OH! Magazine - Australian Version June 2018 - Page 27

Two Bed - City Two Bed - City One Bed - West Purchase Price $750,000 $750,000 $700,000 $700,000 $500,000 $500,000 Deposit (%) 20 10 20 10 20 10 Deposit ($) $150,000 $75,000 $140,000 $70,000 $100,000 $50,000 Stamp Duty $29,000 $29,000 $29,000 $29,000 $18,000 $18,000 Legals and Sundry $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 LMI (If applicable)* $0 $17,000 $0 $17,000 $0 $9,000 Total Up Front Cost $181,000 $123,000 $171,000 $118,000 $120,000 $79,000 Up Front Requirements Parent’s Contribution (2/3) $120,667 $82,000 $114,000 $78,667 $80,000 $52,667 Child Contribution (1/3) $60,333 $41,000 $57,000 $39,333 $40,000 $26,333 Total Up Front Cost $181,000 $123,000 $171,000 $118,000 $120,000 $79,000 Mortgage Repayments Parent’s Mortgage (2/3) $1,861.55 $2,094.25 $1,737.45 $1,954.63 $1,241.03 $1,396.17 Child’s Mortgage (1/3) $930.78 $930.78 $868.72 $977.32 $620.52 $698.08 Total Monthly Repayments $2,792.33 $3,141.37 $2,606.17 $2,931.95 $1,861.55 $2,094.25 Mortgage Repayments If: Monthly repayment scenario if the spare room / entire apartment was rented out and income was put towards mortgage repayments $300/week $300/week $300/week $300/week $450/week $450/week Per Month Rent $1,200 $1,200 $1,200 $1,200 $1,800 $1,800 Parent’s Mortgage (2/3) $1,062 $1,294 $937 $1,155 $41 $196 Child’s Mortgage (1/3) $531 $647 $469 $577 $21 $98 Adjusted Monthly repayments $1,592 $1,941 $1,406 $1,732 $62 $294 OH! MAGAZINE ( JUNE 2018 ) 27