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forger515

164 Posts.

6

26/04/22

15:14

Post #: 61022562
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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.

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