Mortgage Stress - stick or twist?
Feb 12th 2008, 3:34 am
#1
BE Enthusiast
Thread Starter
Joined: Sep 2006
Location: Pine Rivers
Posts: 845
Mortgage Stress - stick or twist?
We came here 7 months ago, to good jobs paying double what we were getting paid in the UK and without a cent of debt to our names..
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
Feb 12th 2008, 3:42 am
#2
Joined: May 2007
Posts: 5,133
Re: Mortgage Stress - stick or twist?
We came here 7 months ago, to good jobs paying double what we were getting paid in the UK and without a cent of debt to our names..
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
1) Is it going to be any better in the UK?
2) How much do you like living here (versus the UK), finances aside?
3) Are you just using it as an excuse to go back? Nothing wrong with that but it's worth weighing everything up.
For comparison we currently have 30% of our income taken in repayments and have a debt of about twice our annual income.
Feb 12th 2008, 3:43 am
#3
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Mortgage Stress - stick or twist?
Have you got kids? will you be able to afford to pay the mortgage if only one is working?
Maybe sell the block, you will have made some profit and move to a cheaper area (would you have to pay capital gains tax?)
Feb 12th 2008, 3:44 am
#4
BE Forum Addict
Joined: Oct 2005
Location: Perth
Posts: 3,453
Re: Mortgage Stress - stick or twist?
We came here 7 months ago, to good jobs paying double what we were getting paid in the UK and without a cent of debt to our names..
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
I don't have any advice I'm afraid - we are in a similar position.
My view is that it really depends on how secure your jobs are and what amounts you are talking about.
To take an extreme example, if I was earning an income of $5 million a year and 2 million of that went on my mortgage I wouldn't be bothered because, hey, I have 3 million left to spend at Coles.
Conversely if I was earning 60K and 25K of that went on a mortgage I'd be seriously worried.
Feb 12th 2008, 4:04 am
#5
Forum Regular
Joined: Jul 2006
Posts: 104
Re: Mortgage Stress - stick or twist?
[QUOTE=renth;5919855]Don't get an interest only mortgage, that would be my number one piece of advice. You'll never "own" the house, you are simply renting it from the bank.
One school of thought in an inflationary economy is to get an "interest only mortgage". In 20- 25 years time $200,000 could be the price of a family car and therefore your mortgage would appear to be very low.
One school of thought in an inflationary economy is to get an "interest only mortgage". In 20- 25 years time $200,000 could be the price of a family car and therefore your mortgage would appear to be very low.
Feb 12th 2008, 4:07 am
#6
Forum Regular
Joined: Jan 2008
Posts: 164
Re: Mortgage Stress - stick or twist?
Look on the bright side, you have a block of land. That's an asset. As things stand now you have the land, a roof (yes it's rented) over you head and the freedom to make a decision in your own time.
Building is always expensive but you can start with basics and get extras as you can afford. We sold a block of land last year in less than three weeks so remind yourself you have that ASSET. Your choices are to build (stressful but the dream for many), to sell the land and use the money as a deposit on an existing home.. or save the land sale money, or to wait, or to move on. Even if you move on you'll have the same considerations just elsewhere.
Interest only is a scary trap. Please think hard before you do that especially if you build because your asset (the land) will be in the bath tub with the baby. The less you have to borrow, obviously the better. Have you considered commuting? The kids could change schools (yeah sucks but I did it all the time as a kid) as long as you and your partner can travel to work by train or bus, you might be able to sell you land and get an existing home in a less expensive area and keep your mortgage down that way.
Building is always expensive but you can start with basics and get extras as you can afford. We sold a block of land last year in less than three weeks so remind yourself you have that ASSET. Your choices are to build (stressful but the dream for many), to sell the land and use the money as a deposit on an existing home.. or save the land sale money, or to wait, or to move on. Even if you move on you'll have the same considerations just elsewhere.
Interest only is a scary trap. Please think hard before you do that especially if you build because your asset (the land) will be in the bath tub with the baby. The less you have to borrow, obviously the better. Have you considered commuting? The kids could change schools (yeah sucks but I did it all the time as a kid) as long as you and your partner can travel to work by train or bus, you might be able to sell you land and get an existing home in a less expensive area and keep your mortgage down that way.
