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When will you be mortgage free?


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#126 MrsCee

Posted 12 October 2019 - 04:55 PM

Paid our first mortgage off at 29 after buying 6 years earlier in 1999.

Lived in that house for 13 years, 7 of those years were mortgage free and saved. Built new forever home with small mortgage when we had kids. Paid that mortgage off in 2 years, when we were early 40’s about 5 years ago.

We have a pretty good lifestyle having small kids and no mortgage.

Technically still have a mortgage though as we haven’t discharged it and money often flows in and out of offset when we make large purchases like new car, pool etc.

Do have investment loan though but its are far less than value of property.

ETA fixed up mistake.

Edited by MrsCee, 12 October 2019 - 05:05 PM.


#127 onetrick

Posted 12 October 2019 - 05:21 PM

I feel lucky to have a mortgage, but I have no idea when we will pay it off. In my old place, I was paying the maximum extra per year (fixed loan, so not a huge amount). Then we sold that and upgraded with a modest increase to the mortgage (still under $450k in total so not a massive amount hanging over our heads). We are both part time now with another bub on the way, so while we have an offset for part of our mortgage, we are not planning on putting too much extra on the loans for another few years, we just transfer money over whenever we have an amount that we are comfortable with in savings.
I used to use to mortgage calculators online to see how long it would take to pay the mortgage off with extra repayments, so I'll sit down with DH and do that again when we are in a more comfortable financial position.

#128 newbub2014

Posted 12 October 2019 - 06:35 PM

There’s too many variables for me. I’m only paying a little above the minimum mortgage payments at the moment, because I’m studying with lots of related expenses, and only working part time, and am a single mum. Im 31 and at this rate the mortgage won’t be paid off until I’m 58. However I intend to pay more when I finish studying (should also continue to earn more each year). Also my son potentially may move out halfway through this time, in which case I’d have lower expenses. If I somehow (95% sure it will never happen) repartnered I guess I’d pay it off quicker too, or need to live in a bigger home.

#129 Soontobegran

Posted 12 October 2019 - 06:57 PM

We got a 30 year mortgage at age 25 paying 19% interest. My DH was a policeman but worked 2 other part time jobs to try and make a dent in it before we had children. When we started having children we went back to paying the minimum as there was no maternity leave for me but as soon as I could I was back at work and we chipped away at it again.
I had an accident about 5 years shy of our expected pay off date and due to my inability to work and DH having to take extended leave we had to re mortgage our house to live.

We paid our mortgage twice really..or so it seemed. We paid it off when I got my accident compensation so we were mortgage free in our late 50's which was such a relief since neither of us could work.

Congrats to those who've paid it off but I think the average income earner trying to live a reasonably comfortable but not outrageous lifestyle should not feel less accomplished because they take the full time frame.
It is a huge thing for the 'average' person.

#130 Chchgirl

Posted 12 October 2019 - 07:05 PM

View PostPuzzles, on 12 October 2019 - 01:58 PM, said:

To anyone else out there reading this and feeling/stressing that you’re in a much less fortunate position than many posting, you’re not alone.

I don't feel stressed, I always have been average - average person, average earner and average home, not bothered by paying off later once I get another.

Because,  apart from the late dh stuff, I've had an awesome above average life and won't regret a thing!

#131 petal71

Posted 12 October 2019 - 07:28 PM

Going from debt free to mortgage by the end of this year due to major change in circs. Hoping to pay it off in 15 yrs or so - just about in time for retirement I guess!

#132 casime

Posted 12 October 2019 - 07:43 PM

I don't have a mortgage or any other debt.  It is great knowing that the roof over your head can't be taken away from you.  But there is also no one else you can tell to pay the maintenance bills!

#133 Dianalynch

Posted 12 October 2019 - 07:58 PM

Never in my life did I think I would own my own place, after growing up in public housing with one very small wage supporting the family. I can see how much luck I’ve had in order to own a place, sure I worked hard, but so do most people. Luck played a huge role, the luck of health, a secure ongoing job, paid maternity leave, the list goes on...

