Whelp there goes my savings.
Whelp there goes my savings.
Interest rates climb above 4 per cent for the first time in more than 11 years, as the Reserve Bank moves aggressively to clamp down on inflation.
Who else is having their mortgage fecked by interest rates at the moment.
I’m 90% though a build; Mortgage & Rent for me
Good thing I like porridge
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.
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.
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.