Mortgage repayment increases over the last 2 years?

[Interceptor]

As a percentage, can anyone tell me how much the average mortgage/home loan has gone up by since the start of 2022?

[Trendseeker]

Edit: just noticed you want the increase since the start of 2022; sorry the figures below are from end of 2022.

https://www.forbes.com/advisor/au/ho...ice-australia/

State December 2022 December 2023 Annual Change % Annual Change $
NSW $758,000 $785,00. +3.6. +$27,000
VIC $624,000 $613,000 -1.8% -$11,000
QLD $521,000 $572,000 +9.8% +$51,000
SA $486,000 $519,000 +6.8% +$33,000
WA $492,000 $509,000 +3.5% +$17,000
NT $450,000 $438,000 -2.7% -$12,000
TAS $472,000 $463,000 -1.9% -$9,000
ACT $620,000 $622,000 +3.2% +$2,000
Australia $604,000 $624,000 +3.3% +$20,000

[Interceptor]

What I'm looking for is if repayments were say, $380/week or whatever at the start of 2022, hw much have they gone up since then.

[russellw]

Originally Posted by Interceptor

What I'm looking for is if repayments were say, $380/week or whatever at the start of 2022, how much have they gone up since then.

OK - it's not quite simple without some reverse engineering but here goes. $380 / week is $1,646 per month so in January 2022 when the median variable interest rate was 4.52% a 30 year mortgage would have been about $324k borrowed.
The median fixed rate currently is 8.52% so that same $324k / 30 year mortgage would now be costing $578 per week - an increase of $198 / week or 52%.

[fordomatic]

Mine have gone up 130%

[XB GS 351 Coupe]

Originally Posted by Interceptor

What I'm looking for is if repayments were say, $380/week or whatever at the start of 2022, hw much have they gone up since then.

I don't really understand what you mean, the amount gone up would depend on the outstanding debt, so every single loan would be different.

You need to look at the loan amount and then the increase in interest to see how much each particular loan payment increased

Originally Posted by fordomatic

Mine have gone up 130%

Boy am I glad I am mortgage free.

I could not deal with that increase.

The crazy increases in food and petrol prices are enough for me.

[fordomatic]

Originally Posted by XB GS 351 Coupe

I don't really understand what you mean, the amount gone up would depend on the outstanding debt, so every single loan would be different.

You need to look at the loan amount and then the increase in interest to see how much each particular loan payment increased




Boy am I glad I am mortgage free.

I could not deal with that increase.

The crazy increases in food and petrol prices are enough for me.

That’s why borrowing within you means and planning for the worst case scenario is vital. I’m still much better off than if I didn’t have a mortgage. All those years of 1.8% I saved and took advantage. My generation just want everything now, and don’t care what it costs. So many mates are now in trouble because they have no idea how to save.

[MITCHAY]

I was paying 385/wk at draw down in Aug 2017 and got down as low as 330 when it started increasing from July 2022.

Now paying 500 but was paying up to that with extra repayments. I dropped extra repayments in Dec 2022 as it's all in offset anyway and everything was going up. I should maybe start again after I get a few bills sorted.

Rate was I think 2.59 at lowest now gone up to 6.54 against 330k.

[DJM83]

We are paying an extra $177/m.
Never over committed to begin with like a lot of people so its not really been an issue for us.

[mondeomatureguy]

hi guys,
Now i know this was a long time ago and things have changed so much over the years but i always remember buying my first and second house in Western Sydney in 1991.

The first house my exwfe and i brought was in Penrith in Western Sydney and it cost $10000.i remember walking out of the bank that day and thinking " how on earth am i going to pay that back".

At the time interest rates were 10%. I wasnt earning a great deal of money in those days i was a driver for a department store in the city.

The second house cost $150000 and the rates had gone up 10.5% and with only $20,000 dollars left to pay on the house my marriage broke down and she got the house in the end.

I my second wife and i paid off our house long ago but we had it tuff but got there in the end.
I know houses cost a lot more now but it wasnt easy in the early 1990s also and at one stage interest reates were 17%.

[Peter B - CV8]

^^^^ A house in Penrith for only $10,000- back in 1991 ??? Or did you mean $100k..

[mondeomatureguy]

I meant 100k.

[LG17]

I bought our last property where I will stay until I'm dead, in 2013.
I pay $600 per fortnight, which even then was less than most rents. That $600 still covers more than the repayments now, as it always has done and should be debt free in less than 12 months.

[Polyal]

Hang on, also, while there is no harm in the question when rates are so low small increases to the rate will mean percentage wise it looks like alot...? SO yeah when rates are next to stuff all but the rate only goes up a couple of % then yes it looks bad.

A historical trend graph would be more interesting perhaps and give some perspective. Complex set of lead indicators though...inflation, wages, rates, etc

[FoxtrotGolfXray 5.0]

I'm in a fortunate position atm, and am aiming to at least pay off $3k a fortnight, hopefully $3.5k, which should see me pay off the mortgage by the end of the year.

Then I'll sink a similar amount in to savings until semi-retirement in 2027, at which point I'm planning to buy my last place to live in.

[Interceptor]

Originally Posted by FoxtrotGolfXray 5.0

I'm in a fortunate position atm, and am aiming to at least pay off $3k a fortnight, hopefully $3.5k, which should see me pay off the mortgage by the end of the year.

Then I'll sink a similar amount in to savings until semi-retirement in 2027, at which point I'm planning to buy my last place to live in.

Geez.... thats more than I get paid!

[HIPO]

Knocked ours on the head (again) lol yesterday! praise be!

[lra]

This is not current, but our mortgage was from Jan'04 to Oct '11 for our current home.

As of July '08, when the interest rates were bouncing around every month :
Interest 9.11%, Amount of mortgage $384,791, Interest $2,907.

People say, "Oh, yeah, but, you own a house that you can sell for over $1M"
Me, "Yeah, but, it would cost more than that to replace it, and I don't want to live in outer WoopWoop, what is your point ?"

[LG17]

There was an ad on the telly for a bank asking you to lock in your home loan rate with them at 6.99% before the sh!t hits the fan again.
Why would I do that when I'm paying less than 3% locked in?