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How much can you afford to pay off your home?
Aussie property analysts have put their heads together to come up with a calculator that shows the total amount of money you can afford to put down on your home.
The results are stunning and come from the latest Australian Housing Affordability Survey (AHAS) conducted in October.
The AHAS has shown the average property is worth $839,600, but according to data from the Australian Bureau of Statistics (ABS), the median price of homes in the country has dropped from $2.3 million to $2 million.
AHAS data shows there are a whopping $1.2 trillion in property assets in Australia, and it’s estimated that there are more than 1.2 million houses in Australia.
That’s a lot of homes.
The average Australian has about $1 million in savings on their home, and the average mortgage amount is $1,821.
But there are plenty of people who are struggling to put their mortgage down.
“The AHAS shows that the average Australian home is worth more than $3 million, so the average homeowner would have about $2,000 left in their mortgage,” says Andrew Taylor, head of housing at the AFRP.
“If you can’t afford the money to put that down, it’s not a very good deal.”
So, what’s the best way to put the money down?
The AHAs data shows a lot more than just how much you can put down.
It also shows how much of that money you could save by using a “banking discount” or “credit insurance”.
A banking discount is when you take out a credit card or bank loan to buy your home, or buy your mortgage.
A bank loan can be used to get a discount on a house’s sale price, which can often mean you save a lot on the sale price.
But when you use a credit insurance company, such as a mortgage insurance, it can mean a lower mortgage payment.
“That’s the only reason why you would use a discount, but if you could pay the same or more, you’d be more likely to save,” Taylor says.
“So, the only way to save a deposit, is to get that deposit off the market, and that’s where the bank credit insurance comes in.”
So what can you do?
There are lots of things you can do to save money.
“It’s important to note that when it comes to a deposit or mortgage you’re probably paying about 25 per cent of the mortgage,” Taylor said.
“We have found that the difference between the cost of a deposit and the cost you pay to buy a mortgage is probably around 25 per per cent.
So, if you’re buying a mortgage, the deposit you’re paying is actually a pretty good deal.”
If you’re using a credit discount, the difference is probably even lower, so if you’ve got a $500,000 mortgage you’ll be paying around $500 less than if you’d taken out a $1 billion mortgage.
“So if you have a deposit on a home, there’s a good chance you’re saving money.
“Which is really, really, quite good value for money.” “
And if you do that, that means you can buy the house with as little as $1m down and still get a mortgage that’s probably about 15 to 20 per cent cheaper than the average house you’re going to buy in 20 years,” Taylor continued.
“Which is really, really, quite good value for money.”
What are some other ways you can save money?
For one thing, you can also buy cheaper houses, which means you could have more money left over for other things.
“There are lots and lots of savings strategies out there,” Taylor recommends.
“Buying a house in Sydney and buying a house somewhere else in Melbourne or Sydney and Melbourne is a good way to go.
It’s the sort of thing that can get you a decent return.”
He says this is a real way to reduce the number of people living in homes they can’t live in.
“When you’re in your mid-30s or early 40s, it really can be a huge financial problem,” he said.
You can also find a mortgage lender that will help you get a cheaper loan.
Taylor says a bank loan is a great way to get the loan to be as low as possible.
“As a young adult, you could be paying $10,000 to $15,000 a month, and you’d have a lot less to put aside, and get you on a path towards getting a mortgage for less,” he says.