Browse Forums Home Finance 1 Apr 16, 2008 1:25 pm Along the lines of Cookiemonster's "How big is your mortgage thread", i was thinking this morning, what percentage of peoples house and or land is mortgaged and what is the average % these days?
Do new home buyers still save like crazy to get as big a deposit as possible, or as second, third home buyers they use the equity to re-borrow??? Or do we take advantage of the low doc loans or 5% deposit loans etc just to get into a house???? Are we all crazy or what???? I am not really asking for comments, but instead I have raised a Poll to ask what percentage of your house and land/or established home (act. purchase value - not current sales value) is mortgaged/financed? Re: What % of your House & Land is mortgaged? 2Apr 16, 2008 1:47 pm 50-75% bracket for me.
(I just re read the question) Would the question be better posed as (what percentage of your project did you finance? Ie I borrowed 70% of the total project or I borrowed 95% etc... Re: What % of your House & Land is mortgaged? 3Apr 16, 2008 3:56 pm Right now we have block, house we are in and house we will soon settle on..so right now (or when we settle) we will be hocked to the hilt.
When land and current house sells, we will be able to breathe again. Then back to the bank for the extension and pool!! Paula Re: What % of your House & Land is mortgaged? 4Apr 16, 2008 4:59 pm We are doing a house/land package and borrowing about 2 thirds of total cost, paid for rest with our own money, some of which was money we came into by selling our investment unit to our son.
However, our current home is fully paid for, so when we sell that, we will be able to pay most of loan off. Could probably pay all of it off but want to keep some back for further developments, such as shed, pergola, window treatments which we will do ourselves after handover, also DH wants a new car. Re: What % of your House & Land is mortgaged? 5Apr 16, 2008 5:24 pm Ours is about 75% mortagaged. We saved hard to be able to pay more than 20% upfront and avoid mortage insurance and to keep our loan under what we were comfortable paying off. Built Porter Davis "Dromana" 2007. Re: What % of your House & Land is mortgaged? 6Apr 16, 2008 6:21 pm 0% atm, and hoping to get back to that way after we finish building.
Will be getting finance soon for the driveway for our subdivision , but hopefully the blocks will be sold in the spring and we'll have money to put towards the house. If we get what the blocks have been valued at and a reasonable amount for our current house we will be debt free again....if building prices don't go up too much before we start We were extremely lucky to have our current house and the land that we subdivided given to us 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ Re: What % of your House & Land is mortgaged? 7Apr 17, 2008 2:50 pm 'chelle We were extremely lucky to have our current house and the land that we subdivided given to us we dont like you anymore!! Built Porter Davis "Dromana" 2007. Re: What % of your House & Land is mortgaged? 8Apr 17, 2008 7:11 pm I'm sorry
If I promise to not mention it again and to try and go into debt can I still play on your forum....pleeeease 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ Re: What % of your House & Land is mortgaged? 9Apr 17, 2008 7:14 pm 'chelle I'm sorry If I promise to not mention it again and to try and go into debt can I still play on your forum....pleeeease ok....I'll let you!! Congrats on the 100 posts by the way!! Built Porter Davis "Dromana" 2007. Re: What % of your House & Land is mortgaged? 10Apr 17, 2008 9:59 pm Thanks, I hadn't even noticed 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ 13 6563 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6384 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 24778 |