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18 Aug 2022

How much money do I need to make before buying a house?

Use House as Collateral for Second Home Purchase

As long as you can repay your mortgage on time, the amount of money you make each month or year does not matter. There is no set amount of money you need to make. However, the average income for a homebuyer and owner in Australia is between $80,000 to $100,000.

The average mortgage monthly repayment is $1,993, but it varies depending on where you purchased the home and how much it sold. You should make at least three to four times your housing costs, whatever that looks like for you.

In households where the mortgage is split evenly between partners, the average annual income looks different and the high cost is easier to manage for both parties. If you make $80,000 a year, that is approximately $6,700 a month. Three times the housing cost for a repayment of $1,993 is $5,979.

Not sure how much you can borrow and repay monthly? Go online and use a free online mortgage calculator. With only a few simple and general details regarding your planned loan, you can have a prediction in no time.

If you need more personal help, Mortgage House lenders are just a few clicks away with their expertise.

Income and Home Buying Conclusion

Overall, income and home buying go hand in hand, but there is no average set amount you need to make every year. As long as you have enough to make repayments and pay the rest of your bills, it works!

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