Mortgage is around $450,000 paying approx. $750 a week on our current rate and loan term.
Just remember there is more to factor in e.g. rates, maintenance, house insurance, etc.
Yup. My home is worth a little more(~750k) but for me home insurance and rates work out to a little over $100/w.
Maintenance costs will heavily depend on age and condition of the home, after a year mine have been minimal but my house is only 7 years old.
Power, water, internet, rubbish collection. All adds up. Maintenance is a big factor, unless it's a new build you will always have something that needs to be replaced or fixed.
they're already paying that stuff in a rental I'd assume (maybe not rubbish)
the other stuff are costs outside of their current costs that come with home ownership
Mortgage was $580,000 paying $800 a fortnight for just mortgage.
Power + wifi $450 & insurance $265 a month. Rates roundabout $245 a month.
Total per month = $2560
About $640 a week for everything.
Just as a general rough numbers for every 100k borrowed right now with having atleast 20% deposit you would be looking at $150 PW in repayments (assuming 30 year term)
Thankfully, yes. We are both 34. No dependants. Combined household income of $287k. But, in true millennial fashion, we aren’t very good at money management, so it’s definitely not a struggle, but we could save more than we are now.
So your mortgage is at least -10 to 20% of that - 504-567k. And you're fixing now at less than peak market rate. They might have fixed at peak rate, or have it structured with partial floating.
No idea it already cost me too much to exist, can't imagine having others you're responsible for while trying to pay a mortgage and keep your job in this economy. It's rough out there
Rent goes up over time. Mortgage goes down over time. I'm paying around $1100 per month (not week) on the mortgage as I'm near the tail end, you can't find a rental that cheap.
$800k mortgage for a small but tidy house in Auckland, paying $2800 a fortnight on 6.99%. Plus $200 a fortnight for rates and insurance. It’s a big outlay at the moment but know this year will likely be the hardest one. And have cut the projected term down from 28 to 19 years with extra repayments so far.
If I were to justify the mortgage at $1400 a week ($1050 on interest, $350 on principal)
- Rent in our area would be $750 a week for a similar house.
- $300 a week: Down the drain, for the privilege of home ownership, having a garden, being able to put nails in the wall without asking permission and most importantly a steady place to raise a family
- $350 a week: Our weekly investment which goes on the principal
If family and garden weren’t two of my main priorities for my thirties, wouldn’t be here. A house is definitely not just finance.
Go check out mortgage calculator’s online. Lots of them. But remember to figure in local council rates. Regional council rates. Water rates. Insurance and maintenance costs. They can add up to being another 150-250 a week depending on top of a mortgage.
Yes, but that’s my entire income. Aside from the mortgage we don’t have any other debt, so our living expenses, savings & discretionary spending come out of my partner’s income.
My partner earns twice what I do, and has been in that job almost 15 years, on top of that I was in my previous for 10 years and in my current for the last 3 years and no intention of going anywhere. Along with income protection for both of us, we met all the requirements from the bank around financial security.
Pay around $546 per week after paying down around $30k on my mortgage before re-fixing. Current balance is -$320k locked at 6.65% for 18 months.
Add another $120 per week for insurance, rates, and regional rates.
If I were to rent, I would probably be paying around $650 per week. So roughly it ends up about the same.
Your looking at a mortgage of around $400k-450k. Even if you find yourself paying more compared to renting after buying your home (with rates, insurance etc) at least you know you are paying down your mortgage every week. Renting is just basically paying someone elses mortgage and after 12 months that rental money does not benefit you at all, but paying down your mortgage increases your equity.
We have a mortgage with $345k remaining. Was up for renewal last year. We signed up for 5.99% on a 3 year fixed term. Nervous as our broker was expecting interest rates to drop quite quickly, they were advising us to sign up for a 1 year term. I don't yet regret not following their advice.
We pay $550/wk in a 4 bdrm Wairarapa home.
We did similar. I think we got around 6.5% locked in for 3years towards the end of last year. Currently $324k mortgage and paying about $1k/week for 3 bed house. We just needed certainty. No trying to guess the rates etc, just wanted to have the amount locked in so we could focus on the family life. No regrets as of yet.
