How much you need to work to afford mortgage repayments

Canstar research showed for the average Aussie with a loan of $584,836 on a $72,000 salary, they need to work 135 hours per month to afford a repayment of $3883.READ MORE:It is better news for Aussies with a dual income which reduces the burden down to 67 working hours or less than two weeks of work per person to cover the same amount.Reserve Bank of Australia up to 4.

In New South Wales, on a home loan of $720,458 and a before-tax income of $75,000. mortgage holders will need to work 21 days in a month to afford their $4784 repayments. For Queensland mortgage holders it's about 16 days per month if they earn around $69,000 and need to make a $3468 monthly mortgage repayment.

"That means 82 per cent of their monthly working hours go towards their mortgage which doesn't leave much for other household bills and expenses."

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New figures show mortgage interest repayments ‘have doubled’New figures have shown mortgage interest repayments “have doubled” from nearly “$11 billion to above $22 billion dollars in the March quarter,” says Sky News host Amanda Stoker. “That means mortgage interest repayments have risen nine times as fast as rental costs over the last twelve months,” Ms Stoker said.
Source: SkyNewsAust - 🏆 7. / 78 Read more »