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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The 30% rule and its relevance in 2019

By Cameron Micallef

October 02 2019
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Invest

The 30% rule and its relevance in 2019

By Cameron Micallef
October 02 2019

We’ve all heard the age-old adage, “Don’t spend more than 30 per cent of your income on property”. But as property prices rise, is it still a relevant rule to follow?

The 30% rule and its relevance in 2019

By Cameron Micallef

October 02 2019
Share

We’ve all heard the age-old adage, “Don’t spend more than 30 per cent of your income on property”. But as property prices rise, is it still a relevant rule to follow?

The rule states that individuals (or couples) should not spend more than 30 per cent of their regular income on housing-related expenses.

For a long time, the rule of thumb approach has been that any consumers who are spending more than this, relative to their level of income, are considered to be in financial distress.

But this rule of thumb might be changing, because CoreLogic’s Perception of housing affordability report has found that 2 per cent of would-be home owners indicate a willingness to spend double this amount to enter the market, and have considered spending up to 60 per cent of their income on a mortgage.

It comes as housing affordability continues to be an issue for first home buyers and investors.

Nine per cent of non-homeowners are willing to spend half their income on a mortgage despite the potential for putting themselves into financial stress, while a further 21 per cent of non-homeowners stated they would dedicate 40 per cent of their income to a mortgage.

A further 26 per cent are willing to dedicate 30-39 per cent of their income to secure a loan.

Commenting on the findings, CoreLogic CEO Lisa Claes said that despite the goal posts possibly changing, she still thinks the average Australian would be in financial distress if they spend more on servicing a loan.

On average, “Australian households are spending 35 per cent of their gross annual income to service their mortgage,” the CEO said.

“That is a significant amount of disposable income they need consistently to be able to service their loan.”

CoreLogic’s report also found that just short of a quarter of Australians would not be willing to break the 30 per cent rule and would only spend less on property expenses.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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