Browse Forums Home Finance 1 Mar 03, 2009 7:28 pm With the price of building and buying a house so high now, I'm trying to get an idea of what is considered an average mortgage these days? Particularly those who have built or are building and are you comfortable with what you owe?
We currently have 2 mortgages as we are building whilst living in our existing house so we owe over $550,000 It scares me to owe so much on 1 income, but we should be able to knock a big chunk off that when we sell the current house. I know this can be a sensitive subject so I've added a poll. Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: How much is your mortgage? 2Mar 03, 2009 7:52 pm I know you are looking more for people who are building but i am going to reply anyway
Bought my first house (unit) not long ago. Original loan amount was $227,500 and change. I've bought fairly young so i suppose i chose something under the average loan amount. Re: How much is your mortgage? 3Mar 03, 2009 9:12 pm Quote: With the price of building and buying a house so high now Bev, so he is asking people who are building or buying We owned our previous home and an investment unit, sold both of them to finance building new home, now been in it 4 months, we only have outstanding balance of $16,400, will have that fully paid off in about 18 more months. If I remember rightly, Bev, you are about half my age Re: How much is your mortgage? 4Mar 03, 2009 9:14 pm nice position to be in Helyn
we've just sold our first house and will owe way too much as we move into our new home, which we needed to support 3 kids under 2, on 1 income, its hot, im hungry, woe is me but i cant wait, bring it on! only live once Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: How much is your mortgage? 5Mar 03, 2009 9:15 pm Helyn Quote: With the price of building and buying a house so high now Bev, so he is asking people who are building or buying We owned our previous home and an investment unit, sold both of them to finance building new home, now been in it 4 months, we only have outstanding balance of $16,400, will have that fully paid off in about 18 more months. If I remember rightly, Bev, you are about half my age That must be a nice feeling to have barely any debt. I am 23 Re: How much is your mortgage? 6Mar 03, 2009 9:24 pm Helyn Quote: With the price of building and buying a house so high now Bev, so he is asking people who are building or buying No, it's open to anyone with a mortgage I was just referring in my post to the fact that it's quite expensive to build or buy these days, which means many people have a much higher mortgage than previously. That's a great position to be in Helyn, many people owe more on a car loan lol. We were in a good position like that a few years ago but the money went into our own businesses. ~ Hels ~ Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: How much is your mortgage? 7Mar 03, 2009 9:24 pm I am 45, Bev, so nearly double your age.
You are only 1 year older than my oldest son!! He bought a unit 12 months ago too - well, we sold it to him - had to get him to move out of home somehow!!!! I bought my first house when I was 23 and DH was 27, it was best described as a 'renovaters delight' and we spent the next 22 years renovating and extending it until selling last year. Re: How much is your mortgage? 8Mar 04, 2009 7:47 am I'm just building a 2 br cottage at the moment and my mortgage will be about $178,000 I think and the cottage was sold for $184,500. I was very lucky I could use the FHOG for the deposit. Re: How much is your mortgage? 9Mar 04, 2009 8:37 am We'll have a fairly huge mortage - but perhaps another measure might be what % of your net income (after tax) goes towards your mortgage.
If we paid the minimum - it would be 20% of our net income - but we plan on paying about 29% (which equates to repayments at 9% intterest rates) After 4 years - we're in! Re: How much is your mortgage? 11Mar 04, 2009 9:02 am If I work on % then it would be about 35% of my income, Re: How much is your mortgage? 12Mar 04, 2009 10:22 am I think my % of income for minimum payments will be about 37% - bear in mind though that I am doing this alone and on one income. Once I've done stuff around the house like blinds, curtains, gardens etc I should be paying over 50% 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: How much is your mortgage? 13Mar 04, 2009 12:00 pm i dont see my pay nor know how much i get, so cant help with the percentage of pay Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: How much is your mortgage? 14Mar 04, 2009 12:55 pm Once our loan is finalised we will be paying ~ 33% of our combined net income.
If interest rates go upto 9.25% (an increase of 4%) it will be 46% of our current net incomes. We're both in our early 20's and at the bottom end of our professions pay scales so we forecast the percentage of our income required to meet the minimum payments to drop - that said we plan to channel any increases in pay towards extra repayments. Re: How much is your mortgage? 15Mar 04, 2009 12:57 pm Zerosignal We're both in our early 20's and at the bottom end of our professions pay scales so we forcast the percentage of our income required to meet the minimum payments to drop - that said we plan to channel any increases in pay towards extra repayments. Sounds like a smart plan - sounds like DH & I when we were in our 20s After 4 years - we're in! Re: How much is your mortgage? 17Mar 04, 2009 1:04 pm billdsl i dont see my pay nor know how much i get, so cant help with the percentage of pay Billdsl, I don't get it, how can you not know how much pay you get? I mean, even if it fluctuates due to casual employment, shiftwork, overtime etc, you must of put in a tax return last year and know your annual income Re: How much is your mortgage? 18Mar 04, 2009 1:38 pm oh sure i know how much i gross annually, but as for how much coming into the account, or going out, its all in my DW's hands, i have absolutely no involvement, and dont even know the details to log into online banking
scary isnt it, i just take no notice, payslips are all just online and i'd have to go looking to see what i get i just dont bother with it Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: How much is your mortgage? 19Mar 04, 2009 1:56 pm billdsl oh sure i know how much i gross annually, but as for how much coming into the account, or going out, its all in my DW's hands, i have absolutely no involvement, and dont even know the details to log into online banking scary isnt it, i just take no notice, payslips are all just online and i'd have to go looking to see what i get i just dont bother with it Hope you never get divorced Re: How much is your mortgage? 20Mar 04, 2009 2:12 pm billdsl - you're very trusting (mind you - DH & I still don't have a combined bank account - we'll get around to it with our new house ) After 4 years - we're in! 7 11931 I thought this would be a popular question but I haven't been able to find any similar posts. Perhaps I'm wording my searches wrong? When you have car insurance and the… 0 6604 They make the room much easier to clean for one, reflect more light (if light colour tiles are used), and you dont end up with dust on the top edge of tiles (cause most… 3 9578 |