Re: Renting and mortgage??2
Jun 18, 2017 12:42 pm
I live with my parents, and I know a lot of people who do the same. I pay them rent, but its a lot less then when I was renting on my own. I think other people probably save a buffer to pay for rent, but that can be dicey if your build goes over like mine has
Re: Renting and mortgage??3
Jun 18, 2017 12:51 pm
We are paying interest only which isn't too bad at the start of the build but now we are nearing completion the monthly payment is getting up there. We budgeted for it though before we started building though.
Our build thread with Smart Homes for Living in Wellard https://forum.homeone.com.au/viewtopic.php?f=31&t=86092
Re: Renting and mortgage??4
Jun 18, 2017 12:52 pm
Rent something crumby.
We have savings from the sale of our old house also. There will be some months later on in our build where our mortgage + rent will be more than our income.
And we've stopped having fun.
Re: Renting and mortgage??5
Jun 18, 2017 2:19 pm
It's certainly not easy! We are about a month or so out and it's getting very tight. If you can, move in with family even just for the last couple months, if not definitely make sure you have enough saved for when the mortgage starts to rise! And like Mrs_W said, there's no such thing as fun when you're paying both a mortgage and rent
Building the simonds palisade in gippsland
Re: Renting and mortgage??6
Jun 18, 2017 3:19 pm
That why we are staying put in this house that we are renting at the moment. Its cheap. However, I can't wait to move as its freezing here in winter and this house doesn't have much insulation. But my partner keeps telling me that by staying here is allowing us to not waste money or renting something nicer. I mumble under my breath yeah yeah okay. haha
My Build in Ballarat thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=88295
Re: Renting and mortgage??7
Jun 18, 2017 3:33 pm
I'd prefer to be renting. as where we were was just so cheap.
but they decided to sell it mid build, and short term renal was too hard to find, so stuck at folks...200+km drive to work is fine right?(work in IT so lucky can work from home most days, but yeah being in the office sucks.)
JG King Lexington 240 Acreage build https://forum.homeone.com.au/viewtopic.php?f=31&t=87762
Re: Renting and mortgage??8
Jun 18, 2017 3:37 pm
It's about what you can afford, with a mixture of savings and a good budget without over extending before embarking on this type of project. And like Mrs_W said - stop having fun or look at what you can sacrifice in order to get to your end goal. Pizza night, is now make your own pizza from scratch....
We are renting (god I hate it), as we are doing a knock down rebuild, have an investment property and the mortgage will soon start rolling in - at least I hope that is it is not to far away. We don't have a choice of moving in with parents
We didn't want to move our tenants out of the investment property as that would mean that the kids would need to change High Schools, and we would need to find new tenants once we re-built.
So savings, savings, savings, giving up luxuries and generally being a cheap arse for awhile. Or if there is only the two of u - shared housing may be an option.
Link --> Our rebuild journey
Re: Renting and mortgage??10
Jun 19, 2017 8:19 am
Family of 5 living in a tiny rental designed for 3 lol
1 toilet (in the laundry), 1 shower, a sink the hallway. Being tight. No new clothes, no holidays, not much fun.
You do what you have to do.
Re: Renting and mortgage??11
Jun 24, 2017 10:56 am
We rented for 12 months then moved in with family, then moved in with friends. Rent was a huge financial strain and living with friends and family was a strain on our relationship with them. We lived off savings from our home we sold previously. I guess you've got to pick your poison. Good luck.
My Thread: viewtopic.php?f=31&t=82436
Sign in or Join to reply to this Topic
algernonUnderstanding mortgage broker calculations?Understanding mortgage broker calculations?
On the figures provided there, the net proceeds of borrowing (i,e. what goes towards paying for the house) is $296K. On top of that, there's an 'extra' $7.7K added on to…
becjarrettdaltonFiguring out what size mortgage we can financeFiguring out what size mortgage we can finance
You can mitigate some of the risk by considering a fixed rate - and in terms of affordability if the bank has already passed you through their calculators the next and…