I’m 90% though a build; Mortgage & Rent for me
Good thing I like porridge
this post was submitted on 06 Jun 2023
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Australia
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You still had savings?
Not anymore ...
I know it's painful for me, and I think anyone who has a mortgage is feeling the pinch at the moment, as is anyone who rents. Meanwhile - https://www.theguardian.com/australia-news/2023/jun/08/a-quarter-of-homes-sold-in-eastern-australia-in-2022-were-bought-without-a-mortgage-data-reveals
Yeah i was hearing that a couple of days ago. Who the fuck is cashed up enough for that ....
Ohhhhhhh thats right.... Investors .....
It was likely a lot of oldies who were still exiting the cities - selling their mortgage free homes and buying with the cash in the burbs & regions.
I was luck enough to buy a 3 bedroom house in Tas back in 2016 for $280,000. We have a home loan amount remaining around $200k, in 12 months, our repayments have gone from $1037 to $1478 a month. We are lucky that we can afford this still but with the price of everything else going up it's starting to get tighter for sure. I can't imagine what it's like for the people who bought a house when the prices were at their peak after being told that the rates won't change, so they took out a $500k + loan just to get into the market.
Yeah we got lucky and found a place that was well below what people were paying in the current market. But yeah a lot of folks out there are feeling it at the moment cause you really had no other choice.
Adjustable-rate mortgages are a horrible idea. This is why. The US learned that lesson the hard way in 2008.
It's shameful that the world's governments do so little to keep their hard-working citizens from losing their livelihoods. In a perfect world, adjustable-rate mortgages would be illegal.