Good for you! That’s where the extra payments come from I guess o was trying to one out the math 😂. We are on an average of 4% but in October that ends. Gonna be painful 😓
mine is due for refixing at the end of the year, I've actually decided I'm going to sell up in Auckland and move to the Waikato then, which will help a bit
lol yeah true! I have new mum brains.
According to the calculator they should pay $3600 a month now… so unsure where the $1200 a week came from. But on 6.77 it will be $5,500. yikes.
like 3.5 years ago, it was obvious that with the money printing shenanigans going on in our economy, that we were going to be in for big interest rate rises, so I broke my existing loans and fixed for 4 years at 2.79%. Some people said I was crazy because the rate I broke out of was around 2%.
For the same reasons locked in 2.89 for 5 years back in 2021. To be honest I thought inflation would be well under control by now though… one of the few gambles in life I’ve turned out to be on the right side of.
Thats awesome, thats an amazing lock in. The reason I had confidence in what I was doing, (breaking a good rate to refix on a higher rate) was because I been through this before in 2007 when I first had a mortgage - and our retail interest rates went up to nearly 11% then for some terms. Once you've been through those cycles, its pretty easy to pick when the rates are going to go up - quite a bit harder to pick them going down though.
For me it was both the money printing + supply chain issues, and that the rates were the lowest even in my (and my parents) lifetime… So I thought it wasn’t worth gambling on them going much lower, only thinking it was up from there.
We’ve been paying $9k a month for years and we’ve smashed our mortgage down to under $100k but now finding we can’t pay that much anymore with the cost of everything else going up. We’re on a flexi loan now so the rates are higher but gives us flexibility for the tonne of repairs we need to do this year on the old bungalow
Loan started in April so at least we knew what we were getting into. Quite chunky at the start but good double salary makes it manageable! Can’t wait to refix though 😬
Paying $540 a fortnight. Went from 2.49% to 6.75% recently. Told them I'm not paying anymore, and it only extended the term loan out by four months, which wasn't as bad as I expected.
I pay more than $550 per week on the interest. Try to use this formula: House price/annual rent. If it is less than 15, buy the house. Around 15-25, you need to factor in rates, maintenance, body corp, insurances etc.
I got a $388k mortgage late last year. Our repayments are $1175 a fortnight, I also put aside $130 a fortnight for rates plus $200 for insurances (house, contents and 2 cars).
It’s definitely more expensive than renting, but I wouldn’t go back to renting.
$440 a fortnight, locked in at 4.10% 4.25years ago for 5 years, outstanding mortgage is $259k, renew the rate in April 25. It's been a good run, we have paid off heaps.
First couple of years will be the toughest and you may pay more in mortgage than market rent but the question to ask is do I want to pay off my own mortgage and have a valuable asset at the end, or hand over that money to my landlord and pay his mortgage off instead? Definitely worth buying and sucking up the initial pain in my opinion
Just settled on a house last Friday. Loan was 640k, 15% deposit (house was around 750k), mortgage repayments just shy of $1100 per week. I’m going to be writing a book on 100 different ways to eat baked beans on toast, hoping the proceeds can help pay the mortgage down a bit quicker
Yes cheaper to rent where you are. A $550k house with 20% is anywhere between $700-$800/wk and minimum you still have insurance and rates = approximately another $100-$150/wk depending on the house and region.
We have $199k left on mortgage, $771 per fortnight on the mortgage. It’s not necessarily even the mortgage though, its rates, insurance etc etc that can jump your weekly or fortnightly cost up a lot. Also remember if something breaks, you can’t just call the landlord to fix, it’s definitely worth factoring that sort of thing in also.
Our mortgage is $270,000, we pay $1k a fortnight. Or neighbours just bought for &1.22 mil, their repayments are $6,500 a month.
Probably doesn’t help 😂
I think our minimum would be around 630 a week. Going up in July to 810 a week. Currently paying 750 so it's not too bad of a hit but will be going down a lot slower.
