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  1. #51
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    I think equity has a big part to play as well.
    Our mortgage is just over 400k but we have just under 50% equity in our house.
    We have a beautiful home in a beautiful suburb but I wouldn't want to owe the same amount on a house that was only worth what we owed.

    If that makes sense?

    Offset accounts are very beneficial too.

  2. #52
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    Quote Originally Posted by Alicia111 View Post
    I think equity has a big part to play as well.
    Our mortgage is just over 400k but we have just under 50% equity in our house.
    We have a beautiful home in a beautiful suburb but I wouldn't want to owe the same amount on a house that was only worth what we owed.

    If that makes sense?

    Offset accounts are very beneficial too.
    I see what you're saying, but in our case we had to sell to get that equity out. The $450k mortgage was too big regardless of the equity. It just so happened that the property market boomed and I made 67% capital gain in just 2.5 years. Now we are looking at buying acreage and building a house on it to make the most of the profit we made.

  3. #53
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    anything over 250 thousand lol but in my area 250 thousand would get you an okay house and Id be content with that

  4. #54
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    I'm thinking approx $500k.
    Our loan was close to that and now it's under $400k and I'm still thinking its big.

  5. #55
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    Considering the average cost of a house in sydney id say anything around 650-700k is high but unavoidable for many people if they want into the market atm.

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  7. #56
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    Default What do you consider a large mortgage?

    Quote Originally Posted by ExcuseMyFrench View Post
    Yeah so in 2009 IMO you took a large mortgage.
    That's just my opinion and not a financial judgment!
    Yes but our repayments are actually more now than they were then due to extension but the house prices have gone crazy here so % is way less even though we pay more

  8. #57
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    I think it is relative, rather than a dollar figure or a percentage, if you can't pay it off comfortably then that is a big mortgage.

    When we decided to buy, we made sure that we would be able to comfortably pay it off with one wage, two wages is a bonus.

    I grew up in the Inner west in Sydney - and there is still a little part of me that thinks $800,000 is a bargain mortgage. Even though, I know rationally that a million + for a tiny house is not a bargain. And where we are now, if you had 800,000 to spend you would get a mansion and a farm. Sydney prices are scary.

  9. #58
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    See we have a large mortgage to me. It is now about $680k.

    But we considered before going into this about 2 years ago, should we buy something smaller and then move again in a few years? Would all the fees etc and starting again on a loan term be more beneficial than a smaller mortgage?

    We can afford our mortgage with DH's wage and my mat leave or when working, me working 2 shifts a week. We both have the type of jobs that even if we were to loose our job, we could easily find another. We also have a large savings gap.

    So having a large mortgage was a choice that while uncomfortable (my previous mortgage was $240k) was worth it for us.

  10. #59
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    I have a $300k mortgage and I would consider that smallish/medium
    I would consider over $500k a big mortgage

  11. #60
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    In saying that our home is worth $900k so a $300k mortgage is small in comparison


 

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