[Taizziii * * *]

me n my fiance are looking to buy a 2 bedroom home unit for around the $250000 mark.we only have $15,000 saved up so far, but if all goes well we will make it to at least $30,000-$40,000 by march/april when we plan on moving out of the family nests.so that means we will have a little over a $200,000 mortgage.how much will we be paying in interest for this per week?would the expenses be too high for an income of $650/week? (only he will have a job by then as we are expecting baby #1)would it be financially better to spend $250-$300 on rent per week?would we still be able to eventually afford our own place?

[Ida]

You want to put down at least 20% as your deposit. Go to a mortgage calculator (every bank website I've ever seen has one) to see what your mortgage payments would be like. It depends on where you are in Australia, but a lot of cities are quite stagnant in terms of property prices, so it might not be worth it for you to buy right now unless your repayments are equal to or less than rent for an equivalent home.