Browse Forums Home Finance Re: How big is your mortgage? 21Sep 18, 2007 1:10 pm Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: How big is your mortgage? 23Sep 18, 2007 5:41 pm Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: How big is your mortgage? 32Oct 01, 2007 1:11 pm stonecutter1309 stupidhumour - it sounds like you thought things through. I only worry about those people borrowing 105% after being talked into it by a mortgage broker or salesperson I just don't like paying mortgage insurance - we borrowed 90% for our first unit - but will definitely have 20% deposit on our new home - mortgage insurance on a $1m+ loan would have been a nightmare! To be honest I have been lucky - I moved up here last July with no deposit, and a car loan.... picked a house we liked and went for it figuring the sooner we got on the wagon, the better. I know what you mean about LMI though - and yes, a 3% premium on $1m is alotta moola! The way I look at it though is that in this current market in Brizzy, I would rather pay LMI upfront than rent and try to save a deposit. I am terrible at saving anyway, so it's a no-brainer for my situation....laters Re: How big is your mortgage? 33Apr 18, 2008 10:31 am We were in a position of 120k cash reserve, no mortgage (Jul 07). Then we said we would upgrade the house by building another one. While we were doing that we should also buy a small rental property (<$250k) to payoff while we were waiting for the house to be completed. Short/no so short story later, we had a 900k mortgage (105%) on two properties (Sept 07), and about 135k in an offset account. If we had just stuck to the original plan of just building a new house we would have been halfway through the mortgage for the new house by the end of this year (2008).
As is, we have 700k owing, with about 40% after tax income going to the mortgage. *sigh* A warning to the people out there, don't let the meglomanic women in your house do the financial planning. ;-p Re: How big is your mortgage? 34May 16, 2008 2:58 pm We brought our first house in Broken Hill for $20,000 lol.. We did nothing to it and sold it last year for $75,000. Needless to say, we had a nice deposit for this place. We are a single income family and pay around 30% wage onto the home loan which is now $210,000. We brought wisely and had been following the market here for 6 months before we decided on this property. Re: How big is your mortgage? 35May 16, 2008 5:43 pm Well, we have no mortgage !
We bought a knockdown for $650,000 & the total build will probably be about $380,000. In our mid 20s, we were lucky to buy a "squat" back before the stockmarket crash of '87. We bought our Edwardian "squat" for $109,000 in '86 with a $30,000 loan at 17%. We paid it off in 7 years with my husband on about $40,000pa & 3 children. We slowly renovated the dump by doing everything ourselves. We sold it at a nice profit 6 years ago.......& yes we could have done even better if we knew what the market was going to do. No regrets though We haven't looked back since. Now in our late 40s, we are building for the very 1st time & doing it with cash. And in the area we wanted to live in 25 years ago. Yes & having read your posts, I do realise how fortunate we have been. Though we did live very frugally, as our kids often remind us. I wonder how our children will manage financially , when it's their turn? Built the Eden Brae Cambridge 34 Family with Boston Corner Facade Re: How big is your mortgage? 36May 16, 2008 9:23 pm Our first house, which we bought in 1984, cost $42000. The vendor invited me to buy his pristine XY Falcon GT and the house for $50,000. I said no because we were already stretched.
That car would now be worth around $200,000. Anyway, we sold that house 14 years later for $43,000! We almost doubled our money on our present house over 10 years. Our loan amount, after construction, will be less than $140k. Hope to pay it off in less than 10 years. Geoff - Decophile. Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 40925 Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46386 |