Browse Forums Home Finance 1 Feb 04, 2010 8:27 am We are building our second home and just in the process of organising our loan... which got me thinking about mortgage sizes. Generally it isn't something people IRL compare, so am wondering what your mortgage size will be when your home is complete? Ours will be $400k, on a house worth hopefully around $750k. Our first mortgage was $240, so this feels like a huge increase! It is around 30% of our gross income at current interest rates. Anyone willing to share? My folks are gobsmacked we will have such a big mortgage (granted they built their home 30 years ago)! Re: What's your mortgage size for your new home? 2Feb 04, 2010 8:38 am There's a stack of posts on this topic...maybe search might be a good first stop...here's one to get you going... viewtopic.php?f=31&t=17134&hilit=mortgage mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: What's your mortgage size for your new home? 3Feb 04, 2010 8:42 am I believe an average Australian mortgage is around $350,000 or at least that's what the stats say Re: What's your mortgage size for your new home? 4Feb 04, 2010 8:46 am todolist - I did do a search and had found that thread and some others that were similar but older. When reading that one it is really about what people paid for their house and land, not what their mortgage size is (e.g. we paid $250 for our land, and $400 for construction, but we don't have a mortgage that is $650k, so I would imagine that may be true of many of the posters). I was more interested in where our mortgage sits compared to others in similar positions. gettingthere - thanks for that information, seems that ours is not that far off the average then! Re: What's your mortgage size for your new home? 5Feb 10, 2010 9:04 am Our first mortgage was 330k about 2 years ago on a house that we built. Bought the land for 183k and spent I think about the same, maybe a bit more on the house by the time it was finished. We sold that and made a good sum out of it and now our second mortgage is MASSIVE (eeek) 805k mortgage on a property that should be worth approx 1.1m when its finished (although hopefully the market picks up a little bit and it would be a nice surprise ). Massive jump while we were young but we can always sell and down grade if its all too much. I was freaking out a lot but I have settled down now. The decision for increasing so much was that we were just wasting too much money when living at our last house... We found the perfect block and took a leap! Re: What's your mortgage size for your new home? 6Feb 10, 2010 1:13 pm We live in country SA where land prices are obviously a lot less than in cities. House would have a market value of $350k. We owe 6k - will have it paid off entirely by end of year. Re: What's your mortgage size for your new home? 8Feb 14, 2010 2:44 pm Hi Jazzhands, I am happy to share, and hopefully make you feel better.... Ours will be between $650-$700K by the time we have finished, we own our land outright, but our actual build will be 100% loan... until the exchange rate improves and we are able to send our NZD over (have only been in Qld for a year). We too will have a bit of an uphill battle for the first few years, but plan for this to be the house we live in for the duration of our kids' schooling lives... so wanted it to see us thru the next 10-15 yrs Building on the Sunshine Coast - Land settled 22nd July 2009 Building contract finally signed (after much deliberation on our part) 11th November 2009 Building commences 25th January 2010 - small local builder End of June - almost completed fit out 26th July - MOVE IN DAY!!!!!!!!!!!!!! Re: What's your mortgage size for your new home? 9Feb 14, 2010 4:35 pm Bought and built in the country here. We have an equity loan based purely on the land value. This is our 3rd home and the 2nd one we've had built. Ours equity loan is 134k not much you might think but we are older. To us it's a huge amount. Our first mortgage was $36,500 and our second went from $55,000 to zero and then back to $18,000 when we did some upgrading adn updating.. We did originally have plans to get the house valued when we moved in and get a standard equity mortgage and use some of the equity to finish it off but we've decided we'd do it in bits and pieces instead of increasing the amount we owed. Re: What's your mortgage size for your new home? 10Feb 14, 2010 10:10 pm Mines at $220,000. i'm happy with it, but will be happier when its lower viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: What's your mortgage size for your new home? 11Feb 15, 2010 7:18 pm Our is $370k which is a bit higher than I wanted - $350k but thems the breaks aren't they Still need to add our blinds/driveway and garden o.0 hehe Re: What's your mortgage size for your new home? 12Feb 15, 2010 7:51 pm We will have a mortgage of around 520K. But that will be for 2 properties, our new loan will only be the build for the new house. We sold a house and paid out the balance of that mortgage and bought the land outright. The rent we will get for the house we are currntly living in will mean that we will be paying around $10-20 a week more than what we are paying now. Of course by the end of the year if interest rates go up we will put the rent up too Re: What's your mortgage size for your new home? 13Feb 15, 2010 9:33 pm We owe approx 20% of our property's value Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Dear Members I have to decide the Facade column size. My custom builder standard is 350mm with rendering, but i asked for 470mm plus stone or tiles and yet to get… 0 7496 All sorted guys. Just needed to buy a blade with the correct bush. Dunno how to delete this post, can't find any help file. Cheers. 1 3663 Current door width is approx 2700, looking to have double doors fitted 820-820. What size does the frame need to be before door jamb? Thanks 0 3548 |