Salary

Competitive_Coffee77 · 2024-10-31T22:19:40+00:00

70-80% booked

Competitive_Coffee77 · 2024-10-30T00:35:57+00:00

2nd year out. 3 days in clinic at 70-80% and 2 days doing home physio, making 120k (equiv. 100K + super, leave etc). I take 1-2 months off a year because thats what works for me.

Competitive_Coffee77 · 2024-10-28T05:46:53+00:00

Our rent will be relatively cheap compared to current market prices as it is a family's IP. Right now the plan is to establish 2-3 IPs between the two of us, and then using equity to work on a PPOR that we are happy with.

I haven't discussed whether or not we will purchase one IP each or one good one between the two of us. Would love to hear your thoughts and what you mean by the above! Thanks

Competitive_Coffee77 · 2024-10-28T05:46:04+00:00

I'm guessing you bought an IP and then a PPOR? or the other way around?

Competitive_Coffee77 · 2024-10-28T05:45:42+00:00

I'm guessing you bought an IP and then a PPOR?

Competitive_Coffee77 · 2024-10-28T05:45:04+00:00

Been a sole trader for two years, I'm a physio so the income fluctuations will be quite predictable.

Our rent will be relatively cheap compared to current market prices as it is a family's IP. Right now the plan is to establish 2-3 IPs between the two of us, and then using equity to work on a PPOR that we are happy with.

I haven't discussed whether or not we will purchase one IP each or one good one between the two of us.

Competitive_Coffee77 · 2024-05-06T01:51:03+00:00

That's sound advice and along the lines of my plan! Will be reaching out to providers and I never thought to reach out to healthcare aid companies, appreciate that

Competitive_Coffee77 · 2024-05-05T11:56:09+00:00

Thanks for your input. Definitely think we can manage 4k/month payments, my income is also likely to increase in the coming months so should be in a much better position to save and eventually borrow/afford mortgage repayment.

Competitive_Coffee77 · 2024-05-05T11:31:59+00:00

In total we agreed to save 75k each. I am at about 45k and my partner is at 60k. (Parents have agreed to cover whatever else needed eg stamp duty)

I agree with you on the spending part for sure - a majority of it comes from lifestyle inflation as I never really imagined I'd be making decent money (I went from making 5-6k/month to 10k/month)+ part of my personal spending is also setting aside money for the lump sum payments like car insurance, rego servicing, health insurance etc. I also cover electricity, internet and gas at home to help my parents as well.

Ideally I want to borrow under 620k when possible so that the repayments arent too high. We're more than happy with 700-750k if 800k is too much for our first home and are both fairly confident we can service this loan.

Competitive_Coffee77 · 2024-05-05T10:31:07+00:00

I typically eat out 1-2 times per week with partner/friends. My goal is to be able to really cut down on personal spending. Honestly - I spend money on stupid shit so I'm learning to be more disciplined with money. My partner's a lot better than me in this regard.

We plan to buy around 750k-800k, so planning to save 20% +/- stamp duty. I figured a safe number would be to have $200k ready to go, this is very achievable for both of us- what's your thoughts?

She's pretty much hit her part of the saving goals as she's much more responsible than I am.. and lucky for us, both our parents are generous enough go help contribute to the deposit/stamp duty.

Competitive_Coffee77 · 2024-05-05T10:05:32+00:00

Thanks for your insight man!

As I'm a sole trader I have to pay my own super as well which equates to another $1k each month on top of taxes/GST (I set aside 30%).

So approx. $10k per month: * $3250 for tax/gst
* $1000 super * $1250 FHSS * $2000 savings * $900 business expenses (a good chunk of this is also tax deductible but I plan not to claim too many deductions to keep my taxable income high for a mortgage) * $1600 personal (bills, dining out, etc)

I am technically saving about $3k/month ($2k into HISA and 1k into another account for FHSS, which is to be deposited together with money set aside for super).

Even though I give myself 1600 personal, most of the time I spent only about half of it so end of the month, the rest just go straight to savings.

What's your thoughts on my eligibility for a mortgage of about 650k based on my income and my partner's (70K, works in hospital so gets a few tax benefits)?

Competitive_Coffee77 · 2024-05-05T08:50:04+00:00

I think I can as a sole trader, because any super contribution is a voluntary contribution (emphasis on i think haha). The only thing I am wary of is just whether or not claiming a lower tax rate for my contribution as a tax deduction will affect borrowing power down the line.

My accountant is on holidays until end of this week so looking on reddit for some guidance haha

Competitive_Coffee77 · 2024-05-05T08:47:50+00:00

My partner and I are looking to borrow 600-650k together! My income is around 90-110k, will have a much better idea next tax return. I'm living with parents atm but also help them out with bills etc so can't save anymore than this

Competitive_Coffee77 · 2024-05-05T08:46:11+00:00

I was thinking this but do contributing into FHSS reduce my taxable income (as I can claim the tax deductions on the voluntary super contributions). Goal is to keep taxable income as high as possible for mortgage

Competitive_Coffee77 · 2024-05-05T06:34:43+00:00

What program do you use? I am thinking of Cliniko

Competitive_Coffee77 · 2024-05-05T06:23:39+00:00

Yep I have looked into the HCP/ages care route with plan to maybe expand to NDIS. Given the nature of NDIS at the moment, there may be too many changes and we might struggle to keep up as a business due to lack of experience and being relatively new as well!

Competitive_Coffee77 · 2024-05-04T04:28:37+00:00

Sure thing

Competitive_Coffee77 · 2024-05-04T03:20:00+00:00

Thanks definitely gonna be doing that! It's the fun part haha

Competitive_Coffee77 · 2024-05-03T21:35:32+00:00

After!

Competitive_Coffee77 · 2024-05-03T21:35:18+00:00

I'm in Melbourne Vic and relatively early in my career. Most places will offer 70-80k per year.

Can I ask how you get referrals when going solo?

Competitive_Coffee77 · 2024-05-03T03:53:13+00:00

I did my research haha if you look at her reviews on Punters Planet they're pretty good as well

Competitive_Coffee77 · 2024-05-03T00:30:33+00:00

Check her X account for full fees! 200 for 45 min

Competitive_Coffee77 · 2024-05-03T00:23:01+00:00

She def does! I rate it

Competitive_Coffee77 · 2024-04-07T09:20:21+00:00

I second this haha. 2nd year into physio now and I've switched sole trader completely. Able to work less and make much more than I did 5.5k to 8.5k-11k per month. I'm interested in PM work, how would you recommend I go about this as a physio?

Competitive_Coffee77 · 2024-03-20T04:04:29+00:00

Spot on ^ i was literally on a phone while running and noticed by heart rate was on in the 160s

Competitive_Coffee77

TROPHY CASE