Rents are out of control in Australia. Know a couple wanted to buy a house where the mortgage was cheaper than what they pay rent. Bank refused, saying the loan would cause too much hardship because over 33% of income needed to service it. Yet they cope paying more now in rent.
Go figure.

PS have heard rents high world wide. Can any confirm in non-Australian places?

@puff I have nothing good to say about mortgage companies. I tried to refinance my mortgages year or so ago. I have never missed a payment, and pay extra every month. I have a pension and Social Security that give me as much income as I made working. My real estate taxes have always been paid on time. And I have enough savings I could pay off the mortgage if I had to. The refused to refinance unless I put the taxes and insurance in escrow with them! I told them to take a hike! With the extra payments,
I’ll have it paid in the same amount of time they were offering.

I have a somewhat similar situation. I don't have that much money coming in, but we had to submit essentially fraudulent documents in order to get the last refinance. It is nothing less than ageism where the requirements are written to make seniors ineligible. Fucking banks...