I love this country but it makes me feel scared for my future feeling like I’ll never be able to own property here :( at uni rn and worry about it all the time
The 28% mortgage repayment rule seems really low. By the time the person can save up until they have the right level of contribution and not having to borrow as much to meet the 28% repayment rule, the same house might cost more then. I’d imagine it’s probably better to take some risk whilst being young would be worthwhile.
The 28% repayment rule might work when the interest rate was much lower. It doesn't work with the current interest rate. Imagine the couple takes home 10k a month and pays 2.8k for the mortgage, which means they borrow 450k from the bank. Let's assume they put down a 20% deposit to avoid paying LMI, which means they can only buy a house under 562k. Nowadays, you can't even buy a relatively new 3x2 in Perth with 562k. Overall, It's just a theory. Most people I know paid more than 28% just to get a house when they still can.
Tbh I think the theory you applied on mortgage percentage doesnt work after house pricing boom. I made more than Chris, have more than 20% deposit and my mortgage repayment still over 28%. We need to accept the fact these price has been raisied for so much, these percentage need to be updated and this is exactly why young generation have no hope of getting a house without any help.
@@Carlos1116 it’s definitely not perfect, but just a good framework as a starting point. 30% of your salary looks very different for someone earning $200k vs $100k for example
End negative gearing, regulate airbnbs, close the loopholes, raise apprentice wages, regulate building companies more (less shonky builds please, so many old ass cowboys who cut corners like its still the 1950s or some crap).
For the majority of people who don’t come from a privileged background. With better education, better life chances etc. Who are stuck in poorly equipped rentals, propping up the investors market who gloat how they are giving the poor a place to live. Are spending upwards of 60% of their salary on rent. For those fortunate enough to buy in the lower end market ie under $500,000 have likely bought a dog box that is way over valued and in need of repairs. So you can’t win either way unless you are an investor who has lifelong income and equity. Or earning over $200,000 yearly
For couples it is feasible to live completely off 1 wage and save 100% of the other. Young Australians largely do not understand the concept of delayed pleasure. If you were trying to save for a house, why you would spend 30% of your take home income on wants is beyond me.
In what world can you live off 1 standard wage unless that wage is significantly above national standard, especially if you have children ? Unless your a childless couple and plan to have no kids.
@@Whyunounderstand by standard do you mean the median person, working a full time job (close to, if not more than 100k)? On the proviso you haven't started a family with no savings or equity in a home, yes this is completely possible. I have many friends in their early 30's who are all doing this - in Melbourne.
Yes let's continue to gaslight the public into thinking they should save more cut more...maybe educate themselves for free through university like their parents...oh You see what I mean like let's get with the program we are sleep walking into a disaster and the only ones who win are the banks
Me and my partner have a rental each. We live with our parents so we can get rent money. Our combined income is 330k. It's very possible, we live frugally, my sneakers have holes but I choose not to buy new shoes until they break. It depends on how much you want to sacrifice or how much something means to you.
If only I could kick my $300 per week avocado toast addiction I'll take ten years off my goal of getting a deposit. But by then house prices would have doubled so I'll miss my goal again. I'm out of addictions to kick. Maybe if the government kicked their immigration addiction I could do it.
Immigration is only one part of the parcel, lack of apprentices (shit wages), negative gearing, housing treated as an investment, low rise house zoning flooding our cities and towns all add to the problem.
@@gtvwill I agree. It's been a problem for well over a decade. But ever since one million immigrants arrived over the past two years we have had tent cities arrive and an epidemic of homelessness.
In our economy we are not one, contrary to Nat'l Anthem. There is also wealth for toil, that describes the private sector. The govt sector(excl military) makes wealth from somebody elses toil, yours! The gearing in av yearly income is 1:1.60 against you/us. We are disrespected and economically enslaved revenue producers. They are (by average comparison) wealthy revenue consumers, who ate heavily heavily over represented in rental property ownership. There is 2.5 million of them and 12.5million of us, yet their buying power is vastly superior and dont forget they are revenue consumers at a most alarming & offensive rate by role/position by global parity measure. Then there is their entitlements, placing us at a greater than 50% disadvantage. Can you figure out what must happen so we can be one & rejoice?? We are funding our own economic enslavement! Ditch the Commonwealth and bring equilibrium back into this continent!
