
Browse Forums Home Finance Re: How big is your mortgage? 3Jul 16, 2007 10:22 am OK.. who has a mortgage less than 100K?
Lucky buggers. ![]() Re: How big is your mortgage? 5Jul 16, 2007 3:14 pm ![]() and who is rich/stupid enough to have one over 500k!!! ![]() ![]() I'd like to think we are in the "rich enough" category ![]() Mind you - this is for prime real estate on a golf course - in Sydney, these sorts of blocks have grown more significantly in value than neighbouring blocks. Re: How big is your mortgage? 6Jul 16, 2007 3:34 pm ![]() and who is rich/stupid enough to have one over 500k!!! ![]() ![]() *Raises hand* Guilty as charged. We'll have a $510k mortgage on a property worth around 800K. It's good fun living in Sydney, isn't it Stonecutter? ![]() Re: How big is your mortgage? 7Jul 16, 2007 3:39 pm ahh...but neither of you fall in the "stupid" category as you both have a heap of equity in your properties....many people take out these kind of loan amounts with a 5% deposit etc and fall into that category! Built Porter Davis "Dromana" 2007. Re: How big is your mortgage? 9Jul 16, 2007 3:43 pm Quote: OK.. who has a mortgage less than 100K? Lucky buggers. _________________ Mark. Well I was lucky to be ZERO mortgage for a couple of years there - but alas I've jumped back on the wheel again for awhile ![]() Re: How big is your mortgage? 10Jul 16, 2007 4:04 pm ![]() It would also be interesting to see what the % of income is spent on home loans now. Tam - are we talking about before or after tax? We will be at 40% of after tax income. Though all of the articles in the paper about "mortgage stress" being 30% of pay appears to do the calculations on before tax income. Not sure what ours would be before tax. Re: How big is your mortgage? 11Jul 16, 2007 4:07 pm ![]() It's good fun living in Sydney, isn't it Stonecutter? ![]() Heaps - I love high petrol prices, constantly gridlocked traffic, high house prices and bad public transport ![]() Re: How big is your mortgage? 16Jul 16, 2007 5:32 pm ![]() and who is rich/stupid enough to have one over 500k!!! ![]() ![]() spread over 2 properties. (one is paying itself off they way rent is over here at mo') Luckily prices have gone thru the roof over here, however the expecting cooling off (or bubble burst) has started. My fear is also for those people that may not be able to support big mortgages when intrest rates move. Re: How big is your mortgage? 17Jul 16, 2007 6:32 pm ![]() My fear is also for those people that may not be able to support big mortgages when intrest rates move. I thought the banks were supposed to take into account a few rate movements when determining your eligibility for a loan? Maybe they are not doing this anymore? (same as those 105% loans - seems like madness!) Our mortgage broker showed us what would happen if interest rates moved from the current 7.37% right up to 10% to see if we could still afford the mortgage in a worst case scenario. Re: How big is your mortgage? 18Jul 20, 2007 2:19 pm The thing that makes me shake my head are the people who bought relatively cheaply 5-8 years ago in our area, and have since put kitchen renos, new cars, holidays, patios etc on their mortgages. Even though the value of the house has gone up, they owe more now than they did when they started. And they have kids now, so they're on one wage.
Sure, some of those things add value to your property, but our area is pretty low key so I can't picture house prices shooting up much, if at all in the short term. Cheers ! Re: How big is your mortgage? 19Jul 20, 2007 4:36 pm We had a $165k mortgage, which was great (well under half the value of the property) but then the opportunity arose to purchase a larger property, and keep the current one.....
So now we fall into the 'stupid' $500K+ category (which I swore I'd never do!), but the repayments without rent on the investment are around 45%, but with rent it drops about 30% so we're comfortable. Thanks to smart advice from a friend who is a mortgage broker, we used every shred of equity on the original place (now the investment) to reduce the mortgage on the new place (and create a bigger tax deduction out of the interest) and were able to afford a better place than we previously thought. I'm astonished at people in our area that borrow $500k on 5% deposit, and can't have a day off without pay because it will break the budget. There's no way I could live like that! Re: How big is your mortgage? 20Sep 18, 2007 1:01 pm 250k. We borrowed 100% of our purchase price because the missus and myself had been dirt poor students while at uni. We had enough money to set up and that was about it.
For that reason we bought the cheapest we could find that fit the bill. The only thing I regret about that choice is that it forced me to buy amongst public housing. The house is lovely actually and the people are ok but when the older ones next door pass I bet we end up with atrocious looking housing units built next door! I'll be looking to upgrade at the 5yr mark to avoid living next to that I think. Probably try to keep the place as a rental though, its in prime position! The other problem is that none of the neighbours work and they get rather jealous of us when we spend money on the house or ourselves ![]() ![]() Sorry I'm ranting. We were spending probably 50% of our graduate wages on the mortgage but now just under 12 months later its less than 30%.... which is nice and comfortable. Thats after tax too.... I don't know how people talk in pre tax dollars, its not money you ever get to see. 5 13663 ![]() 4 11931 The oldest advice in the book, do your homework and shop around. 3 17610 ![]() |