How much are your Mortgage Repayments?? Mortgage Vs Rent...

[skybie]

our mortgage is for 280k and its about $500 a week!!!!
To rent we can get a nice big 4 bedder for about $350 a week.

our house is a small 3 bed 2 bathroom single garage. i hate it and especially knowing what we could get if we did rent. i know its better to have ur own house and blah blah blah but i wish we had of waited a while to do it

[Arimeh]

i hate it and especially knowing what we could get if we did rent. i know its better to have ur own house and blah blah blah but i wish we had of waited a while to do it

Yeah we are considering moving back into town and renting again - so selling the place we just purchased in January. Its too far away from town, and costs us about $100 a week in petrol, so we're thinking very seriously of selling the joint. At least then we could save money and purchase a block of land closer to town and eventually build on it when I go back to work.

[skybie]

Yeah we are considering moving back into town and renting again - so selling the place we just purchased in January. Its too far away from town, and costs us about $100 a week in petrol, so we're thinking very seriously of selling the joint. At least then we could save money and purchase a block of land closer to town and eventually build on it when I go back to work.

We thought about selling and renting but we'd make about 40k profit on our house and then have to pay a mean amount of capital gains tax and DF's quarterly tax payments would go up to.
so we decided not to sadly

[Michelle71]

As far as I was aware, you don't pay capital gains tax if it is your primary residence

[skybie]

really?! wow our financial advisor told us that.
gosh michelle you've got me all excited now!!!!!!specially with another bubba on the way, having to decide who's going to share with who is a toughie, maybe we wont have to after all!!

[Faithful Mumma]

Yep, I am pretty sure that is right as well, capital gains tax is only payable on an investment property, not one of primary residence, and there are also time limits I think...

[Bun]

Yep, Michelle is right. I am a property lawyer and can tell you that for certain!!

[misty]

Our original mortgage on our home is just under $900 f/n. This house would rent for about $430+ a week here. It is a little poky 3 bedder. So it would be not quite covering itself.

We are also buiilding an investment property, the mortgage will be about $1100 f/n under current interest rates, the rental income will be around $490 a week - so it will not cover its own mortgage repayments. Again this is a small 3 bedder.

The thing about canberra is that property prices are very high as are the rents. You might save a little by renting, but not much. The problem is that a lot of people don't have much choice because they cann't afford the large mortgages but they still have to pay nearly as much on rent anyway.

[Faithful Mumma]

Exactly Misty, and then how are people excecpted to save for a mortgage/deposit, and they are paying such enormous rent prices...such a viscious cycle really.

[skybie]

u girls have just made my year!