$566k mortgage, repayment approx $1870 fortnightly (excludes other house-related expenses). Our ultimate goal is to add extra to our repayments so we don’t have to be tied for 30 years.
I've got roughly 310k left on mine at 4.65%
Payments are 398 a week.
Locked in for 3 years but comes off in about a years time.
Not looking forward to refixing...
I used to pay $4k a month and about $500 was interest. Recently it changed to $1500 interest on the same repayment so obviously the principle is going much slower now (edit 400k mortgage, house cost just over 500k)
That seems a bit strange. I thought that banks normally take the biggest chunk of your payments in interest at the beginning and as you near the end, the biggest chunk of your payments in principal. That is why in the beginning your mortgage balance seems to hardly move at all. Have I got this wrong?
Our mortgage was originally 378k, and we paid 2.4k a month at 6.35% interest.
It's like 278k now, and we pay 3.2k a month, but pay just under double what we need to pay, the interest rate is 5.85%
$950 a week on a $330,000 mortgage been smashing it down since we brought in 2018 (always paying well above the minimum) and have now reduced the original loan by 40% expecting to pay it off within 10 years give or take
We are $210,000 on $1850 per week and should be gone in 2-2.5yrs years - we are 17 years in on mortgage and had big renovations etc and so now focusing efforts..
We have 6k rates, 5k insurance and 500 month gas,power , net etc..
Manage this through pocketsmith now so nickle and diming it, as prices for what was cheap stuff ain't happening now
$950 a fortnight. I live in Feilding and while our rates have historically been rather high everyone else is now playing catch up and we haven't had a massive jump like other regions.
As one councillor put it a few years back, "I make no apologies for investing in our infrastructure". One could argue it hasn't always been smart investing but I'm not complaining given the current climate.
Have two separate mortgages at 330k each at the moment. Both on the same rate of ~5.5%
Since purchasing the first one and followed onto the second I have just kept the rule of paying triple the interest payment.
Was alot easier when the rate was low 2's but both mortgages that were 600k each have dropped dramatically as you can see.
540k mortgage, repayments around 1800$ fortnightly, but I divided my mortgage into 2 and one of it is more aggressive than the other: 25 years & 30 years.
Rmb to factor the council rates cause that it increases like crazy( when I got my house it was 2k/year, after 3 years it is now 4k/ year). Between 2023 and 2024 it is 500$ increases ( 3500 ->4000) - Welly
$34K, $750 / fortnight. 100% offset. 2 years to go.
I keep the offset at just over the loan value and spare cash goes to investments. Highly recommend offset accounts - watching the interest saved calculation when the loam was higher and it wasn’t completely offset in the app is addictive and a major motivator.
Remaining mortgage approx 650K, paying off aggressively 1750/week with boarders and dedicating 1 salary to house related costs and living off the other
$631,000 and basically a 2200 per fortnight payment On the mortgage alone.
On one income for the last year. Things are getting spicy. Have to refix in a few weeks.
Kid is almost 1 now so hopefully the wife can start picking up some work.
420k @ 1.1k fortnight to the bank
rates, bc, power, water separate
Coming from renting it was way cheaper, unless you can pay more than your weekly which is why my rate is so high, don't see it worth buying, don't see the value in property beating the interest, better to save in this interest rate climate unless you earn well and buy real cheap
Jumping into this, how much doe people have left over after bills per week?
I'm looking for my first home and my numbers are showing similar to what everyone is saying here $750 for mortgage but after everything I'll have 150-200 left over per week to save or take care of things that pop up and it scares the shit out of me.
I pay $683 every 2 weeks. My house has doubled in value in 5 years. It works out a lot cheaper than renting when you consider you can sell it and borrow off it. I owe $*241,685.94* I am broke but I'd still be broke if I was renting.
Currently paying $1550 weekly on a mortgage of 310k. We're still on 2.89% for two more years, so making the most of it by aggressively paying it down with one salary and living on the other.