#134 iwanttosleepin

Posted 12 October 2019 - 08:00 PM

probably never or until we sell.

We have 2 properties (we live in 1).  Both currently fully offset with cash.  but we are trying to buy a much bigger house, so we are going to be going into debt more.  we will offset the new one by some amount but not quite fully.

the other 2 will become negatively geared (just)

#135 night jasmine

Posted 12 October 2019 - 09:31 PM

View PostDianalynch, on 12 October 2019 - 07:58 PM, said:

Never in my life did I think I would own my own place, after growing up in public housing with one very small wage supporting the family. I can see how much luck I’ve had in order to own a place, sure I worked hard, but so do most people. Luck played a huge role, the luck of health, a secure ongoing job, paid maternity leave, the list goes on...
Yes absolutely.

It annoys me when people attribute their good fortune to hard work. Lots of people work hard. The difference is luck. Luck of intelligence, of a stable family, of good health, of skills that are valuable in today’s world, of economic forces in your favour etc etc

#136 DaLittleEd

Posted 12 October 2019 - 10:30 PM

Well, I guess we have technically paid of our mortgage - because we sold our house and are now renting. Not sure that it counts!

#137 SplashingRainbows

Posted 13 October 2019 - 10:09 AM

View Postnight jasmine, on 12 October 2019 - 09:31 PM, said:


Yes absolutely.

It annoys me when people attribute their good fortune to hard work. Lots of people work hard. The difference is luck. Luck of intelligence, of a stable family, of good health, of skills that are valuable in today’s world, of economic forces in your favour etc etc

I acknowledge it is easier for some than others.
All that stuff you can’t change though.

The people who consider their situation and work out how to improve it do better than those who don’t.

I regularly see people on $300k+ incomes in debt up to their eyeballs getting no where and people on $70k managing to pay their mortgage which will have them more secure in retirement than the higher income earners.

Financial literacy and self discipline aren’t popular, but highly relevant for improving ones financial situation.

I understand the feeling discouraged. It’s not a race tho. Making one change for the better is something most of us can do.

#138 It's Percy

Posted 13 October 2019 - 10:36 AM

I put our current financial position down to luck. DH took a leap of faith back in 2000 long before we had children that he would work for minimum wage plus shares in the start up company he was working for. Twelve years later, that small company was a multi national one bought out by a Japanese company and we got a massive pay out. It so could've gone the other way and we end up with nothing. However it also meant a lot of hard work on both our parts. He constantly travelled for those years. He went away when our second was 5 days old, leaving me home alone with a three year old and a 5 day old for two weeks. We were living in New Zealand, away from both our families.

Yes luck is a huge part of it but often that luck doesn't come without hard work or some sort of sacrifice.

#139 JediMaster

Posted 13 October 2019 - 11:12 AM

Can someone link a mortgage calculator please? We have been paying for a while, so is there a calculator you can use from now? I've not remembering exact figures from the start?
At this stage we will have to use part of DH super to pay off the balance in 5-6yrs when he retires. But the less he has to use to do that the better obviously. We are lucky in that he has very good super and pension with his employer. As mine is dismal!
We have made decisions to redraw the mortgage to do renos, which looking back  I wish we hadn't as we'd be mortgage free by now. And the renos are looking dated agian!

#140 *melrose*

Posted 13 October 2019 - 01:15 PM

Hopefully in 5 years, I'm 38 and hubby 42 and we brought our first house when I was 19 we sold that one and made a massive profit and we built our dream home near the water where we will retire. So fingers cross 5 years.

Edited by *melrose*, 13 October 2019 - 01:16 PM.


#141 aluminium

Posted 13 October 2019 - 01:22 PM

We're early 40s.
We have the money there to pay it out but we're thinking of re-drawing to renovate first. So adding another year or so to it.

#142 notsoretro

Posted 13 October 2019 - 01:35 PM

View PostJediMaster, on 13 October 2019 - 11:12 AM, said:

Can someone link a mortgage calculator please? We have been paying for a while, so is there a calculator you can use from now? I've not remembering exact figures from the start?
https://www.moneysma...gage-calculator




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