IF you’re an average Australian you’re worth just over $250,000 have a house valued at $458,488, a mortgage of $341,000 , credit card debt of $3085 and earn $1124.50 a week.
Mortgage stress
According to the experts if you’re an average Aussie, then chances are you’ll technically be experiencing housing stress. This is when a household spends 30 per cent or more of its income on housing costs.
Someone earning the average weekly wage of $1100 would be hard pressed to pay off an average mortgage – which according to brokers Australian Finance Group is $341,000.
Repayments on that amount over 30 years at current interest rates would take up 60 per cent of an average pay packet. Two people contributing to an average-sized mortgage would still have to hand over 30 per cent of their combined income to meet repayments.
More debt
Home loans are not the only stress facing the average Australian. As a nation we’ve racked up $43 billion in credit card debt, according to the Reserve Bank. That works out to an average credit card debt of $3085. If you’re paying a fairly conservative interest rate of 15.5 per cent, you would need to throw $150 a month on your card to pay it off within two years. (March 2010)