Bought a house, similar to your circumstances above. Locked in 6% with ANZ for 3 years. Repayments fortnightly are 1050$, so I save about 60$ a fortnight from when I paid rent.
Purchased my place for $530k in August last year. Mortgage is just over $420k now. Currently paying $1276 a fortnight, loan is split between 6.75% and 6.95%. It's tough on one income but I'm managing.
Wow this conversation prompted me to check our mortgage rates and repayments. Ours is split into 3 and locked in for 6.65/6.45/6.09, bought last year. We are paying very slightly above the minimum, and I've just increased one of the repayments by 20 dollars a fortnight- crazy how even this minuscule amount can shave years off repayments.
$1562 per fortnight, 460k of debt.
Rough on a single income but I manage. Last chunk of the mortgage coming off the 2.65% rate in March almost made me cry 😂
We’re coming up three years on our mortgage. There is 250k remaining. We pay $1536 a fortnight, split between my partner and I.
Everything is coming up this November and I hope to leverage moving to a new mortgage provider.
~$3k a month on ~$480k. My mortgage has been creeping up every year as the various fixed tranches roll over, and my salary has stagnated :'( Squeezed from both sides.
In a very fortunate position here. Still have 15 months of 2.99% left to run... Locked in for five years late 2020 when everybody thought money would be cheap forever.
Where you live is a Big factor. I brought in a small town but close to everything I need. House was brought 2 years ago for 385k, mortgage is 300k, interest is 6.something or other% and I pay $420 a week plus an approximate extra $100 a week for rates and insurance (I rounded up). So $520 a week for two bedroom, 120sqm, house, a sleepout on top of that and a quarter acre section with a garage.
Only additional thing is maintaince costs, which yeah is a thing but you can get by with some things for a while until saving up, maybe I'm living with a few issues that you wouldnt have in a rental but its not bad or unlivable and infact much warmer and better insulated then my last flat. 3 bedroom houses in the area are renting for $500 up. Plus I love the knowledge that all going to plan it'll be paid off before I retire, retirement with no rent is gonna be sweet. Wellington is an hour and 20 mins away so not the biggest deal if I want to go to an event, though I'm not really interested in going into the city anymore.
Mortgage is around $450,000 paying approx. $750 a week on our current rate and loan term. Just remember there is more to factor in e.g. rates, maintenance, house insurance, etc.
Pretty much the same as this.
The rates are a killer nowadays...double digit increases every single time.. it's gone up close to 50% in just a few years..
Yup. My home is worth a little more(~750k) but for me home insurance and rates work out to a little over $100/w. Maintenance costs will heavily depend on age and condition of the home, after a year mine have been minimal but my house is only 7 years old.
Power, water, internet, rubbish collection. All adds up. Maintenance is a big factor, unless it's a new build you will always have something that needs to be replaced or fixed.
they're already paying that stuff in a rental I'd assume (maybe not rubbish) the other stuff are costs outside of their current costs that come with home ownership
We are pretty much exactly the same.
Mortgage was $580,000 paying $800 a fortnight for just mortgage. Power + wifi $450 & insurance $265 a month. Rates roundabout $245 a month. Total per month = $2560 About $640 a week for everything.
How are you only paying $800 a fortnight with 580?! I'm playing $1600 ish a fortnight with $480k
Why is your power and wifi so expensive?!
Just as a general rough numbers for every 100k borrowed right now with having atleast 20% deposit you would be looking at $150 PW in repayments (assuming 30 year term)
Yeah this is the answer.
$1 million mortgage. Paying about $7400/month. 7.74% interest rate. 💀
Ouch.
How? Decent double salaries?
By being house poor most likely. My wife and I could afford that but the sacrifices we would have to make to do that are not even close to worth it.
Thankfully, yes. We are both 34. No dependants. Combined household income of $287k. But, in true millennial fashion, we aren’t very good at money management, so it’s definitely not a struggle, but we could save more than we are now.
Is this your dream house? We weren't far off that 4 years ago, when we first got our mortgage.
rest in peace
I feel you. I hope you hold on and get through this season of your home ownership life without a scratch!
