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#1 | ||
HSV - I just ate one!
Join Date: Dec 2004
Location: Middle of nowhere
Posts: 3,111
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As a percentage, can anyone tell me how much the average mortgage/home loan has gone up by since the start of 2022?
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I dont care if some prius driving eco-hippy thinks its politically incorrect for me to drive a V8..... I'm paying for the fuel! Last edited by PG2; 11-04-2024 at 08:58 PM. Reason: just correcting the title of the thread. |
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#2 | ||
Regular Member
Join Date: Aug 2008
Posts: 2,857
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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
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#3 | ||
HSV - I just ate one!
Join Date: Dec 2004
Location: Middle of nowhere
Posts: 3,111
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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.
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I dont care if some prius driving eco-hippy thinks its politically incorrect for me to drive a V8..... I'm paying for the fuel! |
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#4 | ||
Donating Member
![]() Join Date: Jun 2007
Location: Checking out soft furnishings....
Posts: 8,682
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Mine have gone up 130%
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Proud owner of the ugliest Ford ever made |
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#5 | |||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Mid North Coast
Posts: 6,442
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Quote:
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.
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#6 | |||
Chairman & Administrator
![]() ![]() Join Date: Dec 2004
Location: 1975
Posts: 107,010
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Quote:
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%.
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Observatio Facta Rotae
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#7 | |||
Donating Member
![]() Join Date: Jun 2007
Location: Checking out soft furnishings....
Posts: 8,682
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Quote:
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Proud owner of the ugliest Ford ever made |
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#8 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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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. |
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#9 | ||
Barra Turbo > V8
![]() ![]() Join Date: Jan 2005
Posts: 25,721
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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.
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-2011 XR6 Turbo Ute - Lux Pack - M6 -2022 Hyundai Tucson Highlander Diesel N Line Last edited by DJM83; 10-04-2024 at 03:21 PM. |
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#10 | ||
FF.Com.Au Hardcore
Join Date: Aug 2019
Location: Goulburn NSW
Posts: 506
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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%. |
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#11 | ||
FF.Com.Au Hardcore
Join Date: Sep 2005
Posts: 1,371
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^^^^ A house in Penrith for only $10,000- back in 1991 ??? Or did you mean $100k..
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#12 | ||
FF.Com.Au Hardcore
Join Date: Aug 2019
Location: Goulburn NSW
Posts: 506
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I meant 100k.
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#13 | ||
FF.Com.Au Hardcore
Join Date: Apr 2012
Location: Taromeo
Posts: 10,446
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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. |
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#14 | ||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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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
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#15 | ||
Donating Member
![]() Join Date: Mar 2007
Location: Heading thru Hell (Corner)
Posts: 8,180
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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.
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Labels are for jars, not for people. Life is a journey, not a destination. ~~~~~~~~~~~~~~ Daily: 2013 FGII EcoLPi in Winter White Play: 2015 FG X XR8 in Emperor Show' N Shine thread Gone, but not forgotten: 2015 SZII petrol Titanium Territory in Emperor |
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#16 | |||
HSV - I just ate one!
Join Date: Dec 2004
Location: Middle of nowhere
Posts: 3,111
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Quote:
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I dont care if some prius driving eco-hippy thinks its politically incorrect for me to drive a V8..... I'm paying for the fuel! |
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#17 | ||
Al
Join Date: Feb 2015
Location: South Aus.
Posts: 1,701
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Knocked ours on the head (again) lol yesterday! praise be!
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#18 | ||
FF.Com.Au Hardcore
Join Date: Apr 2013
Posts: 885
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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 ?" |
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#19 | ||
FF.Com.Au Hardcore
Join Date: Apr 2012
Location: Taromeo
Posts: 10,446
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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? |
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