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    Default What do you consider a large mortgage?

    I know this is such a subjective question but I'm wondering what people consider a big mortgage? Obviously income plays a large role but just from your own personal perspective what would you consider a large mortgage?

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    Default What do you consider a large mortgage?

    We are lucky ours isn't large $240k
    But we are looking at buying something bigger and that is freaking dh and I out because our repayments aren't huge at the moment but would be with a bigger house.
    Our limit for new house is $450k but we have to wait till house prices raise here again and our house has equity before we try.

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    Janesmum123  (24-08-2015)

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    Default What do you consider a large mortgage?

    I would say $600k plus - which is quite common for Sydney
    Last edited by Elijahs Mum; 24-08-2015 at 14:31.

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    Probably for us it's 600-700 000?

    We haven't bought yet it looking to for the next year or so. We're looking up to 480,000 but that's purely because we can't quite get a deposit together for more. I think we could afford repayments up to 700,000 of we scrimped and changed our current lifestyle.

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    For me (in Adelaide!) I think a mortgage of $400k plus is definitely large and I wouldn't feel that comfortable with a mortgage that size despite us earning a very decent income between us. That said, I am quite financially conservative 😛

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    Im in Perth and I would say 700000 is large. Ours is small less than half of that but we looked at getting bigger and it freaked me out. Its crazy what banks will loan. We got told we could borrow 1 million. Thats ridiculous and how they think we can truly afford repayments is scary. I hope people out there dont trust the banks telling them they can have these big mortgages

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    this is my dream house here, but way out of price range! Will have to try and win lotto....
    I see it everyday when driving DS to daycare and i fall in <3 with it more

    http://www.kalgoorlierealestate.com....wa-11065118486

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    I consider anything over $500k large for anyone on an average income.

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    Quote Originally Posted by kim85 View Post
    Im in Perth and I would say 700000 is large. Ours is small less than half of that but we looked at getting bigger and it freaked me out. Its crazy what banks will loan. We got told we could borrow 1 million. Thats ridiculous and how they think we can truly afford repayments is scary. I hope people out there dont trust the banks telling them they can have these big mortgages
    We fell in love with Applecross when we were down for DS's tonsils and had a look at real estate pages for houses there but the $1mill + price tags turned us off

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    Quote Originally Posted by MillieMollyMandy View Post
    I consider anything over $500k large for anyone on an average income.
    Same. I can't imagine owing half a million to a bank, plus interest too. I think I would faint if I calculated the interest paid on a mortgage that big!!


 

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