What is the standard income multiplier for mortgages in Perth?
What is the standard Income multiplier for mortgages in Perth? Say one parent was earning in the region of 120K with (2 + 2 family)? Second parent may work part time - no idea of salary for part time cashier / bookeeper 9am to 2pm (school hours)
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I'm not quite sure what you mean, but.. Average house price in Perth is around $460K. The average (not median) full-time adult earnings is around $72K. An oft-quoted ball park figure is that you shouldn't use more than 25% of your income towards repayments (some say 30%, but accounting for interest rate rises. Having tried the 30%, without kids, I'd go the 25%). Most people buy a home as a couple with two incomes, as housing is very expensive here.
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Use any bank ready reckoner
for example - cut and paste this address - http://www.westpac.com.au/personal-banking/home-loans/ and follow the instructions
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The opinions expressed here are those of the individual and not those of Homely.com.au.
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