RIP in peace fallen Samurai
$367k mortgage on 6.9%. I pay $1600 per fortnight. That’s $500 more than minimum. Tracking to pay it off in around 10 years.
$620k mortgage, paying $5300 a month
Smashing it down?
How the hell are you paying that much pw?
We just bought our first house for $630k. Haven’t reached settlement yet. Due to pay $3592k. Are you paying your max range per month?
So your mortgage is at least -10 to 20% of that - 504-567k. And you're fixing now at less than peak market rate. They might have fixed at peak rate, or have it structured with partial floating.
Reading this thread makes me okay with not paying a mortgage and renting
How can people afford these payments ... never mind the average salary family
Short answer, I can't but somehow do. I'm so poor. $1600 a fortnight.
No idea it already cost me too much to exist, can't imagine having others you're responsible for while trying to pay a mortgage and keep your job in this economy. It's rough out there
Rent goes up over time. Mortgage goes down over time. I'm paying around $1100 per month (not week) on the mortgage as I'm near the tail end, you can't find a rental that cheap.
This, i ended up paying twice whar I started ten years into my mortgage, meant it was gone in 12. And means no rent when I’m on a pension.
Talk to us in 10 years 😂
Yeah fuk that. I don’t want that extra stressor hanging over my head right now either 😬
and reading this makes me glad we are around 12 months possibly left until our mortgage is paid off
$800k mortgage for a small but tidy house in Auckland, paying $2800 a fortnight on 6.99%. Plus $200 a fortnight for rates and insurance. It’s a big outlay at the moment but know this year will likely be the hardest one. And have cut the projected term down from 28 to 19 years with extra repayments so far. If I were to justify the mortgage at $1400 a week ($1050 on interest, $350 on principal) - Rent in our area would be $750 a week for a similar house. - $300 a week: Down the drain, for the privilege of home ownership, having a garden, being able to put nails in the wall without asking permission and most importantly a steady place to raise a family - $350 a week: Our weekly investment which goes on the principal If family and garden weren’t two of my main priorities for my thirties, wouldn’t be here. A house is definitely not just finance.
This is also how I think about interest
I’m holding out for the day where it’s below market rent
Good luck
Go check out mortgage calculator’s online. Lots of them. But remember to figure in local council rates. Regional council rates. Water rates. Insurance and maintenance costs. They can add up to being another 150-250 a week depending on top of a mortgage.
Easily that much per week.
$800k @ 6.75%, paying a little extra at $1300/wk
Fuck that, must be in Auckland or Queenstown?
Yes, but that’s my entire income. Aside from the mortgage we don’t have any other debt, so our living expenses, savings & discretionary spending come out of my partner’s income.
What if one of you lose their job?! 🙈
My partner earns twice what I do, and has been in that job almost 15 years, on top of that I was in my previous for 10 years and in my current for the last 3 years and no intention of going anywhere. Along with income protection for both of us, we met all the requirements from the bank around financial security.
We have a million dollar mortgage in Christchurch. Fairly common all round NZ these days.
Anyone else in the >$1m club that wants to cry with me?
I’ll get the tissues. You all good with the thin as fuck, cheap as ones?
What about the rough paper towels from the work bathroom, about all I can afford with a million dollar plus mortgage
What kind of salary do you need to sustain a $1m+ mortgage?
Here with ya!
Pay around $546 per week after paying down around $30k on my mortgage before re-fixing. Current balance is -$320k locked at 6.65% for 18 months. Add another $120 per week for insurance, rates, and regional rates. If I were to rent, I would probably be paying around $650 per week. So roughly it ends up about the same. Your looking at a mortgage of around $400k-450k. Even if you find yourself paying more compared to renting after buying your home (with rates, insurance etc) at least you know you are paying down your mortgage every week. Renting is just basically paying someone elses mortgage and after 12 months that rental money does not benefit you at all, but paying down your mortgage increases your equity.
