Quote:
Originally Posted by buggerlugs
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Looking at the cheap end of the market here, did the loan repayment calculator thing and on my wage even with the deposit, its not really enough to live solo and pay off the mortgage on a $400K property 120km out of Melbourne, unless I want to be eating vegemite on toast for breakfast lunch and tea
The weekly repayments were going to be over 60% of my weekly wage - assuming interest rates didn't go up again and a 240km daily commute to work and back.
Realistically I don't think I could live that far out because I'd be spending 2 hours+ commuting to work assuming it was smooth on the freeway out of Melbourne, and how much fuel would cost me, that same coin buys a 1 bedroom apartment in some of the inner Melbourne suburbs.
Its one of those things where I need to jump $20K+ in wages so change industries or partner up for it to be realistic.
The deposit isn't a big deal, its just not really viable for the repayment side of things.