Feb 12th 2008, 4:09 am
#7
BE Enthusiast
Joined: Jan 2008
Location: Bris
Posts: 564
Re: Mortgage Stress - stick or twist?
I blame Rudd - 1 month in and look what he's done to the economy! Completely buggered it. Interest rates up, share prices down and my toe still hurts.
Feb 12th 2008, 4:24 am
#8
Forum Regular
Joined: Jan 2008
Posts: 164
Re: Mortgage Stress - stick or twist?
Are you stalking me?
Feb 12th 2008, 4:24 am
#9
BE Enthusiast
Thread Starter
Joined: Sep 2006
Location: Pine Rivers
Posts: 845
Re: Mortgage Stress - stick or twist?
Vim:
1/ It's likely we'd be in the same situation in the UK (starting again financially) but with the bonus of a 'comfort blanket' around us i.e 'system' familiarity
2/ We retain a small sense of smug satisfaction/self-achievement in making it and living out here.
3/ There's nothing in the UK for me. A quick glance at the Coca Cola League 1 table confirms this
Renth:
2 kids at high school
The mortgage payment would not be possible if only one of us was working, though I've produced a budget based on my taking a 20% pay cut which is achievable.
NKSK:
Typical house value in this area is $550000. 95% mortgage would mean repayments of $4k per month.
What have you decided to do?
1/ It's likely we'd be in the same situation in the UK (starting again financially) but with the bonus of a 'comfort blanket' around us i.e 'system' familiarity
2/ We retain a small sense of smug satisfaction/self-achievement in making it and living out here.
3/ There's nothing in the UK for me. A quick glance at the Coca Cola League 1 table confirms this
Renth:
2 kids at high school
The mortgage payment would not be possible if only one of us was working, though I've produced a budget based on my taking a 20% pay cut which is achievable.
NKSK:
Typical house value in this area is $550000. 95% mortgage would mean repayments of $4k per month.
What have you decided to do?
Feb 12th 2008, 4:26 am
#10
Lost in BE Cyberspace
Joined: May 2006
Posts: 6,600
Re: Mortgage Stress - stick or twist?
We came here 7 months ago, to good jobs paying double what we were getting paid in the UK and without a cent of debt to our names..
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
At the minute it seems you're renting whilst paying a mortgage on a piece of land which you're making no use of, and if it was your original plan to stay only for two years, why buy a piece of land?
If you realistically can't afford to live 'here' then look to live elsewhere. Kids can change schools. There isn't just one 'best' area to live in Brisbane, there are many really good suburbs, you just have to think outside the box a bit.
Feb 12th 2008, 4:29 am
#11
BE Enthusiast
Thread Starter
Joined: Sep 2006
Location: Pine Rivers
Posts: 845
Re: Mortgage Stress - stick or twist?
Feb 12th 2008, 4:30 am
#12
Forum Regular
Joined: Jan 2008
Posts: 164
Re: Mortgage Stress - stick or twist?
There's no doubt that coming here with no equity to bring with you is tough, but the same could be said of moving anywhere, and would be the case if you moved back to the UK.
At the minute it seems you're renting whilst paying a mortgage on a piece of land which you're making no use of, and if it was your original plan to stay only for two years, why buy a piece of land?
If you realistically can't afford to live 'here' then look to live elsewhere. Kids can change schools. There isn't just one 'best' area to live in Brisbane, there are many really good suburbs, you just have to think outside the box a bit.
At the minute it seems you're renting whilst paying a mortgage on a piece of land which you're making no use of, and if it was your original plan to stay only for two years, why buy a piece of land?
If you realistically can't afford to live 'here' then look to live elsewhere. Kids can change schools. There isn't just one 'best' area to live in Brisbane, there are many really good suburbs, you just have to think outside the box a bit.
Feb 12th 2008, 4:34 am
#13
Lost in BE Cyberspace
Joined: May 2006
Posts: 6,600
Re: Mortgage Stress - stick or twist?
Vim:
1/ It's likely we'd be in the same situation in the UK (starting again financially) but with the bonus of a 'comfort blanket' around us i.e 'system' familiarity
2/ We retain a small sense of smug satisfaction/self-achievement in making it and living out here.
