Having children and serviceability

[Singo]

This is not about whether to have children or not Once a couple begin to have kids their serviceability reduces. So how much each kid costs each week or month?

I reckon CBA calculates that a couple with no dependents will need around 2100 per month. Is that correct? So with each kid by how much it goes up? Which lenders are good for couple with kids?

 

[Aaron_C]

It's about $500 pm per child.

 

[Jamie M]

It depends on the lender but it's around $400 per month for each kid.

It's losing one income (or part thereof) that can cause capacity to drop a fair bit.

Cheers

Jamie

 

[Colin Rice]

It varies a fair bit between lenders.

Example: ANZ $310/child/month with couple $2093/month.

 

[Singo]

Thank you all for the replies! At around $100 per week, kids seems not that expensive But of course it is loosing one or part income seems the biggest issue.

Btw, how the monthly expenses are calculated if we are renting? Having a PPOR vs renting - which is best for serviceability?

 

[Aaron_C]

It depends but usually renting gives you better serviceability due to the rental income and negative gearing.