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When will you be mortgage free?


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#51 ~J_F~

Posted 11 October 2019 - 08:05 AM

We are now. We sold a while back and we rent, I don’t know if we will buy any time soon, as we have no idea where we want to live long term.

#52 SFmummyto3

Posted 11 October 2019 - 08:22 AM

Never. Divorce has completely annihilated any hope of ever having little/no housing debt. Whether it be mortgage or rent.

Never be a long term sahp :(

#53 RocktonResident

Posted 11 October 2019 - 08:25 AM

I've got 27 years left on my mortgage. Id love to pay it off sooner, but don't really have the extra cash to spare at the moment. I'm mid 30s, and ideally would like to have it paid off before 60, but will just have to wait and see.

#54 Newbutoldish

Posted 11 October 2019 - 08:29 AM

I’m currently 34 and I’m hoping to have it paid off by 55.

#55 seayork2002

Posted 11 October 2019 - 08:33 AM

View Post~J_F~, on 11 October 2019 - 08:05 AM, said:

We are now. We sold a while back and we rent, I don’t know if we will buy any time soon, as we have no idea where we want to live long term.

We are the same, DS is going into highschool next year so we may hang around our area now till he finishes school then see what happens, since we moved back to Aus we have mentioned living in most states in Australia, and some overseas places, we have no flippin idea where we want to be long term we change our mind more times than we have meals!

#56 gracie1978

Posted 11 October 2019 - 08:43 AM

So depressing.

About 17years so when I'm 55
However an inheritance will probably help it along.

And it's huge 4500/month
Not an issue on a 300k income

Massive issue on a 150k family income :(

#57 Chchgirl

Posted 11 October 2019 - 08:45 AM

View Postseayork2002, on 11 October 2019 - 08:33 AM, said:



We are the same, DS is going into highschool next year so we may hang around our area now till he finishes school then see what happens, since we moved back to Aus we have mentioned living in most states in Australia, and some overseas places, we have no flippin idea where we want to be long term we change our mind more times than we have meals!

This was me for the last couple of years!  That's why I rented. 😊

#58 seayork2002

Posted 11 October 2019 - 08:51 AM

View PostChchgirl, on 11 October 2019 - 08:45 AM, said:

This was me for the last couple of years!  That's why I rented.

We rented in this area when DS was 4 he is now 12! we live opposite the primary and a 2 min walk (for normal people 5 mins for me) to my work and the shops - we whinge about where we live but I am so lazy I am can't bring myself to do anything about it!

#59 Kallie88

Posted 11 October 2019 - 09:02 AM

We're early 30s looking at 7-8 years right now, if I'm working more than part time or putting more of that wage into the mortgage (atm 1/3 is going to the mortgage) hopefully sooner. Dh is looking at investment properties and our options there now, so we're in an alright spot atm

#60 Chchgirl

Posted 11 October 2019 - 09:44 AM

View Postseayork2002, on 11 October 2019 - 08:51 AM, said:



We rented in this area when DS was 4 he is now 12! we live opposite the primary and a 2 min walk (for normal people 5 mins for me) to my work and the shops - we whinge about where we live but I am so lazy I am can't bring myself to do anything about it!

I know how you feel!

#61 Mose

Posted 11 October 2019 - 10:05 AM

View Postseayork2002, on 11 October 2019 - 08:33 AM, said:

We are the same, DS is going into highschool next year so we may hang around our area now till he finishes school then see what happens, since we moved back to Aus we have mentioned living in most states in Australia, and some overseas places, we have no flippin idea where we want to be long term we change our mind more times than we have meals!

Want to see you on Escape from the City in the future!

#62 seayork2002

Posted 11 October 2019 - 10:30 AM

View PostMose, on 11 October 2019 - 10:05 AM, said:

Want to see you on Escape from the City in the future!

Well DH came home one day and mentioned he was offered a (totally genuine) job offer in Iran and I just said 'when do we go?' so you never know where the heck will be shown! or we end up

#63 just2ofus

Posted 11 October 2019 - 10:55 AM

I got a mortgage 2 years ago, so in 28 years when I’m 60.  Budget is already tight so at the moment, no extra payments possible.

#64 zande

Posted 11 October 2019 - 11:00 AM

Wow I’m seriously depressed at so many people paying off mortgages under 50!! I am four years into a mortgage as a single mum and I’m 48. I don’t think I’ll be able to pay this mortgage off before retirement but my goal is to be able to downsize by age 60 and be mortgage free. My financial future keeps me up at night 😔

#65 fluffybun

Posted 11 October 2019 - 11:06 AM

We paid off our home in 8 years when we were 31. It does make life a whole lot easier. We think we will eventually move closer to the ocean and slightly bigger but the thought of going back in to debt helps us to be content where we are

#66 AliasMater

Posted 11 October 2019 - 11:26 AM

We left friends, family and familiarity and moved regionally to buy our first house where housing was cheap. We bought well and truly below our means and had it paid off in 4 years. This was on one part time, and one low wage full time income - pre kids.

We lived mortgage free for 6 years then upsized to the house we have now. Again, we took a mortgage well below what what the bank would allow us to borrow. We could be living in something much more flash, but chose disposable income. We paid our current house off 2 years ago. It took us about 4 years on one income (under 80k). I am 41.

