I reckon $500k. I'm sure this is where lenders offer a lower interest rate as it is considered big.
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24-08-2015 15:54 #11
24-08-2015 15:59 #12
Over $400k would make me uncomfortable, but I think anything over 450/500k is high.
24-08-2015 16:07 #13
To me it would depend on ones income as to whether it's a large mortgage or not.
24-08-2015 16:11 #14
ours is about the $600k mark.
I'd say that's prob about average?? we are in Melbourne (inner west)
when we were house shopping, the banks offered to loan us up to about $900k. which is ridiculously large for a home loan imo. stupidly, the repayments were only a few hundred $ more than what we repay now. although I'm guessing once interest rates go back up, they'll be a LOT more!!
comfortable with our level of debt at the moment but keen to get it down as fast as we can!
24-08-2015 16:14 #15
24-08-2015 16:17 #16
I'm more thinking a %, where ince is 50% of repayments
24-08-2015 16:43 #17
I think something along the following lines:
Less than $250K = small
$250K to $500K = medium
$500K to $800K = large
$800K+ = extra large
Mine is $480K.
24-08-2015 16:49 #18
I consider anything above about $700k to be a big mortgage. We were looking at buying another place recently and if we kept this house, we'd need to borrow about $900k. Sounds super scary but it would be fairly manageable for us, especially as we've got a profitable investment property and this house would be profitable if rented out (we don't owe a lot on this house and we'd get great rent for it). There's certainly a significant degree of risk but we're in a high growth area of Sydney and both our houses have doubled in value since we bought them so we have options.
I'm used to the Sydney market though so that skews my view.
24-08-2015 16:51 #19
I think anything above 350k is large. I tend to think even 300k is large, but I'm not taking into account the average prices where I am...just the amount itself.
24-08-2015 16:55 #20
anything over 500k
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