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  1. #31
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    On one loan we pay a lot more than we need to.

    On the other we are Interest Only and until now haven't been able to afford extra. Now we pay a little extra each week.

    Pre baby I worked for a mortgage broker, I have seen many different financial situations and even $10 a week extra can make a huge difference.

  2. #32
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    Quote Originally Posted by Misschief View Post
    I guess for me it doesn't really matter how long I take to pay off the house. I know that when my parents pass away, I'll have enough money to pay the house off in one go.

    (Please do not think that I hope my parents die soon, as I prefer to have my parents and my son's grandparents, alive and kicking. I don't have any other family here than my parents and my sister who hates me.
    So I really depend on my parents when I need a break once in a while. I love them to death and no money in the world would be able to replace them

    I have even told my parents to give all the money to my sister as I refuse to step into a legal battle against her when they pass away. She hates me sooo much and doesn't believe I deserve 1 cent. I prefer for her to have it all as I don't need the stress and I will pay my house off one way or another. Money will not bring back my parents.)
    We are the same... Df is an only child. They own their house in full and just got a hefty inheritance themselves. So as horrible as it is to think about, once they pass we will pay our house off in full.

    We also received a little from df's nan that is sitting against the mortgage lowering interest for now...

    Our mortgage is quite high and we unfortunately live very much fortnight to fortnight at the moment so every little bit helps...

  3. #33
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    We pay around $200 extra a fortnight, ours is interest only at the moment, but it is actually taking a fair chunk off the mortgage. We're not just paying the interest iykwim?

    We go onto interest=prinicipal in 4 years and will try and keep paying extra if we can.

  4. #34
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    Quote Originally Posted by singa06 View Post
    That's great, your all set then!
    Are your parents elderly now?
    If I thought like that I might still be paying my house off at 50, which I prefer not to be!
    My parents are 65, but not very healthy. I am not a lonely child so the money will be split. There is more than just 2 houses. There's a business with heavy machinery that needs to be sold as well.
    Financially they're not doing well right now as dad has retired due to lack of work, so the only money they're getting right now is from the rent on their second house and my mothers old age pension from Europe.
    Luckily they don't have to pay a lot of rates as they have septic and no rubbish removal. They also have full solar electricity and they live purely on rainwater. So they're saving heaps that way.

    I only bought my house 3 years ago and Im 33. So it is expected that I will pay off this house when Im 54 and I have to be honest and do not think my parents will have another 21 years. I pray to God that they do, but especially mum I don't believe to be around for that long anymore

    EDIT: IF for some reason my income does rise due to some miracle, I will, ofcourse, pay off more than the minimal. Just right now I am already having troubles trying to make ends meet as it is.

  5. #35
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    Quote Originally Posted by Misschief View Post

    I only bought my house 3 years ago and Im 33. So it is expected that I will pay off this house when Im 54
    Sorry to hear about your mum not being well : (
    When we started our loan approximately 7 years ago I too thought it would take years and years to pay off, however you will find that as your pay slowly increases with the CPI and hopefully the interest rates remain steady or decrease your repayments get easier.

  6. #36
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    I bought the house when the interest rates were low 3 years ago (during the recession) and only fixed the mortgage for 2 years (DOH!).
    Then the fixed term ran out and I decided to fix it for 3 more years, based on the fact that I was able to afford the rate rise, so I might as well fix it now in case it would go up again.
    Lo and behold 1 week after I fixed it, the Commonwealth dropped their rates by 0.5% on fixed and 0.7% on variable.
    I was spewing mad. They dropped the rates at the end of the month, so they weren't basing it on the results of the National Reserve Bank as they didn't drop the rate until 2 months after.

    But it's a bit like gambling. You win some, you loose some. With rent you're guaranteed it will always go up. Interest rates go up and down all the time, so you just have to be lucky.

  7. #37
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    Sure do. Our mortgage is $1500 a month. We pay $800 a fortnight, $1600 a month, only $100 more but it counts. We have renters and plan to put that $1000 a month extra onto the loan (once our credit cards are paid off)

  8. #38
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    we paid every available cent onto the mortgage, and decided to wait 5 years for renovations (though we ended up selling that place for a decent profit, and buying another cheaper place, then deciding to wait another 5 years, for renos, so paid extra off the mortgage for 5 years total, and had the place paid off in full)
    Id rather save from $0 than have a debt and still spend money on non vital things.


 

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