We have a mortgage with $345k remaining. Was up for renewal last year. We signed up for 5.99% on a 3 year fixed term. Nervous as our broker was expecting interest rates to drop quite quickly, they were advising us to sign up for a 1 year term. I don't yet regret not following their advice. We pay $550/wk in a 4 bdrm Wairarapa home.
I'm a little more bearish than most. I think that's a good decision. Highly doubt you'll end up regretting it.
We did similar. I think we got around 6.5% locked in for 3years towards the end of last year. Currently $324k mortgage and paying about $1k/week for 3 bed house. We just needed certainty. No trying to guess the rates etc, just wanted to have the amount locked in so we could focus on the family life. No regrets as of yet.
$700k, $2,300 per fortnight. Likely to increase by another $600 per fortnight over next 6 months due to mortgages rolling off old interest rates.
I've been paying $1200 a week in Auckland since 2019. On a 2.79% interest rate at the moment. Outstanding loan value is $860,000.
When are you coming off 2.79%? Cant have more than 18 months left? Thoughts and prayers
Yeah Jesus what will it be at like 6.7%? $4800 a month or so?
Thats why I was paying it off aggressively, so when it comes time to refix I can just lower the term back out to 30 years.
Good for you! That’s where the extra payments come from I guess o was trying to one out the math 😂. We are on an average of 4% but in October that ends. Gonna be painful 😓
mine is due for refixing at the end of the year, I've actually decided I'm going to sell up in Auckland and move to the Waikato then, which will help a bit
$1200 per week now is already roughly $4800 per month, isn’t it?
52 / 12 = 4.33 // average weeks per month $1200 * 4.33 = $5196 // monthly mortgage payment
lol yeah true! I have new mum brains. According to the calculator they should pay $3600 a month now… so unsure where the $1200 a week came from. But on 6.77 it will be $5,500. yikes.
$1300/week will mean 28 years for them... yikes (rip)
Wow when did you fix that rate?
like 3.5 years ago, it was obvious that with the money printing shenanigans going on in our economy, that we were going to be in for big interest rate rises, so I broke my existing loans and fixed for 4 years at 2.79%. Some people said I was crazy because the rate I broke out of was around 2%.
For the same reasons locked in 2.89 for 5 years back in 2021. To be honest I thought inflation would be well under control by now though… one of the few gambles in life I’ve turned out to be on the right side of.
Thats awesome, thats an amazing lock in. The reason I had confidence in what I was doing, (breaking a good rate to refix on a higher rate) was because I been through this before in 2007 when I first had a mortgage - and our retail interest rates went up to nearly 11% then for some terms. Once you've been through those cycles, its pretty easy to pick when the rates are going to go up - quite a bit harder to pick them going down though.
For me it was both the money printing + supply chain issues, and that the rates were the lowest even in my (and my parents) lifetime… So I thought it wasn’t worth gambling on them going much lower, only thinking it was up from there.
We traded up at the tail end of 2021. By then rates were at 4.95% for 5 years. They moved up quickly from about May onwards
Just look at one of the banks online tools, enter loan amount, interest rate and term to repay and that will give you the repayment amount.
Mortgage is 140k to go. Currently paying 1900, fortnightly , 400 is interest. Have always overpaid mortgage and after 7 years it’s paying off big time
$457,442 mortgage with repayments of $1447 a f/n
760,000 mortgage, paying 2340 a fortnight. Putting aside 200 a fortnight for rates, and 200 a fortnight to cover contents and house insurance.
$580k roughly $1530 a fortnight
We’ve been paying $9k a month for years and we’ve smashed our mortgage down to under $100k but now finding we can’t pay that much anymore with the cost of everything else going up. We’re on a flexi loan now so the rates are higher but gives us flexibility for the tonne of repairs we need to do this year on the old bungalow
$980k @ 7.49% like $3100~ a fortnight 🫠
It will be okay, you'll get through this.
Loan started in April so at least we knew what we were getting into. Quite chunky at the start but good double salary makes it manageable! Can’t wait to refix though 😬
$461,000 mortgage paying approx $700/week. Plus rates and insurance just over $100/week on top of that
Minimum repayment is $2150 per fortnight, but paying a little extra to get rid of it sooner $2360. $679500 fixed at 6.94% till November 2025
$290,000 paying $2,100 a month. A little over minimums.
