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  1. #1
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    Default Tell me about your mortgage??

    Like many dp and I are working hard to save to buy our first home... I hear so many comments along the lines of "you could be paying off your own home with the rent your paying" yet I still worry about if its a goal we'll ever reach.

    If you feel comfortable with sharing then please tell me about your mortgage??

    How much in total?
    Weekly repayments?
    What was your deposit?
    Where you bought? (Suburb or just state)
    Are you happy with your situation financially, do you regret it?

    Thanks in advance :-)


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  2. #2
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    I pay less (600 a month) in my mortgage for my 7 bd 1 acre house on the outskirts of major regional city than my dd does in rent for her 2 bd flat in a capital city.

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  3. The Following User Says Thank You to LoveLivesHere For This Useful Post:

    melimum  (09-06-2014)

  4. #3
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    How much in total? $390k

    Weekly repayments? $450

    What was your deposit? $18k plus fhog of $15k

    Where you bought? (Suburb or just state) Regional NSW

    Are you happy with your situation financially, do you regret it? Totally happy with it! We built our home and it's perfect for us, plus it costs the same as renting!

    We are a bit different to most though because we are 3 months into our mortgage and have paid off 15% due to an awesome bonus cheque, so I guess we bypassed a lot of that 'young mortgage despair' people sometimes get in the first couple years when your payments barely cover the interest.

    Hope this helps x

  5. The Following User Says Thank You to Cheese Please For This Useful Post:

    melimum  (09-06-2014)

  6. #4
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    ...
    Last edited by LoveLivesHere; 09-06-2014 at 19:23.

  7. #5
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    How much in total?
    180k (3 x 1 unit)

    Weekly repayments?
    $280

    What was your deposit?
    $32000


    Where you bought? (Suburb or just state)
    Regional NSW

    Are you happy with your situation financially, do you regret ?

    I don't regret it - I wish we had bought in a different area, rather than going for cheaper in a worse area, but we can afford the repayments here ( was a struggle when I was off work due to an injury though - something to think about), and we will be easily able to rent it out when we need to upsize.

  8. #6
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    How much in total? We borrowed $388,000 in 2008.
    Weekly repayments? Currently $500, we will pay more when I return to work.
    What was your deposit? $40,000, we had to pay mortgage insurance.
    Where you bought? (Suburb or just state) ACT
    Are you happy with your situation financially, do you regret it? Very happy.





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  9. #7
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    Quote Originally Posted by Cheese Please View Post
    How much in total? $390k

    Weekly repayments? $450

    What was your deposit? $18k plus fhog of $15k

    Where you bought? (Suburb or just state) Regional NSW

    Are you happy with your situation financially, do you regret it? Totally happy with it! We built our home and it's perfect for us, plus it costs the same as renting!

    We are a bit different to most though because we are 3 months into our mortgage and have paid off 15% due to an awesome bonus cheque, so I guess we bypassed a lot of that 'young mortgage despair' people sometimes get in the first couple years when your payments barely cover the interest.

    Hope this helps x
    How do you only pay $450 p/w on a $390k mortgage?

  10. #8
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    How much in total? Approx $480,000

    Weekly repayments? $750

    What was your deposit? Can't remember (about 50k I think)

    Where you bought? (Suburb or just state) Northern GC

    Are you happy with your situation financially, do you regret it? Don't regret it, love my house but it's a struggle while I'm on maternity leave.

  11. #9
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    How much in total? Approx $600K (bought house for 430k, and did about 350K of renovations, some of which were self-funded)

    Weekly repayments? $800

    What was your deposit? We used the equity from a house we already owned to leverage the initial loan.

    Where you bought? Sandgate, Qld (Northern suburbs of Brissie)

    Are you happy with your situation financially, do you regret it? It's a lovely house, and one which we hope we'll live in forever. It's full of character and history. But at times DH and I long for the extra money we used to have, and the associated lifestyle.

  12. #10
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    Current mortgage approx $600k

    Bought for $550k in 2009 but did $170k worth of renovations. We bought it as a 3x1 but now have a 5x2.

    $70k deposit.

    $800 weekly repayments - we have set this amount ourselves so the actual repayment amount that is supposed to be paid could be less.

    Current interest rate is less than 5% but can't remember exact figure.

    We live in Sydney, about 5 mins drive from beach and 15 mins to city. About 15 mins on train to city as well.

    I like our house but if I had my time over, I would've bought our forever home as our first home before we had kids as we paid a shizload off our loan before having kids but we bought a 2 bedroom shoebox on tiny block of land. I feel like we started over again buying our bigger house and renovating.

    ETA - I would guess our house is now worth close to the $1million mark. Most houses with at least 4 bedrooms in my suburb sell for close to and over the million mark. We have a shared driveway leading down to ours and our neighbour's garages so this takes about 10% off the value of our home. The shared driveway does not go into our yards. Our backyards are totally separate.
    Last edited by BigRedV; 09-06-2014 at 18:38.


 

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