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hahaha
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Jul 14, 2023 04:51
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JBP posted:On one and a half incomes for a family home, yes it's fine. It will only get easier as well as rates back off over the years. Are you shitposting or are you genuinely that loving daft? Now add on the utilities and transport to get to the loving jobs and oh yes, how about food and JFC your post pissed me off so loving much given the wife and I would love to have our own home but there is zero way it can be afforded even with good wages 1 million for a loving house in Penrith is bullshit and just not sustainable quote:here are houses in Penrith down the road for $700k 3br that aren't as nice but perfectly fine They are shitboxes in piss poor condition at would need another 50 to 100K in remedial work. I know, I've looked.
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Jul 14, 2023 04:53
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Jezza of OZPOS posted:oh right spending 67% of income is fine then. also houses are completely free once you buy them. you buffoon A single income person should look at a cheaper option in the first place, and the example I gave was a couple with one working part time and one ft. Not everyone is a median income cartoon character, some people earn more than the median.
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Jul 14, 2023 04:56
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its jbp so its a little from column a and a little from column b
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Jul 14, 2023 04:56
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Laserface posted:Some dude in Melbourne calling himself PurplePingers is going to all the hosed rentals, filming all the problems and getting them either taken off the market or getting poo poo fixed for tenants. Oh man, I love my regular dose of 'poo poo rentals of Melbourne', especially now that he is going to the rentals and helping the tenants dob lovely landlords and REAs in to the law
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Jul 14, 2023 04:58
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Hey JBP please stop being devils advocate for the housing market.
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Jul 14, 2023 05:15
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I'm just trying to help people understand finance.
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Jul 14, 2023 05:27
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JBP posted:A single income person should look at a cheaper option in the first place, and the example I gave was a couple with one working part time and one ft. Not everyone is a median income cartoon character, some people earn more than the median. You're like an Aussie 3olives only somehow more annoying.
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Jul 14, 2023 05:32
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Breetai posted:You're like an Aussie 3olives only somehow more annoying. You mean I'm like the restaurant?
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Jul 14, 2023 05:33
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Konomex posted:Oh man, I love my regular dose of 'poo poo rentals of Melbourne', especially now that he is going to the rentals and helping the tenants dob lovely landlords and REAs in to the law yeah I bought a T-Shirt. oval office is doing good work. Worth mentioning he has a shitload more views on insta/tiktok and I just chose the YT channel because its a dead gay forum. 20k followers on insta, 130k on tiktok with a few million views.
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Jul 14, 2023 05:40
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Non Compos Mentis posted:its jbp so its a little from column a and a little from column b It's this, don't touch the poop.
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Jul 14, 2023 05:53
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JBP more like Jordan B Peterson!!
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Jul 14, 2023 05:56
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JBP posted:Why wouldn't you ramp up your repayments over time? Your repayments start getting smaller the day you make your first payment against the principal. Are you making an assumption that rates will be 6.5% for 30 years and inflation will cease to exist the day you buy a house? You know that median income is before tax right? Right? So it's 55k after tax. One person is part time so say 40k after tax (they do well for part time). Bank estimates minimum living expenses at 2k a month per person. Sooo that leaves 55+40-12*2*2 = 47k per year left over, assuming no kids/other expenses. Now lets assume rates have already dropped (to be as generous as humanly possible) and multiply 12 by 3.8 and see what I get. 45.6k per year. I guess you're 400 dollars in the black, yearly, with rates back down to 4%. Lol, lmao. JBP posted:A single income person should look at a cheaper option in the first place, and the example I gave was a couple with one working part time and one ft. Not everyone is a median income cartoon character, some people earn more than the median. Not some, half earn more, and importantly half earn less. Please stop trolling or learn extremely basic math.
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Jul 14, 2023 06:54
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Konomex posted:Oh man, I love my regular dose of 'poo poo rentals of Melbourne', especially now that he is going to the rentals and helping the tenants dob lovely landlords and REAs in to the law I do not look forward to this guy getting his house firebombed.
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Jul 14, 2023 06:55
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hooman posted:Not some, half earn more, and importantly half earn less. Half is a lot of people. Thanks. I ignored the rest because you're still arguing on behalf of a buyer for this property that I'm not even contemplating. Oh wait hooman posted:You know that median income is before tax right? Right? So it's 55k after tax. This math is incorrect. It's like $65,000 after tax at $80k. Extremely basic. JBP fucked around with this message at 07:00 on Jul 14, 2023 |
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Jul 14, 2023 06:57
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Why not simply take my first example of a sparky who is probs making a hundo and his partner who is say a part time nurse making $40k? That wouldn't suit the narrative of the tweet about sacrificing holidays to Berlin I suppose.
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Jul 14, 2023 07:02
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JBP posted:Half is a lot of people. Thanks. Uhhh, 80k isn't the median income chief. EDIT: Ok, I'll indulge your example, 100k Tradie, 40k Nurse, 1 kid? Is that fair? 100k Pretax -> 75k After Tax 40k Pretax -> 36k After Tax Total Income - 111k Living Expenses, two people, 2k per person, per month. 48k per year. Average cost yearly of raising a kid. 13k. 111-48-13=50k per annum spare. So in your low rates case these people are in the black by only ~4k a year. Before you consider anything like council rates, and all the other expenses of home ownership. But again, this only works in the low rates environment. Come on man. hooman fucked around with this message at 07:20 on Jul 14, 2023 |
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Jul 14, 2023 07:07
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What exactly are we advocating for here? That everyone should be able to buy a house like the one linked? I'm lost. I could argue affordability of houses is poo poo (it is) and I could argue that there are many cheaper houses out there (there is).
