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O/T That is very cheap mortgage repayment if you ask me, only...

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Phoenixx

1,173 Posts.

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01/11/22

16:37

Post #: 64527802
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Originally posted by Guata: ↑

O / T -
0.5% increase more sensible?
IMO certainly not! for someone whose $400,000 mortgage balance still has say 25 years (of 30 originally) left to run.

Assuming an interest rate payable 7 months ago of 2.5%, which as of next P & I instalment date becomes 5.0%,
monthly P & I instalments over that period will have increased from $1,795 to now $2,339, or $125 a week!

So, even minimum wage-earners will soon be worse off by close to $100 a week, after allowing for the recent mandatory $1+/hour minimum-wage increase, less 30% for the tax man.

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O/T That is very cheap mortgage repayment if you ask me, only $125 a week? You must remember the 90's when interest rates were at 17-19%

Last edited by Phoenixx: 01/11/22
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