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  1. #11
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    Quote Originally Posted by MummaOJ View Post
    How do you only pay $450 p/w on a $390k mortgage?
    Low interest? Longer term? I don't know, that's just the minimum repayment the bank set us.

  2. #12
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    Its very true what people have said, why pay someone else's mortgage when you can pay your own. My partner and I had been looking for awhile and we finally bought August 2013. My partner is 30 I'm 25. I was absolutely terrified to be honest being first time home owners. We had alot of support from my parents they came with us to every house we looked at. It was great to get their opinion and ideas. I used to hate gardening I now love it because its my own, I can hang pictures and paint walls whenever I want and I don't have real estate agents coming around doing inspections. I personally couldn't handle having children and renting. Buying was the best thing we ever did! wish we had done it sooner.

    How much in total $375,000
    Weekly repayments $430.00
    What was your deposit $40,000
    Where you bought? WA

  3. The Following User Says Thank You to kaleissk For This Useful Post:

    melimum  (09-06-2014)

  4. #13
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  5. #14
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    When we bought in 2009:
    How much in total? $323,000
    Weekly repayments? $900 /fn so $450 / week
    What was your deposit? 5% so about $27,000 (had to pay LMI)
    Where you bought? (Suburb or just state) Western Sydney

    When we refinanced in 2013:
    How much in total? $323,000 (added balance of 2 car loans to the mortgage due to much lower interest rate)
    Weekly repayments? $750 / fortnight so about $375 per week. We're paying about $2400 per month though as that's what our repayments totaled on the other loans so we're paying a lot extra.
    What was your deposit? N/A
    Where you bought? (Suburb or just state) Western Sydney

    Are you happy with your situation financially, do you regret it?
    Incredibly happy. I've provided a comparison from when we first bought compared to 4 years later just to show that although we've added to our mortgage, you can shop around and get a better deal to lower your minimum repayments. While it makes sense to make extra repayments, it's good to have a low minimum repayment to take the pressure off during periods of parental leave, injury, unemployment, etc.

    I should add that we'd be paying about $400-500 per week rent for our house so our mortgage is definitely cheaper than renting.

  6. #15
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    repayments are 500 p/w
    80k deposit

    QLD
    Last edited by NoteToSelf; 09-06-2014 at 19:56.

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    repayments per week- $544
    deposit- $50,000
    SE melbourne
    we are very happy

  8. #17
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    Last edited by Barnaby; 09-06-2014 at 20:49.

  9. #18
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    To PPs saying that mortgage repayment are cheaper than rent you are not comparing apple with apple.

    If you are paying a mortgage you have to pay other things that you don't pay or are included in the rent (ie maintenance, strata fees, water and council rates etc)

    Sorry just being pedantic!! Don't mind me and carry on

  10. #19
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    Quote Originally Posted by ExcuseMyFrench View Post
    To PPs saying that mortgage repayment are cheaper than rent you are not comparing apple with apple.

    If you are paying a mortgage you have to pay other things that you don't pay or are included in the rent (ie maintenance, strata fees, water and council rates etc)

    Sorry just being pedantic!! Don't mind me and carry on
    Yes and insurance

  11. #20
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    For those paying $500-800pw, do you have a short term? Or pay more than you need to? We're getting serious re: looking into buying but these repayments scare me!

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    melimum  (09-06-2014)


 

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