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family.
YES!!! That's exactly her name (Lucille Friedman) so many people have recommended highly about her and am just starting with her 😊from Brisbane Australia 🇦🇺
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds......... But Lucille Friedman, restored hope shes a good woman
Its not just this. There are so many more systemic issues he mentioned that need to be fixed, like negative gearing, wage growth, overseas investors and supply. It's really not as simple as "its all the migrants fault"...
Yep millions are putting off Childen well into their late 30s it's becomes very Difficult to conceive at that age too, so many could be in a position they can now have kids but can't. Sad
Step 1: Find a partner
Step 1: fund rich parents
Step 1: While young, single and employed, live frugally in a share house and bank as much as possible.
Step 1 get out of Australia
My butthole is ready
I love this country but it makes me feel scared for my future feeling like I’ll never be able to own property here :( at uni rn and worry about it all the time
Same for me 10 years ago
The 28% mortgage repayment rule seems really low. By the time the person can save up until they have the right level of contribution and not having to borrow as much to meet the 28% repayment rule, the same house might cost more then. I’d imagine it’s probably better to take some risk whilst being young would be worthwhile.
The 28% repayment rule might work when the interest rate was much lower. It doesn't work with the current interest rate. Imagine the couple takes home 10k a month and pays 2.8k for the mortgage, which means they borrow 450k from the bank. Let's assume they put down a 20% deposit to avoid paying LMI, which means they can only buy a house under 562k.
Nowadays, you can't even buy a relatively new 3x2 in Perth with 562k.
Overall, It's just a theory. Most people I know paid more than 28% just to get a house when they still can.
Tbh I think the theory you applied on mortgage percentage doesnt work after house pricing boom.
I made more than Chris, have more than 20% deposit and my mortgage repayment still over 28%.
We need to accept the fact these price has been raisied for so much, these percentage need to be updated and this is exactly why young generation have no hope of getting a house without any help.
@@Carlos1116 it’s definitely not perfect, but just a good framework as a starting point. 30% of your salary looks very different for someone earning $200k vs $100k for example
How does that that Debt to Income ratio example at 6:26 work? The figures seem off.
Great so mine is 70% mortgage and so that 20% is needs and 10% would be savings/wants
End negative gearing, regulate airbnbs, close the loopholes, raise apprentice wages, regulate building companies more (less shonky builds please, so many old ass cowboys who cut corners like its still the 1950s or some crap).
Just ask the government to give every apprentice a house for free.
The RAYMOND discount is that a discount of 20% per month OR a one off ?
It's per month mate
to be honest, i wish i was unemployed. i hate being harrassed by my co-workers. I'm 27 years old and i used to love being unemployed.
This is a really good video
You should see his penis
For the majority of people who don’t come from a privileged background. With better education, better life chances etc. Who are stuck in poorly equipped rentals, propping up the investors market who gloat how they are giving the poor a place to live. Are spending upwards of 60% of their salary on rent.
For those fortunate enough to buy in the lower end market ie under $500,000 have likely bought a dog box that is way over valued and in need of repairs.
So you can’t win either way unless you are an investor who has lifelong income and equity. Or earning over $200,000 yearly
“Cell phones”!!! I thought you were Australian.
Median salary $90k??? Not sure about that
Yes, that is average salary, not median.
Ah, so you meant to say mean. You should use the median in future assessment as it is a more accurate representation of Aussie incomes
Yes, too many millionaires and billionaires dragged up the average national salary.
For couples it is feasible to live completely off 1 wage and save 100% of the other. Young Australians largely do not understand the concept of delayed pleasure. If you were trying to save for a house, why you would spend 30% of your take home income on wants is beyond me.
