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Spend the money you saved on yourselves. Your parents are petty."
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What You Need To Earn To Buy A 1M Australian Home
Now, here’s the kicker: In order to avoid being under ‘mortgage stress’, your home loan repayments need to be less than 30% of your household’s pre-tax income. Which means that if you’re taking on this loan as a single, you’d have to be earning $16,666 per month, which works out to an annual salary of almost $200,000. It’s important to note that these are all just rough figures intended to act as a guide — and if you are in a position to purchase a property this year, it’s vital to speak with the right financial experts to determine your borrowing capacity....
