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  1. #31
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    I used Zip pay once when I purchased a cat enclosure for my cats.I also have a GE card that was used to purchase our TV interest free.I am good at budgeting so made sure to pay them off before the interest hits.

  2. #32
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    Quote Originally Posted by Rachel3072 View Post
    Did you buy your house upfront without a mortgage? Because a mortgage is people "living beyond their means"....
    If you are able to afford the repayments comfortable then your not living beyond your means. But if you get a loan where it's taking most of your pay and you can't afford to do anything else then thats a poor idea I think.


    I'm not a fan of after pay and all of those things. I prefer to save for the item and get it outright.
    I do have a credit card but I pay it off straight away as I use it more for points

  3. #33
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    Yes, we bought with a modest mortgage (one that could still be paid off in worst case scenario eg. Both of us ending up on the dole/disability pension etc). To keep it modest, we moved to an outskirts town rather than trying to buy in Melborne. Our repayments are less than rent would be in this town and 1/2 of what rent would have been if we'd stayed renting in outer Melbourne. Our home has increased in value by over 25% (including counting in costs like repairs, renovations, stamp duty on purchase etc) since buying 3.5 years ago.

    We would be paying for accommodation either way, so while we have a debt it is allowing our money to work for us.

    I did state that I have no issue with lines of credit per se. It is more the things that money gets spent on when there is little 'value' in the 'money' that is being used (as opposed to paying with cash/savings). I've worked in sales. When the company brought in interest free terms we were trained in how to, quite frankly, prey on these people. Always discuss 'affordability' rather than price, upsell by saying "it will only be another $5 a week" and most importantly, get the sale that day before they have time to sensibly think it over.

  4. #34
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    a bit off topic but do you work in melb metro? we bought in the inner west and both work in melb metro/inner suburbs. commutes are still a hassle. i get buying further out for a smaller mortgage but how do you cope with the time drain of a longer commute? our mortgage is probably a bit higher than if we were to rent the place we are in but it’s manageable.

  5. #35
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    The difference is that a house is (typically) an appreciating asset, unlike a car, clothes, etc. and one would need to pay rent anyway if they didn’t buy a house.

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    turquoisecoast (24-07-2019)

  7. #36
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    Quote Originally Posted by turquoisecoast View Post
    a bit off topic but do you work in melb metro? we bought in the inner west and both work in melb metro/inner suburbs. commutes are still a hassle. i get buying further out for a smaller mortgage but how do you cope with the time drain of a longer commute? our mortgage is probably a bit higher than if we were to rent the place we are in but it’s manageable.
    No, part of my decision to career change into teaching is that it can be done anywhere. We were living in regional WA when I retrained and there were very limited work options for me at the time. DH is a tradie and his company's base is in the outer Melb burbs in our direction (which influenced our town choice). He then travels to all sides of the city 'on the clock' so to speak (he's salaried now, but it still counts as perceived work hours).

    I've been looking at career options recently, either progression within education or changing to my old area of expertise. The latter would mean inner city commutes, the former could, or it could mean working in a regional office.

    On the weekend it takes 1hr and 5 min into the CBD. In traffic, increase that to at least 2! The last 20 min of the drive is never impacted by traffic as it's when I hit 'country' roads, unless there's a bad accident. I'd have to really (Really!!!) want a particular job to do that commute! So where we live definitely limits me in job choices to some extent, but I have colleagues who live a further 40+ minutes away and they can't even consider it, no matter how good the job would be.

    I used to live in inner burbs and commute to CBD or other inner burbs and the commute was always unpredictable. A 9 minute drive on a Sunday afternoon can be a 40 minute commute on a Tuesday morning! I now work further out than where I live and the only traffic I need to contend with is an occasional tractor during hay season!


 

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