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How high is your mortgage?

We live in Sydney, we owe $250k on a $1.2m property. Our friends seem to spend their money all the time, but we never talk about mortgage or debt so I can’t compare our lives to theirs. Is our mortgage low, average or high? Are people just living outside their means and not worried about paying off the house?


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Answers (17)

So good to see everyone's houses are so well evaluated 😂

 Oh yeah! We bought this house for $100k 4 years ago, but now it is worth $250k! 😂 😂
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 I know right! Even if it's not true better people believe it right!
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 I’m lost, what do you mean?
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 Yeah I'm not sure what you mean either?
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 I think they're implying people are being a bit optimistic about how much their houses are worth now Vs when they bought it?
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 Don't believe the real estate agents they're full of shit. You can ask for that price doesn't mean your going to get it.
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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.

 If they are paying the bare minimum, they will have it paid off by the end of 30 years. It just means they won't pay it off any quicker than that because they don't contribute any extra to it other than what they are supposed to. Surely you would know that if you have a mortgage yourself.
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 They're probably comfortable knowing they still have to work for 30 years paying for it but can still enjoy everything now.
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 She's a drug dealer. She paid cash.
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 I wouldve said 0 cos I don't have one
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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.

  Will add I'm in ACT, and early 30s.
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 And also no other debts ☺ We don't really have a budget, but aren't splurgers. Most of our friends seem to be sensible with money, although most of them also have 2 incomes.
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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

 I should property and house is now worth 720k and we bought for 500k 4 years ago
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 Omg! Where are you guys buying houses? Haven't seen any increase in prices like that, unless you bought property in sydney or Newcastle
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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.

 This was me... at 23 I bought land and built a house.. I went without and did this while living at home with my parents. Many people wouldn’t see it as a priority necessarily while young but i sacrificed going out HEAPS to be able to do it. Good on you.. your friends may be paying rent all their lives and then after spending a couple 100k on rent be left with no property that generally gains value
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$175k left on a $230k house, bought it 7 months ago

 Husband just found out he is being made redundant, so the $120k payout will go straight to the mortgage! Yay! :-)
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 He won’t get Centrelink for 18mths
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 He knew it was coming and has been applying for other jobs. He is starting in a better paying job in 6 weeks time. Just to give us some time to have some holidays, you know? 😘

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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.

 Forgot to add, mortgage was $400,000. Paid it off in 10 years.
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 Well done to you in paying that off! I would love to be in that position. We too pay off extra and we are chipping away at it. Yes, it does have a lot of equity, but only accessible if I sold it. I’m always cautious to have at least $10k quarantined in case we end up on zero income from lost job or accident etc.
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

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