View Poll Results: How much of you NET income does your mortgage consume
Less than 10%
3
5.77%
10%-20%
9
17.31%
20%-30%
7
13.46%
30+%
17
32.69%
Whats a mortgage?
16
30.77%
Voters: 52. You may not vote on this poll
Your mortgage consumes how much NET income
May 3rd 2008, 12:39 am
#1
BE Enthusiast
Thread Starter
Joined: Feb 2005
Posts: 532
Your mortgage consumes how much NET income
Following on from the "how big is your mortgage thread". A more relvant poll - how much of you net income does you mortage consume?
May 3rd 2008, 12:54 am
#2
youngy73
Joined: Mar 2005
Location: kewarra beach, cairns
Posts: 940
Re: Your mortgage consumes how much NET income
after we finish the house build we will be in the 30% plus brkt. but does it matter? large house, large debt and large equity. we could own a nice home and be mortgage free but we choose not to. personally cant see what all the fuss is with being mortgage free. its part of life
May 3rd 2008, 10:06 am
#3
BE Forum Addict
Joined: Aug 2005
Posts: 2,322
Re: Your mortgage consumes how much NET income
I know what you mean
- a couple of my work colleagues were always smug about the fact they have no mortgage on their house.
However, personally, i wouldn't have been happy living where they were living (in a 2 bed terrace) and have always chosen to take on a fairly large mortgage.
- a couple of my work colleagues were always smug about the fact they have no mortgage on their house.However, personally, i wouldn't have been happy living where they were living (in a 2 bed terrace) and have always chosen to take on a fairly large mortgage.
May 3rd 2008, 11:51 am
#4
Lost in BE Cyberspace
Joined: Sep 2007
Location: Canberra
Posts: 8,379
Re: Your mortgage consumes how much NET income
Yup, mortgage free after all these years thank goodness. I dont see people aspiring to live in grotty little three bedroom weatherboards like we have but the relief of knowing that I dont have to fork out for a mortgage in my old age is like a big black cloud lifted!
May 3rd 2008, 1:33 pm
#5
BE Enthusiast
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
Re: Your mortgage consumes how much NET income
My tennants pay my mortgage in London and almost all of my rent here. Mind you when I lived there it was costing me 50-60% of my net income but that was because I overpaid my mortgage.
May 3rd 2008, 1:39 pm
#6
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Your mortgage consumes how much NET income
It is possible to have a nice home and be mortgage free you know.
With the freedom of not owing someone 1/4 or 1/2 a million upwards dollars and interest rates being what they are the benefits are self explanatory.
If nothing else your work/life balance can be a lot better should you wish it.
With the freedom of not owing someone 1/4 or 1/2 a million upwards dollars and interest rates being what they are the benefits are self explanatory.
If nothing else your work/life balance can be a lot better should you wish it.
May 3rd 2008, 4:51 pm
#7
Lost in BE Cyberspace
Joined: Oct 2005
Location: Hill overlooking the SE Melbourne suburbs
Posts: 16,622
Re: Your mortgage consumes how much NET income
I'd rather be mortgage free.
1) For one thing, you're not spending *years* just paying interest.
2) That 1000 bucks or so goes along way.
3) You're not at the mercy of the bank, or interest rates.
1) For one thing, you're not spending *years* just paying interest.
2) That 1000 bucks or so goes along way.
3) You're not at the mercy of the bank, or interest rates.
May 3rd 2008, 7:25 pm
#8
BE Forum Addict
Joined: Aug 2005
Posts: 2,322
Re: Your mortgage consumes how much NET income
Agree completely about the interest rates though, but it'll be worth it when paid off
May 4th 2008, 11:14 am
#9
BE Forum Addict
Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Your mortgage consumes how much NET income
At present we have a low mortgage but are looking at moving and increasing it quite substantially.
Personal choice for me is always mortgage with it all paid off before I retire then I won't have to worry about paying rent with the pension (as I expect it will be lower than my salary). The extra 20/30 years of not paying rent when I'm retired is worth the little bit extra paying a mortgage now for me.
Personal choice for me is always mortgage with it all paid off before I retire then I won't have to worry about paying rent with the pension (as I expect it will be lower than my salary). The extra 20/30 years of not paying rent when I'm retired is worth the little bit extra paying a mortgage now for me.
