I'm only comfortable with the mortgage in our current single wage situation as well. We worked hard to pay as much as possible off whilst I was still working so its a negligible amount in the scheme of houses (we were a pretty lucky with the timing of selling our investment property as well which helped)
Any other debt at the moment and I'm honestly not sure how we would manage to get by
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06-03-2014 11:09 #31
06-03-2014 11:18 #32
We're currently owing about $40k debt in a personal loan and credit card, in addition to our new mortgage. It's more than we're comfortable with at the moment, but our wedding, new (2nd hand) car, building a house and IVF treatment all happened within a fairly short amount of time. We were lucky to be able to use savings for some of it, otherwise our debt would be a lot more.
We're waiting until we've gained a bit of equity in the house and then we'll be consolidating everything to save on interest. I don't see us being completely debt free for a very long time. We don't plan on being in this house forever, but would like to keep it as an investment property when we are ready to upgrade.
As others have said though there's good debt and bad debt. We're aiming to have our bad debts paid off in the next 18 months.
06-03-2014 11:26 #33-
- Join Date
- Feb 2013
I'm not comfortable with any debts we have!
06-03-2014 11:30 #34
We have roughly $500k total in debts. That is spread over 2 mortgages and 1 personal loan.
The personal loan we make minimum repayments that will be paid off in about 6 years (or sooner, we're about to start making extra repayments).
The mortgages were both done over 30 years. The investment property we have been paying interest only for about 6 months, previously to that we were paying slightly more than the minimum repayments and had been for 4 years. The residential property we pay a fair bit more than we need to and we plan to keep that up.
We don't have an 'end goal' in sight for being debt free, with the exception of the personal loan. We'll keep the investment property until a property market boom comes around, then we'll sell it off and use the money we gain to either pay off the personal loan (if we still have it) or make a lump sum on our current house, and use the extra monthly income to continue to pay higher amounts off our house.
We don't see ourselves becoming debt free with our residential house, because it's not our forever home, we plan on selling it and buying somewhere else, probably within the next 6-8 years. Then, we'll be starting all over again
ETA - We're managing all this just fine on DH's income as I'm still a SAHM/full time student. Once I'm employed (not until 2018'ish) debts we can pay off quicker to better our situation and enable us to borrow more for a bigger house
Last edited by Lillynix; 06-03-2014 at 11:34.
06-03-2014 12:35 #35
We have a relatively small mortgage and a car loan. It's been years since we had a car loan as we paid cash for dh's new land cruiser 2 years ago. Once the car loan is paid off we will be back to having just the mortgage which will be good. The mortgage is the only debt I want to have.
06-03-2014 12:36 #36
I'd be more comfortable with none, but at the moment our debt only takes up 12% of our income, so very manageable.
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06-03-2014 14:13 #37Senior Member
- Join Date
- Sep 2012
For those that have replied saying they are not comfortable with debt what is it that makes you uncomfortable. I see certain types of debt as a good thing, for example a loan for an investment that will earn you a profit, or a loan to help with university fees to earn you a tertiary education, or loan for a house for your family.
I think debt is a great tool if used wisely to purchase appreciating assets.
06-03-2014 14:26 #38Senior Member
- Join Date
- Oct 2011
As I mentioned earlier, the biggest thing I'm not comfortable with is being trapped by debt. If an opportunity arises I want to be able to pursue it, whether it's travel, a job opportunity, spending more time at home with kids etc. That's probably my main thing. Also, I don't need a lot of things. I value experiences at the end of my days more than having acquired a lot of material things. That's absolutely no comment on others who acquire things or do both, I just don't find it worth it for me.
Having said that, we have acquired to the level we like with a nice home on 80 acres to play with as a hobby farm so we're certainly not going without! As long as I can live without worry about how to pay my bills, I have plenty
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06-03-2014 14:28 #39
The only debt I am comfortable with is that tied up with our property investments. By investing money and having debt over the last 20 years we own quite a few properties that will enable us to retire comfortably in the next ten years or so. At one stage we had quite a lt of debt but were comfrtable with it as we knew these were long term investments.
I would not feel comfrtable about a large loan or borrow money unless i knew i was going to make money.
06-03-2014 14:37 #40
We have a 350k mortgage & nothing else. No hecs, cc or car loans & I am still freaking out about managing on a single income for 6 months when my gov maternity leave pay runs out. DH is on a good income & we have some savings so we won't get any help from centrelink (which is fine), but I just don't know how people do it on one income with bigger mortgages than us! My hat goes off to you!
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