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Average Mortgages Skyrocket

#homeloan #mortgages #heisesays
Time for the old $580k average mortgage to bite the dust.

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  1. my mortgage is $230 000. We borrowed $400 000 5 years ago for a property worth $450 000. Now its worth $600 000. (of course that will drop soon). My wife and I had average incomes for most of those years however our income is now 30% more, so we will smash it off quicker. Goes to show what good savings can do for you.

  2. Our culture of victimhood has encompassed even our homes. Its someone else's fault that I took out this huge mortgage to pay for my tacky McMansion that I now can't afford.🙄

  3. Love the spreadsheets Heise, it helps me when I am trying to give people with huge leverage some idea what will happen, they still argue with me like a addict protecting their addiction though. "She will be right mate, the RBA wont let it get like that" is the common response. I'm Irish living in Oz and watched what happened there in 2008, my retired Father still trying to pay off two investment properties in Spain at 67!

  4. Don't forget about inflation, not just about cutting down on the mortgage. Also, you have to consider the increasing costs of essential goods, the cost of housing maintenance, and hope for no emergency events. All the concessional money can run out very quickly.

  5. Be interesting to know the percentage of people who are home owners, give us a better overview. And the percentage of people using credit cards. Back in the 90’s the interest rate was 17.5% and I remember people were desperately trying to buy a house….in case they missed out. I was weird.

  6. It’s one thing that rates go up and think fine I’ll scrape up a few hundred more each month but with inflation causing everything else like food and fuel to go up it all of sudden isn’t so easy to scrape up that few hundred or even thousand. Expect suicides and homelessness and bankruptcy to go up. Australia is fast becoming a 3rd world country.

  7. Financial bomb is going off. Most people are on fixed incomes and I suspect many on smaller mortgages might also find it hard to service any increases.

  8. Major folks impacted who bought the house in 2 ~ 3 years in Sydney ,most likely more than $1m borrowers
    They will find life time hardship or get back to market again.

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