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  1. #41
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    To me a large mortgage is borrowing over 80% of the house value.

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    Default What do you consider a large mortgage?

    Quote Originally Posted by ExcuseMyFrench View Post
    To me a large mortgage is borrowing over 80% of the house value.
    I don't know how that would work?

    Example: we bought our house in 2009 for $550k. We borrowed $470 which is 85%. We did a $175k extension. Our house was recently valued by the bank at $1.15 million. We now owe about 50% of house value.
    Last edited by BigRedV; 25-08-2015 at 06:26.

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    Anything over 500k that's a 2 bed 1 bath apartment in our area! So basically everything in Sydney requires a large mortgage!

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    Quote Originally Posted by BigRedV View Post
    I don't know how that would work?

    Example: we bought our house in 2009 for $550k. We borrowed $470 which is 85%. We did a $175k extension. Our house was recently valued by the bank at $1.15 million. We now owe about 50% of house value.
    Yeah so in 2009 IMO you took a large mortgage.
    That's just my opinion and not a financial judgment!

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    My opinions are based on housing prices near we are at the moment and I would say anything over 700-800 is a large mortgage

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    As you say in your OP, it really does depend on income. Large for one person is average for another. The mortgage on the house I just sold was $450k, which on our incomes was too big. There wasn't spare money to do anything like go away with the kids. We are looking to buy another place (possibly land then build), and the most we want to borrow is $275k.

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    I'm like excuse my French, a big mortgage to me is one where you owe over 80% of the total value.

    Our mortgage is about 50-55% of the current market value of our house.

    So while we are at the upper limit of what we want to be repaying, we know we can sell up and be able to pay it all off and downsize

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    I guess some would consider ours to be large but if we sold our properties we would be able to pay our mortgage out and have excess of $200,000 cash and our repayments are 30% of our earnings hence it's not a big mortgage to us.

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    We borrowed 70% of our house price, we consider it a big mortgage and with things changing economically that we hadn't anticipated it will be too big and most likely will have to sell. I don't regret it and we will still make a profit but I will hate leaving it it comes to it.

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    Our income is very average. We bought a house for $340,000 and borrowed $260,000. With our income, we can make the repayments on that amount, somewhat comfortably, but any more than that would be a real struggle. So to us, anything over $300,000 is a large mortgage because we'd struggle to make the repayments.


 

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