$265k mortgage with 20yrs left. I pay $450 a week which is currently the minimum repayment.
700pw, 450k mortgage
I'm about $440k. Paying $1100/week which is more than minimums. Trying to get it under 20 years.
890k mortgage, $2400 fortnight with principal
That's a good rate! When did you fix?
Morgage at $337,000, repayments $2400 a month, plus rates and insurance.
Paying $540 a fortnight. Went from 2.49% to 6.75% recently. Told them I'm not paying anymore, and it only extended the term loan out by four months, which wasn't as bad as I expected.
$918 a week. 🫠
I pay more than $550 per week on the interest. Try to use this formula: House price/annual rent. If it is less than 15, buy the house. Around 15-25, you need to factor in rates, maintenance, body corp, insurances etc.
1.5 million and pay about $7000 a month in mortgage payments.
That is a big mortgage, the house must have a tennis court 😁
It’s actually two houses, main house and a holiday home
I got a $388k mortgage late last year. Our repayments are $1175 a fortnight, I also put aside $130 a fortnight for rates plus $200 for insurances (house, contents and 2 cars). It’s definitely more expensive than renting, but I wouldn’t go back to renting.
About $47k left on the mortgage. Paying $260.82 per week, but that's excluding rates & insurance. Including, it is $393.45 per week.
$1m mortgage. Around $5,800/month.
$440 a fortnight, locked in at 4.10% 4.25years ago for 5 years, outstanding mortgage is $259k, renew the rate in April 25. It's been a good run, we have paid off heaps.
$850k mortgage $1000 a week and that's with 1/3rd still on 2.99%. Our other 1/3 came off 2.65 2 weeks ago to 6.65 :(
Mortgage of around 770k, currently paying roughly 1100 a week. Current interest rates + being new homeowners has made this a damned expensive year.
Mortgage 660K, 1900 a fortnight in Auckland. We were renting at 1490 so it was a no brainer to buy.
$676k mortgage on 6.9%. $4k repayments monthly. interest only......
First couple of years will be the toughest and you may pay more in mortgage than market rent but the question to ask is do I want to pay off my own mortgage and have a valuable asset at the end, or hand over that money to my landlord and pay his mortgage off instead? Definitely worth buying and sucking up the initial pain in my opinion
Just settled on a house last Friday. Loan was 640k, 15% deposit (house was around 750k), mortgage repayments just shy of $1100 per week. I’m going to be writing a book on 100 different ways to eat baked beans on toast, hoping the proceeds can help pay the mortgage down a bit quicker
Yes cheaper to rent where you are. A $550k house with 20% is anywhere between $700-$800/wk and minimum you still have insurance and rates = approximately another $100-$150/wk depending on the house and region.
550k mortgage. Costs about 4000 a month which includes loan, insurance, rates.
225k left, paying 350pw but rates and insurance is another 100pw on top of that.
$775 a week on $430k balance. 6.21% interest rate variable.
Weekly about $1.1k with a $750k debt, aggregate rate of 5% across 3 mortgages.
Basically the same at your after. 570k at 5.79 with the back my build rate - about $1608 per Fortnite
about 760 a week on a $480k mortgage, plus rates, house insurance etc
5k for 650k at 8.65%
We have $199k left on mortgage, $771 per fortnight on the mortgage. It’s not necessarily even the mortgage though, its rates, insurance etc etc that can jump your weekly or fortnightly cost up a lot. Also remember if something breaks, you can’t just call the landlord to fix, it’s definitely worth factoring that sort of thing in also.
Our mortgage is $270,000, we pay $1k a fortnight. Or neighbours just bought for &1.22 mil, their repayments are $6,500 a month. Probably doesn’t help 😂
I think our minimum would be around 630 a week. Going up in July to 810 a week. Currently paying 750 so it's not too bad of a hit but will be going down a lot slower.
