RBA 9th Consecutive Rate Hike Is ONLY Tip Of Pain Now To Mid-2025!, page-4

Sure

1987

I was 27 years old living in Wimbledon in London

Had an endowment mortgage (ie interest only)

My flat was mortgaged for around 50,000 pounds sterling; No deposit needed as I had to re-mortgage when I split with the girl I bought it with

Back then my salary was around 13,000 pounds sterling, so after interest, not much left to live on


Getting to the point; back then when investments were going very well, we had these interest only mortgages and when the policies matured after 25 years, there would be enough to pay off the capital AND have a fortune to retire on

They proved to be a disaster, but luckily I sold in 1990, made a quid and move to Oz


Summing up; interest 9,000 pounds sterling pa; income, 13,000 pounds sterling pa

4,000 left over equals 300 per month to live on

No complaints from me; get on with it and get over it