.
Also, would be great to know if people would still consider themselves to have a comfortable standard of living or whether they are struggling with the amount they proportion into the mortgage.
Thanks!
Context: My girlfriend and I are looking into mortgages and are thinking about putting around 45% of income into the mortgage.
I was fortunate enough to stay in my parents house until I gathered enough money to build my own house. It took me 8 years.
My job involves a lot of travel, so I don't want to have to deal with banks.
My parents have a few houses on a mortgage and they put 30% of their income towards their mortgages.