Who else is having their mortgage fecked by interest rates at the moment.

  • jarrod@lemmy.one
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    1 year ago

    I was luck enough to buy a 3 bedroom house in Tas back in 2016 for $280,000. We have a home loan amount remaining around $200k, in 12 months, our repayments have gone from $1037 to $1478 a month. We are lucky that we can afford this still but with the price of everything else going up it’s starting to get tighter for sure. I can’t imagine what it’s like for the people who bought a house when the prices were at their peak after being told that the rates won’t change, so they took out a $500k + loan just to get into the market.

    • DesignateOP
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      1 year ago

      Yeah we got lucky and found a place that was well below what people were paying in the current market. But yeah a lot of folks out there are feeling it at the moment cause you really had no other choice.

    • DesignateOP
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      1 year ago

      Yeah i was hearing that a couple of days ago. Who the fuck is cashed up enough for that …

      Ohhhhhhh thats right… Investors …

      • 🦘min0nim🦘@aussie.zone
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        1 year ago

        It was likely a lot of oldies who were still exiting the cities - selling their mortgage free homes and buying with the cash in the burbs & regions.

  • argv_minus_one@beehaw.org
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    1 year ago

    Adjustable-rate mortgages are a horrible idea. This is why. The US learned that lesson the hard way in 2008.

    It’s shameful that the world’s governments do so little to keep their hard-working citizens from losing their livelihoods. In a perfect world, adjustable-rate mortgages would be illegal.

  • Da_Boom@iusearchlinux.fyi
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    1 year ago

    Meanwhile as someone who’s only gotten far enough to start a savings fund for a potential future mortgage.

    I Can’t say I’m not enjoying seeing a 5% compounding interest rate on my savings account

    • DesignateOP
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      1 year ago

      Dump half into a ETF and ride the market all the way to a new home !!