living in sydney or melbourne with a 3 bedroom within 30 mins from CBD
2007-08-09 20:31:55 · 1 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The general guidline is between 2x and 3x the annual salary which would be between 160k and 240k.
A more specific guidline is your housing payment shouldn't exceed 28% of your gross income, so your housing payment (which includes principal repayment, interest, taxes and insurance or PITI) shouldn't exceed 1865 per month.
Your total debt payments shouldn't exceed 36% of your monthly income, or $2400 (which includes the mortgage).
These are general rules in the US and I don't know how well they apply to Australia.
I have no idea if those amounts will buy anything you want in those areas. :-)
2007-08-10 04:06:28 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