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Jul 14, 2023 07:46
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we are advocating for the removal of penrith
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Jul 14, 2023 07:57
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Non Compos Mentis posted:we are advocating for the removal of penrith this
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Jul 14, 2023 08:20
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$78.5k or whatever is the median ft. Sorry this extra grand is very important to the discussion I guess. My low rates case would be 3%. 4% is just the hopeful normalised rate. They're also building equity in the house and experiencing capital growth on it. Outside of this anomalous environment they're fine.
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Jul 14, 2023 09:05
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Non Compos Mentis posted:we are advocating for the removal of penrith You take that back! Penrith has improved dramatically over the years.
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Jul 14, 2023 09:05
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Lmao imagine falling for an obvious JBP low effort post in TYOOL 2023
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Jul 14, 2023 09:09
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JBP posted:$78.5k or whatever is the median ft. Sorry this extra grand is very important to the discussion I guess. Median wage (68k) isn't median full time wage (79k). I used median wage to represent full time and part time work across a couple, but you've ignored the numbers on your theoretical couple as well. They are only *just* in the black, close enough that I doubt they would get approval from the bank. Next, 3% is not low rates. 4% is low rates. Historically, rates have hovered around where they are now. Between like 1970 and 2012 mortgage rates sat above 6%. Only in the last 10 years following the GFC did they trend down to 4% to try and stimulate the economy and during COVID did they drop to unusually low levels. Since the RBA was established they've really only dropped below 5% in the last 10 years. So with historically low rates, that are significantly lower than they are now, a local electrician and a part timer would only just scrape in being able to afford it and to roll back to where you started: JBP posted:Why do you need any of that to buy a $950,000 house? If you borrowed $800k it's like 4.5k pm even with dogshit interest rates. Local electrician and a part time partner wouldn't break a sweat.  Recoome posted:Lmao imagine falling for an obvious JBP low effort post in TYOOL 2023 I think it's actually a worthwhile discussion to have, because looking at the numbers is useful to do to see where affordability actually falls down. Again I'm not really interested in JBP reading my posts, they're mostly there for anyone else who is interested.
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Jul 14, 2023 09:29
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Gorfob posted:You take that back! the only way to improve penrith is to release actual panthers into the suburb
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Jul 14, 2023 09:36
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Non Compos Mentis posted:we are advocating for the removal of penrith Just the removal of all economists. Like JBP for example.
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Jul 14, 2023 09:48
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Non Compos Mentis posted:the only way to improve penrith is to release actual panthers into the suburb Not gonna lie. It would add some spice.
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Jul 14, 2023 09:50
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love the rith
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Jul 14, 2023 11:29
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Gorfob posted:You take that back! has it though? to me there’s a real connectivity issue as so much through space is dead car parks or arcades with nothing in them anymore. the north side where jbp’s house is feels kind of dead too. I like getting coffee from favela
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Jul 14, 2023 11:29
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birdstrike posted:has it though? to me there’s a real connectivity issue as so much through space is dead car parks or arcades with nothing in them anymore. the north side where jbp’s house is feels kind of dead too. Yeah there is a real connectivity issue. It's still a massively car centric area. The new park in the middle where the old spotlight carpark ramp/funeral home was will be a good way to open things up. I still get regular 0800 bhan mi from Jamison Bakery after night shifts. A real delight.
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Jul 14, 2023 11:34
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Gorfob posted:Yeah there is a real connectivity issue. It's still a massively car centric area. The new park in the middle where the old spotlight carpark ramp/funeral home was will be a good way to open things up. the only place I will visit an atm for
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Jul 14, 2023 11:38
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If you work on High Street (I do) parking is just massively hosed, have to go and move my car every two hours and pray to god I'm not circling the loving place for 15 minutes trying to swooce into a spot. I don't even know how you'd fix that, probably by not letting it get that bad in the first place lol
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Jul 14, 2023 11:46
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Comstar posted:Just the removal of all economists. Like JBP for example. him being an economist explains a lot, and yes we need them all removed
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Jul 14, 2023 11:59
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kirbysuperstar posted:I don't even know how you'd fix that Non Compos Mentis posted:the only way to improve penrith is to release actual panthers into the suburb
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Jul 14, 2023 12:03
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I mean there was a lion safari park at warragamba
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Jul 14, 2023 12:06
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hm..yes...
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Jul 14, 2023 12:18
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Autisanal Cheese posted:him being an economist explains a lot, and yes we need them all removed My brother studied economics, and whilst I'll miss him, I do understand
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Jul 14, 2023 15:19
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Recoome posted:Lmao imagine falling for an obvious JBP low effort post in TYOOL 2023 Yeah
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Jul 15, 2023 00:55
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You’re getting assessed for serviceability at an 8% interest rate now so even if you could theoretically pay off an $800k loan at current interest rates you’re probably not going to be able to borrow that much. FWIW I recently spoke to a couple of brokers and my borrowing limit was $400k on $84k/yr (excluding super and including HECS). It’s not exactly linear but to borrow $800k while paying off a HECS debt you’re probably looking at needing to earn around $180-$190k a year (they assume higher living costs once you earn more than $100k).
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Jul 15, 2023 01:29
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Ah, but if you were a tradie, you wouldn't have a HELP debt.
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Jul 15, 2023 02:25
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