How Much Home Can We Afford?

Many of us buy a home based on the down payment we have saved, but that’s only half the picture of home ownership. Banks and financial institutions will offer you the “maximum” mortgage they can give you , based on your income. But often, it will not be appropriate for you and you run the risk of being house rich and cash poor – whereby all of your monthly income goes into the new property and cannot save an extra single $1.

If you are wondering how much it will really cost to own a property. Take a look below


home affordability

Leave a Reply

Subscribe to receive relevant financial tips and advice to become more confident with your money decisions. Also receive a free copy of Money Mistakes - a look at the most common financial mistakes the millennial generation is making and what you need to do to be financially successful.

You have Successfully Subscribed!