Over $500k and I'm in Sydney and would say most people borrow more than they are really comfortable with. I have plenty of friends who had to return full time after kids because of mortgages and they were really unhappy about it. Having children wasn't a consideration when they first borrowed $500k+
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24-08-2015 15:58 #21Senior Member
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- Jul 2013
24-08-2015 16:02 #22
Anything more than one income needed to pay it off.
We originally had a $300k mortgage and now down to $230k after 3yrs.
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24-08-2015 16:03 #23
I would consider a mortgage over $600k large.
24-08-2015 16:36 #24
24-08-2015 16:47 #25
I built a house when I was 21. I could afford the repayments fine as I bought in a cheap area. I didn't really understand finances then and I remember when I realised that although I was paying $800 each month it was only reducing by a tiny amount. I knew about interest but I honestly had no idea you paid so much in interest.
I would consider above 500k large. God I can't even imagine the interest each month on anything bigger than that.
24-08-2015 18:13 #26
We consider $330k-$350k to be a large mortgage, but that's on one wage. We don't have one atm but looking at that amount to jump up.
24-08-2015 18:15 #27
Our mortgage when we took it out was 960,000!
We've taken a bit off but it's still massive
24-08-2015 18:18 #28Senior Member
- Join Date
- Dec 2014
24-08-2015 18:22 #29
Sydney is a rip off, so basically everything in our area is over $1M at the moment, we are lucky we bought 2 years ago (and owned a unit before that) so we got in before the prices went up, although at the time we thought THAT was a rip off too! 😂
We just manage ours with 1 wage and 2 kids. It's about $400k-$500k and we have paid off a heap already. Our repayments are set really high, interest and principle to try and get mortgage free asap.
This is a *big* mortgage for us.
24-08-2015 18:25 #30
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