Australia's largest stock trading and investment forum Australia's #1 stock forum

I'm 18yo and I can't afford to buy a house. Boo hoo, page-115

First 115 Last

Share
Profile

Follow
forger515

170 Posts.

6

26/04/22

15:14

Post #: 61022562
Share

Originally posted by Reaper11: ↑

At the moment it's the deposit not the repayment that's the issue. My repayment is currently about $2300 per month. The place I bought was being rented for $600 per week before I bought it...so it's nearly $100 per week cheaper to service the mortgage than it was to rent. In 2008 interest rates hit 7.25%. Given the relative of size of mortgages today compared to then the equivalent interest rate is about 4.5%. If official rates go to 4.5% which they could based on the 2008 precedent, my monthly mortgage repayment goes close to $4500 per month. That's when everyone in Sydney who bought in the last few years as many did will learn the meaning of the term "Cost of living pressure." It's probably also the time for today's young people to buy. The sale price will be at its lowest, with the interest rates high but likely to fall, making repayments progressively easier over time.

Reaper.

Expand

If you're paying more than 2.5% , shop around.
Upvote

Reply

Top Stories

NIM

Nimy to raise $1.21M to explore 'newsy' WA targets

Bitcoin investors need to know the risks

BHP

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

AII

Almonty locks in govt agreement for tungsten oxide plant in South Korea

I88

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

There are more pages in this discussion • 73 more messages in this thread...

First 115 Last