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When will you be mortgage free?


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141 replies to this topic

#26 MandaMama

Posted 10 October 2019 - 10:21 PM

Too depressing to think about, and we are mid-40s. Bought our current place 3 years ago (forever home) and want to do heaps of upgrades to it, both inside and out, but need to pay the mortgage down more before then. Once I graduate next year I'll be returning to full-time work for the first time in 15 years (currently part-time) and I reckon I'll be working until 70.

#27 Murderino

Posted 10 October 2019 - 10:23 PM

View Postalchetta, on 10 October 2019 - 10:12 PM, said:

I don't belong here because I haven't been able to get a mortgage yet but this post stopped me in my tracks and now I'm wondering if I'm totally deluded or something... And wondering where you live! Your monthly mortgage rate is just a bit over my WEEKLY rent. I'm not renting anything luxurious. Sometimes I feel like I'm failing at life!

I live in a regional city in Victoria but I also bought my first house at 25 and I had almost paid it off when I sold it and it had more than doubled in value so I didn’t have to borrow much to buy this place. So it was a mix of luck and location.

I considered selling and renting while I looked for a new house but rents here are very high too.

#28 Expelliarmus

Posted 10 October 2019 - 10:27 PM

Mid 40s with a 3yo mortgage in a new build. Technically not for 30 years but we’re aiming to make it happen sooner. We’ll see if it pans out.

#29 daisy007

Posted 11 October 2019 - 05:00 AM

We’ve just sold and our house settled earlier in the week so we’re currently completely debt free and it’s a lovely feeling! If we hadn’t sold we would have been on track to pay it off in 15 years. We will buy again when the right place comes up but we’re being fussy and that could take a while, we’ll hope to have the new place paid off in 10-15 years hopefully by the time 50, depends on how much we end up spending.

#30 Caribou

Posted 11 October 2019 - 05:20 AM

Mid thirties here. It will be paid off when out last child finishes HS (did the maths) so 16 more years. It will be just before we hit 50s. If not, earlier depending on income.

Edited by Caribou, 11 October 2019 - 05:21 AM.


#31 a letter to Elise.

Posted 11 October 2019 - 05:46 AM

I’m 43, Dh is 45. We could probably Pay ours off within 2-3 years, but I think we will buy an investment property before then. We are lucky that we bought at the right time,and have the potential to sell up in the inner city, and could buy outright if we bought in the suburbs. So we could be mortgage free now if needed.

#32 kimasa

Posted 11 October 2019 - 06:10 AM

Uhh, when I'm 60?

Or, as morbid as it sounds, people die and I inherit some houses in extremely gentrified suburbs.

Which ever one comes first.

#33 Veritas Vinum Arte

Posted 11 October 2019 - 06:13 AM

View Postkimasa, on 11 October 2019 - 06:10 AM, said:

Or, as morbid as it sounds, people die and I inherit some houses.

That is our most likely outcome too. DH only child, MIL is late 80s.

#34 Lucrezia Borgia

Posted 11 October 2019 - 06:22 AM

we were in our mid to late 30’s when we paid ours off.



#35 Lesley225

Posted 11 October 2019 - 06:27 AM

I'm in my early 50s about to take on a large mortgage.  However in 18 mths when I can get my pension my income will greatly increase so will be able to make large payments.

#36 AllyK81

Posted 11 October 2019 - 06:28 AM

We paid off our first home (inner city apartment) when we were 29. We paid off our second (unrenovated Californian bungalow) when we were 35.

We spent pretty large on our forever home but expect to pay it off by about mid 40’s.

We also have a beach house about half paid off that we will tackle once the main house is done.

We run an offset account for everything we earn so that everything goes straight onto the mortgage and expenses come out of that.

#37 rowd

Posted 11 October 2019 - 06:32 AM

This depresses me a bit to think about... for our current house and repaymentments, probably late 50s. And we will most likely extend or move and take on a larger mortgage in 5-10 so years. But by then, I hope our incomes will be higher as I won't be a SAHP anymore, so then we can start making proper inroads. My goal would be by the time I was 50.

#38 Leslie Knope

Posted 11 October 2019 - 07:06 AM

When I’m six feet under.

#39 Xanadu25

Posted 11 October 2019 - 07:26 AM

We lucked out and bought in the late 90s, about 6mths before housing grants came out and prices took off. Took about 15yrs but might have done it slightly less but we had to live as well.
Our house has gone up about 5 to 6 times what we got it for because of the area.
It's nice to not have the pressure , esp when work situations change.

Edited by Xanadu25, 11 October 2019 - 07:26 AM.


#40 Zippypeaks

Posted 11 October 2019 - 07:29 AM

We're 4 years in and hopefully will pay it off in another 4-5 years, we throw everything we have at our mortgage.

#41 Anonforthistime

Posted 11 October 2019 - 07:31 AM

With interest rates so low, we have switched to paying the minimum and investing the rest. Will have it paid off in about 8 years anyway (ages 51 & 46).

#42 71Cath

Posted 11 October 2019 - 07:35 AM

I'm 47 and on my own.  I assume I will never pay it off and it will need to come out of my estate.

#43 Lunagirl

Posted 11 October 2019 - 07:39 AM

DH and I were just talking about this yesterday. Barring any major changes in life circumstances, we'll likely have our current mortgage paid off by the time we're 40. We'll then look to renovate or move, but will hopefully have a few years mortgage-free to save up, meaning our new loan should not be too high.

#44 Elizabethandfriend

Posted 11 October 2019 - 07:40 AM

Either never, or if DH is able to sell his interest in a business down the track.

#45 Hands Up

Posted 11 October 2019 - 07:42 AM

Wow it’s amazing people are paying off in their 30’s. Life must be sweet!

#46 Kabu84

Posted 11 October 2019 - 07:48 AM

Ours will be paid off next year. We’re mid 30’s and early 40’s. I love our home, we built it new and it’s in a great area but I find myself looking online at other houses for sale with bigger yards, pools etc. But that would mean another mortgage and I can just imagine the barefoot investor telling me no no no!

Edited by Kabu84, 11 October 2019 - 07:49 AM.


#47 NeedSleepNow

Posted 11 October 2019 - 07:50 AM

We bought 8 months ago, so I guess in around 29 years and 4 months.... we haven’t reduced the repayment rate with the recent interest rate cuts, so maybe that might shave off a few months. Still, it is pretty daunting to think about it!

#48 Dianalynch

Posted 11 October 2019 - 07:56 AM

Paid off a couple of years ago, very early 40s. We downsized to do it. We may upsize again in future when we need more space.

#49 SelceLisbeth

Posted 11 October 2019 - 08:00 AM

Im about to turn 40 and think it will be between 5 and 10 years before I have enough of a deposit to buy. Im really worried I wont even qualify for a mortgage due to my age and of course the responsibility of working beyond retirement age. All a bit crap really.

#50 cardamom

Posted 11 October 2019 - 08:02 AM

We've had a mortgage for about 3 weeks, sooo 30 years, I suppose?! We're both 30, bought in inner Melbourne. If we'd bought in my tiny country hometown it would be a different story, we could probably have bought outright with the deposit we had.

To be honest, I'm just so thankful to have even been able to buy a place - for the longest time it seemed so impossible.

Paying the mortgage, even though it's moderately higher than what our rent was, actually feels like it's given more breathing room because I'm not throwing every spare cent at the deposit.




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