therefore property up to approx 7.5 times the average wage
Yep that is affordable LOL"
According to an online calculator a person on 60k could borrow $457k. Therefore a $500k house would be affordable if:
-The loan is for 50 years -They have no car repayments -They have no credit cards -They have no dependents -The interest rate is 6% -They have a 43k deposit. -They have no other weekly expenses
Totally affordable! House prices are clearly set to boom!
