Anxiety about committing to a mortgage
We’ve just entered the market unexpectedly, I think we’re in a fairly good position but I have nagging doubts as our expenditures are going to rapidly rise as soon as we commit. I suppose that’s an anxiety all first home buyers face, but our rent is currently well below means and I think we lucked out in that front.
Combined income is roughly $180k per annum, as I do quite a bit of paid overtime which fluctuates month to month, but base take home would be just under $5k a fortnight combined.
We currently have $110k in savings, and have been gifted $50k more. I have some investments I don’t want to touch at about $7k, and a credit card with a $6k limit.
My partner has no debt other than HECS at around $27k.
Realistically what can we afford in inner west Sydney without maxing ourself out and putting ourselves in financial distress? We’re hoping to make use of the first home buyer scheme and at least having a stamp duty concession in NSW.
I appreciate it’s a bit of a vague question but I am worried that I’ll be living on rice and beans for the next few years and I want some pragmatic advice.