I have been testing the economy to see how wealthy someone with 2 kids and a double income of 70k looks in the broader economy and its not good.
Firstly you can only borrow 250k with that income and secondly your repayments would be 20k per year leaving you with 20k per year to live.
I re tested this with an income of 130k double income two kids, which is (3.7 times the median wage) of 35k and with a housing loan of 636k after housing repayments would leave just $530 to live. If the wife needs to work to achieve this income you can kiss $250pw good bye and say they have $280 left to live.
Even with a loan for 500k you still need an come of $110k per year and that still only leaves you with $500pw to live.
3.7 times median wage below poverty line
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