Edited by AliasMater, 11 October 2019 - 06:00 PM.


#67 meljbau

Posted 11 October 2019 - 11:29 AM

We married young and paid off our mortgage in 6 years when we were in our late 20s. To do that though, we bought a modest home and we had half the cost of the house as the deposit. Both DH and I had worked in part time jobs since we were 14 and were good savers. Then we lived on one wage and paid the other wage onto the mortgage.

That was in the days when interest rates were 18%. I then stayed home with our kids until they were older when I went back to part time work.

We do have a small mortgage on a beach house now, but that doesn't worry me.

#68 rainne

Posted 11 October 2019 - 11:40 AM

We've done it twice, but like PPs, that's because we bought before prices spiralled out of control. First home we bought in the late 1990s, for the huge sum of $110K. Even as fairly junior grads our combined income was around $65K, and no kids, so we had it paid off by the time I was 25, and it almost doubled in price in the same time period.

Then we upgraded to something larger but in a cheaper area, meaning the mortgage was only about $80K, and paid that one off too. That took ten years because of maternity leave and some major renovations.

We bought our 'forever home' in 2014 with a mortgage of $250K, and I think it'll take fifteen years to pay off in all (so, early fifties) because even though our incomes are higher now, everything else has gone up so much as well.

I actually think that by the time it's paid off we'll want to downsize: it's a large four bedroom, we'll rattle around in it after the kids have done.

We absolutely got lucky. Higher interest rates or not, it was a million times easier 20 years ago.

#69 Cimbom

Posted 11 October 2019 - 11:54 AM

Few scenarios:

#1 - It goes up in value another 100k. We will sell and move overseas where we can buy a place mortgage-free or with a very small loan (say 50k or so). House prices here are obscene and not worth it to us.

#2 - Assuming the value stays the same, we stay in our house and continue paying it off. Once we have our emergency savings buffer met in a few months, we can funnel all the money into the mortgage and hopefully pay it off by the time we’re 50 (early 30s now). If we move, we will only buy at the same value or maybe a touch more (~50k). I think the whole “property ladder” idea is a house of cards and I’m not really interested in taking part.

#70 TwinkyBear

Posted 11 October 2019 - 12:08 PM

If I'm lucky, maybe by 65 or 70. My plan this year was to put lots extra on to the mortgage and with life and situations I've added lots and redrawn lots for a net difference of 0. I also have a partner who has no interest in paying the mortgage down faster, so that doesn't help. We bought right at the peak in Perth and I feel very trapped into working full time with our high mortgage and low property values. It depresses me a lot.

#71 Grrrumbles

Posted 11 October 2019 - 12:43 PM

We paid off our last house and then bought a new one that was fairly new and not supposed to need much work. Turns out there had been subsidence so we have had to spend a fair bit of money on it and there is more to do. We have had a major health issues that has reduced DH’s wage so we are do not feel as well off as we did. We have defined super though so our retirement income situation is good.

#72 seayork2002

Posted 11 October 2019 - 12:52 PM

I know some people don't have a choice n where they live but I know people who whinge about their mortgage who have 5/6 bedroom houses, 3 living rooms a pool, a study each (some smaller and some larger than that) then say they will be 300 when they pay it off.

they usually only have 1 or 2 children and the ILs visit once or twice a year so they don't actually need the room.

sure have the big house and the lifestyle to match! but do you need a house that big? no wonder you need to work forever to pay it off.

I am genuinely not jealous of them we really do want a large house!  so yes some people have a large mortgage by choice and of course there are people who don't choose to do it either

#73 nom_de_plume

Posted 11 October 2019 - 01:00 PM

We are technically mortgage free. We live in a house the in-laws own and are paying them rent which pays the mortgage on their place. We will eventually inherit this house.

We had been trying to save a deposit but couldn’t save enough to buy anywhere within a decent distance of where we currently live (outer suburbs of Melbourne). We just recently used the money to pay off our HECS debts x 2 instead.

#74 Prancer is coming

Posted 11 October 2019 - 01:04 PM

We are!  When we were in our late 20s.  Property prices were pretty low when we did it and I reckon our house has at least tripled in value now.  DH and I were on reasonable wages, but nothing flashy.  We did save hard and did the odd holiday or nice thing, but were careful with our money.

It really took the pressure off when we had kids, as we could manage on one income.  Totally worth the sacrifice we made earlier.  We now have a holiday house and a rental, but I have no concern about our current level of debt.

#75 raspberry sherbert

Posted 11 October 2019 - 01:04 PM

View Post~J_F~, on 11 October 2019 - 08:05 AM, said:

We are now. We sold a while back and we rent, I don’t know if we will buy any time soon, as we have no idea where we want to live long term.

View Post~J_F~, on 11 October 2019 - 08:05 AM, said:

We are now. We sold a while back and we rent, I don’t know if we will buy any time soon, as we have no idea where we want to live long term.

We are in the same position. Sold 4 years ago and have some proceeds from the sale for a deposit (probably 10%). We have moved 3 times in the past 4 years and don't want to make the mistake of buying a house in the wrong place, again.




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