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

[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!

[Faithful Mumma]

Skybie, so glad I started this thread then! It amazing how light shines through when we all share!

[deletedit]

My previous house the mortgage is $45pw, it is rented for $110pw. I have it for sale, whoever buys it would be paying about $90pw if they had no deposit, or much less if they did (banks won't give you a loan in the country with 0% deposit anyway).

Current house the mortgage is about $115pw, it would rent for $200+pw, but it is WAY too small for us and we really can't live here much longer, even though it is a gorgeous little house it is just Too Small and with one bathroom (with the toilet IN it) and lots of long haired people in the house who take long showers as well as little people who take long baths the bathroom contention alone is a make-or-break. DD#1 hopping around outside the bathroom because she is "buuuuuuuuuusting" is a regular sight.

We're building a new house at the moment, it will cost us about $140pw and to rent a similar house would cost $330pw. Two bathrooms! Two toilets! *drool* lol

I really really really want to sell the first two houses so we have no mortgage at all and wads of cash in the bank but it just isn't working out that way for us, so I'm resigned to being an "accidental landlord".

[mrsmac]

OMG I would like to trade mortgages with ANY of you!!!
Our repayments per FORTNIGHT are $2035! Its all of my wages. Gotta love Sydney prices.

[~breeze~]

OMG I would like to trade mortgages with ANY of you!!!
Our repayments per FORTNIGHT are $2035! Its all of my wages. Gotta love Sydney prices.

Same... ours is $1400 per WEEK but we went halves with XPIL so they pay half. (I dont pay any now since we're divorced ) To rent a house the same as ours (just taking into consideration our half of the house... we made it into a duplex with 2 three bedroom houses) it would probably cost about $500-$600 in this area possibly more as our half had 3 bedrooms + 3.5 bathrooms (each bedroom has a full ensuite) & is huge!! The other half has 3 bedrooms + study, 2 bathrooms.

Being a single mum now I'm back to renting & will be moving to Forster at the end of my lease where I will get a 3 bedroom house for around $250 a week

[AngelPunks]

My wages only just covers my mortgage (I have my xh to thank for the mortgage - I had my place almost paid off when we got together - he coerced me into refinancing the property quite a few times). Attempting to pay a personal loan (for solicitors fees when he went after my place after we split), rates, body corporate, water, insurance means currently any rent goes onto that so personally I have minimal money left at the end of a pay period. My accountant worked it out that approx 90% of my income goes on bills associated with my home, out of the last 10% I have to pay normal living expenses (gas, electricy, rego, insurance, car costs) and food etc. But all will work out in the end, yes it is tight right now but things will always work out the way they are supposed to work out.

[misty]

OMG I would like to trade mortgages with ANY of you!!!
Our repayments per FORTNIGHT are $2035! Its all of my wages. Gotta love Sydney prices.

It's all relative though.
Our mortgage repayments are have of yours but I would bet our house is likely half the size too (115m2), or yours is in a much better location (our is right out on the edge of town - literally go the bush across the road).
Plus I daresay that the morgage repayment take up a similar % of income. Our household income (mostly from DH as I only work casual) is less then $3000 f/n (between $2200-$3000, depending on my work) - this means that 1/3 of our income is going towards our mortgage repayments (more in reality as we are paying double at the moment).

Rumpled elf may have significantly cheaper mortgage then myself, but I bet her household income is alot less too.

[Faithful Mumma]

Thats a great point Misty..if I work it out, our Mortgage varies from being 29% to 23% of our weekly income (I am self employed, and my income can vary a little). I think it is suggested that your housing cost should no more than 30% of your income after tax.

[~mamaspice~]

Our mortgage is $550 per week on aprox $330K loan. We only bought our first place 12 months ago so we missed the boat when it came to cheap property prices unfortunately We paid $380K for a 3 bedroom 2 bathroom duplex. It's brand new, but it has NO yard for the kiddies. Our mortgage takes up 1/3 of our total wage with both me and DH working fulltime and when I drop back to part-time after bub is born, it will take up nearly half of our weekly income. There is absolutely NO way I could ever be a SAHM unfortunately BTW, rent on a place similar to ours would prob be about $400 per week.

[deletedit]

It's all relative though.
Our mortgage repayments are have of yours but I would bet our house is likely half the size too (115m2), or yours is in a much better location (our is right out on the edge of town - literally go the bush across the road).

Only 115? Yikes! Our little worker's cottage is about 90sqm, plus verandahs. No wonder you're squeezy. My old house and the new one we are building are both 150sqm (plus verandahs) but one has massive bedrooms, one massive bathroom, and the new one is a modern layout with smaller bedrooms, more bathrooms, walk in robe etc but heaps of living area. All the builders have a floorplan very very similar to our new house, and it is our builder's most popular 4br design - very good value for money.

Rumpled elf may have significantly cheaper mortgage then myself, but I bet her household income is alot less too.

Centerlink give me $320 a fortnight while I'm too pregnant to work! I feel so rich! And the builder wants us to get loan approval 6+ months before they even start the house while our mortgage broker is trying to negotiate us getting a loan AFTER the house is built. Argh. This is what you get for building a transportable - costs $60k less than the equivalent house built onsite in brick, but much harder to get a loan for. All fun and games.

[Beautitude]

We have never rented, DH bought his first house and i moved in just before we got married. The mortgage on that place was around $500 p/f (changed with interest rates). Its was a two bedroom unit and when we got preg with number 2 we needed to make a decision about what we would do with the house as we desperately needed more room. DH is in the RAAF so we had a few options including buying another place, subsidised rent in a private rental or a defence housing property. In the end we decided to buy a bigger house which costs us more money however after we sold our unit we actually made all the money back that we would have paid in mortgage, fees etc so effectively we had lived rent free for 4 years. Its kinda made me realise that dh was right to not want to rent (he was adamant that we wouldn't and i wanted to rent instead) as in the end we were better off financially for having a mortgage than renting.

[Lulu]

Renting can in fact be alot cheaper. Renters don't have rates (sometimes water) and don't have to maintain the property. So if you pay rent, you pay your money each month - clear. Nothing else.

Property is a long term investment, you can't get all antsy if your mortgage payments seem close to rent - you have an asset growing in value every single day.

[meow]

We pay about $450 a week on the mortgage. To rent a similar house would cost about $350 a week so we're paying more to own- especially when you add on rates, repairs, house insurance etc.

ETA: We made the decision to buy though as we can afford the mortgage with me being a SAHM and it gives us the freedom to garden and paint etc and also to put down roots somewhere. I had no hesitation renting before that though.