+ Reply to Thread
Results 1 to 8 of 8
  1. #1
    Join Date
    Aug 2011
    Location
    Brisbane
    Posts
    663
    Thanks
    127
    Thanked
    220
    Reviews
    0
    Achievements:Topaz Star - 500 posts

    Default Have you ever paid off your mortgage?

    DH and I have been thinking & wondering about life without a mortgage. Imagine life without no debt! Wow

    Have you ever paid yours off & owned your house outright?

    How did you do it? As in did you just keep making the repayments for years & years or did you have a strategy?

    If you had the opportunity to sell & downgrade to a lesser house with a tiny mortgage (or none) would you be prepared to make that sacrifice?

    We currently have an average one & we love where we live. But if we sold up & bought a smaller, older house in a cheaper area, we might be able to get mortgage free. Living with no debt & less stress sounds great. I just don't know i will regret it later on. Decisions decisions...

  2. #2
    Mod-Nomsie's Avatar
    Mod-Nomsie is offline Administrator
    Winner 2009/10/11/12/13 - Most helpful Moderator
    Winner 2011 - Naughtiest/Cheekiest Mod
    Winner - Quickest 'Thanker' on the Hub
    Join Date
    Oct 2007
    Location
    Vic
    Posts
    23,657
    Thanks
    6,899
    Thanked
    7,026
    Reviews
    3
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 postsDiamond Star - 20,000 posts
    Awards:
    200 Posts in a week100 Posts in a weekBusiest Member of the Week - week ended 15/1/15
    My sil and her husband got a payout from bil's work after he was in an horrific accident. They used the money to sell up, buy a block and build their dream home mortgage free.

    They love being without a mortgage, but they are sensible and realise living life debt free is almost impossible. They have a very good finance manager whom they consult on every large purchase. They are currently paying off a pool and a new car.

    I think having no mortgage would be awesome, but at what cost? I wouldn't say sil and bil are lucky, because bil nearly died, and this money is little compensation.
    In your scenario, the trade off for no mortgage would be having I leave the area you love and move to a place a bit less polished. Could you be happy raising your family there? Would you regret moving? Are the local facilities there as good as what you have now?

  3. The Following User Says Thank You to Mod-Nomsie For This Useful Post:

    Snooze  (26-11-2014)

  4. #3
    Join Date
    Aug 2011
    Location
    Brisbane
    Posts
    663
    Thanks
    127
    Thanked
    220
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by crankyoldcow View Post
    Yep, when I was with exdh we paid off 3 mortgages.

    House 1 - no kids. Lived off my income and put all of his into the mortgage.

    House 2 - lived off the bare minimum, and put every spare cent into the mortgage.

    House 3 - (current house) was only a small mortgage anyway. Exdh inherited some money and we used it to pay off the mortgage.
    Wow, well done.

    Do you find your life is easier, less stress for doing so?

    Do you feel like your better off?

  5. #4
    Join Date
    Feb 2013
    Posts
    4,308
    Thanks
    3,424
    Thanked
    1,831
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We've paid off our first mortgage and have no other debts, two cars, but we have been looking to upsize for quite some time. That will put us back at square 1, but this time with only one income, 4 kids and just as sizeable, if not larger mortgage.

    We've still got a bit of a uni student mentality. DH has made one stupid financial decision in this time but otherwise put all our money into it.

  6. #5
    Join Date
    Mar 2007
    Location
    Melbourne
    Posts
    8,156
    Thanks
    752
    Thanked
    765
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    To answer your question, no we have never. Ours won't be paid off until I'm back at work at least 4 days per week and probably once my 2 boys finish primary school.
    I'm hoping that once they're both in secondary school we are mortgage free and can focus on their education, cars and our super!
    Last edited by 2BlueBirds; 26-11-2014 at 19:02.


 

Similar Threads

  1. Tell me about your mortgage??
    By melimum in forum General Chat
    Replies: 31
    Last Post: 10-06-2014, 09:49
  2. Mortgage or travel first?
    By Frittlebitlazzled in forum Destination Suggestions
    Replies: 34
    Last Post: 20-03-2014, 23:38
  3. all income into mortgage?
    By maternidade in forum Family Finances
    Replies: 14
    Last Post: 19-03-2014, 21:47

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Nice Pak Products
Australian Made and Owned. The Baby U Goat Milk Skincare range is enriched with soothing goats milk sourced from country, Victoria. Goat's milk has a pH level close to that of our own skin and contains natural sources of amino acids and vitamins.
sales & new stuffsee all
Pea Pods
Buy 2 Award Winning Pea Pods Reusable One Size Nappies for only $38 (in your choice of colours) and receive a FREE roll of Bamboo Liners. Don't miss out, we don't usually have discounts on the nappies, so grab this special offer!
Special Offer! Save $12
featured supporter
Baby Sensory
Baby Sensory is the only baby programme that offers a complete approach to learning & development. Our classes offer an exciting world full of fun sensory experiences for parents and babies to enjoy.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!