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danginvestor

550 Posts.

11/07/17

22:04

Post #: 25804530
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Originally posted by picastoc ↑

Of course, the interest rate payable on home loans today are very much less than was the case for first home buyers when I was purchasing. Without the rent money, my feat could not have been achieved. Having had that experience of achieving what I did in such a short space of time, I stand by the veracity of my post.

Pity credit is not given where it is deserved. I admire my mother greatly for her ability to pay out her loan in 12 years despite a very modest single income and the need to raise three children. But for you "slippin" that was a piece of cake too, was it?

I certainly knew other families whose parents still had home loans on their first homes after significantly more than twice this length of time. Indeed, that was far more common than was the case for myself or my parents. I remember the 15-18% interest rates which I experienced on a subsequently purchased house. Still a piece of cake, you reckon slippin????????????

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What's 15% on a $60k mortgage? $9k interest.

What's 4% on $800k mortgage? $32k.

Have you seen an typical 3 bedroom house in the suburb at those prices? Occupier would be lucky to not get asbestos all over the place.
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