In what world can you live off 1 standard wage unless that wage is significantly above national standard, especially if you have children ? Unless your a childless couple and plan to have no kids.
@@Whyunounderstand by standard do you mean the median person, working a full time job (close to, if not more than 100k)?
On the proviso you haven't started a family with no savings or equity in a home, yes this is completely possible. I have many friends in their early 30's who are all doing this - in Melbourne.
Yes let's continue to gaslight the public into thinking they should save more cut more...maybe educate themselves for free through university like their parents...oh
You see what I mean like let's get with the program we are sleep walking into a disaster and the only ones who win are the banks
Me and my partner have a rental each. We live with our parents so we can get rent money. Our combined income is 330k. It's very possible, we live frugally, my sneakers have holes but I choose not to buy new shoes until they break. It depends on how much you want to sacrifice or how much something means to you.
If only I could kick my $300 per week avocado toast addiction I'll take ten years off my goal of getting a deposit. But by then house prices would have doubled so I'll miss my goal again. I'm out of addictions to kick. Maybe if the government kicked their immigration addiction I could do it.
Immigration is only one part of the parcel, lack of apprentices (shit wages), negative gearing, housing treated as an investment, low rise house zoning flooding our cities and towns all add to the problem.
@@gtvwill I agree. It's been a problem for well over a decade. But ever since one million immigrants arrived over the past two years we have had tent cities arrive and an epidemic of homelessness.
Saving no longer works. Investing as early as possible is the only way to accumulate enough wealth.
I need to hagmax
In our economy we are not one, contrary to Nat'l Anthem. There is also wealth for toil, that describes the private sector. The govt sector(excl military) makes wealth from somebody elses toil, yours! The gearing in av yearly income is 1:1.60 against you/us. We are disrespected and economically enslaved revenue producers. They are (by average comparison) wealthy revenue consumers, who ate heavily heavily over represented in rental property ownership. There is 2.5 million of them and 12.5million of us, yet their buying power is vastly superior and dont forget they are revenue consumers at a most alarming & offensive rate by role/position by global parity measure. Then there is their entitlements, placing us at a greater than 50% disadvantage. Can you figure out what must happen so we can be one & rejoice?? We are funding our own economic enslavement! Ditch the Commonwealth and bring equilibrium back into this continent!
Labour out
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family.
How please
As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto consultant
She is Expert Lucille Friedman
YES!!! That's exactly her name (Lucille Friedman) so many people have recommended highly about her and am just starting with her 😊from Brisbane Australia 🇦🇺
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds......... But Lucille Friedman, restored hope shes a good woman
Too many migrants
Its not just this. There are so many more systemic issues he mentioned that need to be fixed, like negative gearing, wage growth, overseas investors and supply. It's really not as simple as "its all the migrants fault"...
@@Zzzoeticanah we can’t fix the supply side of the problem but we can change the demand side which is immigration
Hi im trans btw
we pay to much taxes in australia there 125 taxes what a joke
20% more taxes under labor & green now
Isn't the liberal government the reason we have a housing crisis?
@@TheSavlow no the both shit major parties and labor made it worse
@@coopsnz1 😂
@@TheSavlow 10% carbon tax on truck & ute ' fuel excise 6% higher and council rates up 6% ! add Alcohol excise is 13% higher
@@TheSavlow have you lived in victoria labor suck 15 yrs and runied my state since elected in nsw a yr ago
if taxes were much less it would be easier to save money for more people to own a home ! duties & excise taxes is theft
@@coopsnz1 Exactly mate, the harder you work, the more tax you gonna pay, taxation system is punishing hard working people. What a joke.
@@Carlos1116 it punishing middle class & upper class why it shrinking introducing more socialism bullshit policies
@@Carlos1116 you spend more you tax more too
This why Australia's fertility rate has plunged to 1.5 births per woman - the lowest since records began in 1921
Yep millions are putting off Childen well into their late 30s it's becomes very Difficult to conceive at that age too, so many could be in a position they can now have kids but can't. Sad