We owe about $200k on our home and we don't have any other personal loans, car loans or credit card debt. Our mortgage repayments are about $300 per week.
We have a few investment properties but they are positively geared, that is, the rent more than pays the mortgages on those properties so we do not have to contribute to them.
In answer to the OP, we are not aiming to be debt free, we will keep using debt as a tool to invest and build more wealth for the future.
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06-03-2014 09:16 #21Senior Member
- Join Date
- Sep 2012
06-03-2014 09:38 #22
I hate debt. Currently we only have our car lease of about $30 000 (which will be paid off in 2.5 years) and my HECS debt which is sitting at about $20 000
Once our car lease finishes I think we will then consider taking on a mortgage. It will probably be around $500 000 which I then don't expect to pay off for about 30 years lol.
06-03-2014 09:52 #23Senior Member
- Join Date
- Aug 2009
Until very recently we had a HUGE amount of credit card debt (over 20K) and it was horrible. We had always been good with money, had over $10k in the bank and then we needed IVF and it just kept adding up and adding up and then at the same time our roof had to be redone which was another 10K. We were stuck with the debt for over 4 years and just seemed to be making minimal headway...we would move it to interest free offer after interest free offer...it was time consuming and very stressful.
Late last year we managed to pay it all out (my DH got made redundant) and now we are so much happier! We have reduced the limits on the card to 5k and know we will pay it out each month no matter what.
We will never let a credit card be unpaid at month end again!
I do think utilize interest free offers and stuff is a good idea and would do that if i wanted to...but i am never paying more than a mortgage rate again.
06-03-2014 09:54 #24
We currently have no debt (other than student loan) but will be getting a mortgage soon. That is the only debt I am comfortable with!
06-03-2014 10:03 #25
We only have a smallish mortgage which we can manage ok one one income although it will be a bit tight once I go on maternity leave. We aren't really aiming to pay it off at this stage, if we stayed in this house and wanted to do it we could probably pay it off in 10 years, however it's too small for a growing family so we will be buying a family home probably in the next few years. Also we have many working years ahead and tbh I'd rather enjoy some of our money while still young than sink all of it into the mortgage. We rented our place out for 18 months and the rent covered the mortgage, so we may keep it as an investment property, we'll see. I don't expect to pay off any mortgages probably for 20/25 odd years!
06-03-2014 10:08 #26
We owe around the $30k mark. Have a house and two cars and regularly monthly amounts on the credit card that get cleared every month. Looking at going into our last lot of big debt before higher education and weddings start by upsizing!
06-03-2014 10:11 #27
We owe just over $30,000 from a personal loan which will be paid off in about 6 years. We are comfortable with it, we got it for a very good reason and It's our only debt (we rent).
06-03-2014 10:27 #28
Our mortgage is the only debt we have and the only debt we're comfortable with, we hope to buy another property in a few years time and keep this one as an investment.
06-03-2014 10:39 #29
To be honest I'm not comfortable with any debt. At the moment DH and I have about 9-10K of CC debt which was an accumulation of getting married, going on a honeymoon, getting pregnant and having alot of bills within a 3 month period. Despite the debt we are currently looking at building a house this year (a VERY modest house). Hope to pay off CC debt by the end of the financial year.
06-03-2014 10:45 #30
The only debt I am comfortable is a mortgage. We are building a house so will have a 400k mortgage but it's our forever home and once we move we plan to pay it off as quickly as we can. Have no idea how quickly that will be but I would be happy with 15 years.
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