Got an Answer?
So good to see everyone's houses are so well evaluated 😂
We just paid off our home in regional NSW which we bought for $460 000, 8 and a half years ago. We are almost 40. It has been recently valued at $650,000.
Age is important in this question - eg, amazing to have no mortgage by 30, terrible to be carrying debt into your 60s...
I think your mortgage is well under control, given the value of your home. I would be keen to get rid of it completely, but that is how I think. It feels great to have it paid off, but there is a strong argument for not paying it off while interest rates are so low, and instead making money off those extra repayments in shares, super and such. We are very financially conservative and didn't want to do this, but others do.
We built our house 18 months ago for $315k (house and land), it's current value is around $350k, and we owe $293k.
I'm at home with the kids atm and hubby is self employed so we pay ourselves the bare minimum until the business has account has a bit of a more comfortable cushion, then we will start putting more towards the mortgage.
I think there are a lot of people living above their means, in our friendship circle at least. A lot of them are also not interested in paying anymore than the bare minimum on their mortgage as they're not worried if they don't pay it off within the 30 year loan term - they'd rather do their overseas trips and are always out to brunch/dinner/drinks etc. To each their own I guess.
I bought my house outright.
Owe 435k on house we bought in March last year for 540k (worth more like 580k now). Owe 185k on our investment worth about 430k. We're floating along without really making or losing savings (We're on 1 income). Once the kids are at school I'll go back to work and look forward to having a bit more income.
Our mortgage for our first house, now a rental was $240 000. We have about $80 000 left to pay. our other place have have a $750 000 left to pay. Only just got it last year.
We owe 310k
It's far cheaper than rent
And I run my buisness from in so I earn about 2k a week with it.
Without our house I do the same job, for someone else and earn $22 an hour.maybe.
We pay $360 a week which would rent an old 2 bedroom unit.
We have a 4 bedroom house on 1000sq
So it was absolutely affordable and a wise choice even if our intrest rate goes up it will still match rental prices
We built our house 18 months ago for $360,000 house and land, it's now worth $390,000 and we owe $290,000. Our main goal is smashing the mortgage, we go without a lot. I feel a lot of our friends just have different priorities right now but there's nothing wrong with that, each to their own.
$175k left on a $230k house, bought it 7 months ago
My mortgage is 250k on a 680k house but I’m a sahm.. the rent it returns pays it off.. my hubby has a 300k mortgage on two investment properties and we’re building another
You have massive equity in your property, so you are doing very well having a mortgage that small. I have now paid off my house, worth about $500.
Paid always quite a bit above the minimum in repayments, when I was in a good paying job, and put bonuses and any other extra money onto it, and a payout from a job termination, when I was lucky enough to walk straight into another job.
But then I think, should we just f**k it & borrow more and take the kids on lots of holidays and live a full life with them.
Or will that just bite me on the bum when I’m old and still have a stupid debt to pay