This article in SMH refers to"one bank gave preliminary approval after an inquiry about a loan that would have eaten up more than half the borrower's pay, well above the official "mortgage stress" definition of spending 30 per cent of gross income to cover a home loan."
Well it got me interested in this percentage.
When I calculated, we spend 46% of our gross income on our mortgage!!!!
Is that wrong?
0 kindred spirits ~ This bugs them too!:
Leave a Comment
Hey its a free country!
You can say what you like, it need not even be totally relevant, and feel free to argue the point with me.
Disclaimer:This is my blog, and I am a delicate flower, so be constructive and don't insult me for the sake of it