3/ There's nothing in the UK for me. A quick glance at the Coca Cola League 1 table confirms this
Renth:
2 kids at high school
The mortgage payment would not be possible if only one of us was working, though I've produced a budget based on my taking a 20% pay cut which is achievable.
NKSK:
Typical house value in this area is $550000. 95% mortgage would mean repayments of $4k per month.
What have you decided to do?
1/ It's likely we'd be in the same situation in the UK (starting again financially) but with the bonus of a 'comfort blanket' around us i.e 'system' familiarity
2/ We retain a small sense of smug satisfaction/self-achievement in making it and living out here.
3/ There's nothing in the UK for me. A quick glance at the Coca Cola League 1 table confirms this
Renth:
2 kids at high school
The mortgage payment would not be possible if only one of us was working, though I've produced a budget based on my taking a 20% pay cut which is achievable.
NKSK:
Typical house value in this area is $550000. 95% mortgage would mean repayments of $4k per month.
What have you decided to do?
Perhaps change your expectations a little. You'll find many suburbs with mean property prices way below that.
Feb 12th 2008, 4:37 am
#14
Just Joined
Joined: Sep 2007
Posts: 21
Re: Mortgage Stress - stick or twist?
We came here 7 months ago, to good jobs paying double what we were getting paid in the UK and without a cent of debt to our names..
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
The small amount of equity we brought with us was used on establishment costs such as cars and essential domestic appliances.
We rented for the first 6 months before acquiring a 800m block of land in a decent part of town after realising that we needed to put down some 'roots' sooner rather than later or run the risk of being priced out of the market. Land values and demand in this area of Brisbane means that our land has cost more than our friends paid for a 4x2 lowset with pool on 1000m around the corner from our block less than 2 years ago!!
We are still renting with the hope of being able to save enough cash to be able to commence the building process later in the year.
My calculations, taking into account the projected interest rate increases between now and the end of the year, show that *at best* our anticipated borrowing requirement (in order to complete the house) will equate to 5 times our joint annual net income, and our projected initial interest-only home loan repayment will equate to 41% of our joint net monthly income. We are constrained in terms of where we can live due to work and schools so we felt going down the self build route was the cheaper option!!
How do these numbers compare to yours? Are they realistic/the norm?
We're just ordinary folk who came here for a better quality of life and to a degree I'd say that this is what we have got. We're very lucky in that we're both professionals in a market where our skills are in demand.
But it worries me (to the point where we are coming to the conclusion that realistically we cannot afford to live here (without taking on huge debt) and and may have to return to the UK) that an ordinary couple with realistic expectations have to struggle in this way.
We can do it, but I'm not really sure if I want the stress
Do we dig in and stick it out, in the hope that someday we'll again have something to call our own, or do we just enjoy what's left of our originally planned 2 year 'adventure' before bailing out and returning to the UK?
What's the worst that could happen? What would you do?
I guess only folk who have arrived in the past few years will be able to empathise.
Feb 12th 2008, 4:38 am
#15
BE Enthusiast
Thread Starter
Joined: Sep 2006
Location: Pine Rivers
Posts: 845
Re: Mortgage Stress - stick or twist?
There's no doubt that coming here with no equity to bring with you is tough, but the same could be said of moving anywhere, and would be the case if you moved back to the UK.
At the minute it seems you're renting whilst paying a mortgage on a piece of land which you're making no use of, and if it was your original plan to stay only for two years, why buy a piece of land?
If you realistically can't afford to live 'here' then look to live elsewhere. Kids can change schools. There isn't just one 'best' area to live in Brisbane, there are many really good suburbs, you just have to think outside the box a bit.
At the minute it seems you're renting whilst paying a mortgage on a piece of land which you're making no use of, and if it was your original plan to stay only for two years, why buy a piece of land?
If you realistically can't afford to live 'here' then look to live elsewhere. Kids can change schools. There isn't just one 'best' area to live in Brisbane, there are many really good suburbs, you just have to think outside the box a bit.
2 years was the minimum amount of time we'd allow ourselves to settle.
We can live with the 1 hour commute. Kids *cannot* change schools. This is the big constraint.