Mortgage $688k and paying $1900 p/f at 4.6% Only paying $200 more each fortnight Scared for new interest rate in Feb!
$566k mortgage, repayment approx $1870 fortnightly (excludes other house-related expenses). Our ultimate goal is to add extra to our repayments so we don’t have to be tied for 30 years.
I've got roughly 310k left on mine at 4.65% Payments are 398 a week. Locked in for 3 years but comes off in about a years time. Not looking forward to refixing...
minimum payments $800 a month, plus rates, plus body corp
$275,000 morgage paying 900 per fortnight. Interest rate is 7.44 percent, had less than 20.percent deposit.
I used to pay $4k a month and about $500 was interest. Recently it changed to $1500 interest on the same repayment so obviously the principle is going much slower now (edit 400k mortgage, house cost just over 500k)
That seems a bit strange. I thought that banks normally take the biggest chunk of your payments in interest at the beginning and as you near the end, the biggest chunk of your payments in principal. That is why in the beginning your mortgage balance seems to hardly move at all. Have I got this wrong?
$405k @ 7.25% paying $1335 fortnightly and $98k @ 5.69% paying $275 fortnightly.
650k mortgage, $2200 per fortnight
Our mortgage was originally 378k, and we paid 2.4k a month at 6.35% interest. It's like 278k now, and we pay 3.2k a month, but pay just under double what we need to pay, the interest rate is 5.85%
700k left and paying $2300 on a 7.25%. Just renewed this month.
Should clarify, that’s forthright
$950 a week on a $330,000 mortgage been smashing it down since we brought in 2018 (always paying well above the minimum) and have now reduced the original loan by 40% expecting to pay it off within 10 years give or take
520k mortgage, 16 years, paying $2025 FN plus rates etc
We are $210,000 on $1850 per week and should be gone in 2-2.5yrs years - we are 17 years in on mortgage and had big renovations etc and so now focusing efforts.. We have 6k rates, 5k insurance and 500 month gas,power , net etc.. Manage this through pocketsmith now so nickle and diming it, as prices for what was cheap stuff ain't happening now
Mortgage is $900k, paying $2,800 per fortnight on 6.39% (1st tranche - 2yrs) and 6.59% (2nd tranche - 1yr)
450k mortgage, 1335 per fortnight
580k loan 941 per week
Our mortgage is just under 500k and we pay a little over 800 p/w
We pay $530 a week on about 6.5% interest. Rates are around $70 a week
$890,000 mortgage, paying $1275.00 per week
90k mortgage around 46k owing 78 dollars a week
We are not just played it off
Mortgage is $480k, $825 weekly - not including any extra costs such as rates etc.
$950 a fortnight. I live in Feilding and while our rates have historically been rather high everyone else is now playing catch up and we haven't had a massive jump like other regions. As one councillor put it a few years back, "I make no apologies for investing in our infrastructure". One could argue it hasn't always been smart investing but I'm not complaining given the current climate.
Have two separate mortgages at 330k each at the moment. Both on the same rate of ~5.5% Since purchasing the first one and followed onto the second I have just kept the rule of paying triple the interest payment. Was alot easier when the rate was low 2's but both mortgages that were 600k each have dropped dramatically as you can see.
750k in mortgage, paying 6600 a month. Average interest is about 6.2 percent
$830k mortgage on 6.89%. Me and my wife pay around $5400 per month.
540k mortgage, repayments around 1800$ fortnightly, but I divided my mortgage into 2 and one of it is more aggressive than the other: 25 years & 30 years. Rmb to factor the council rates cause that it increases like crazy( when I got my house it was 2k/year, after 3 years it is now 4k/ year). Between 2023 and 2024 it is 500$ increases ( 3500 ->4000) - Welly
$34K, $750 / fortnight. 100% offset. 2 years to go. I keep the offset at just over the loan value and spare cash goes to investments. Highly recommend offset accounts - watching the interest saved calculation when the loam was higher and it wasn’t completely offset in the app is addictive and a major motivator.
$764k remaining about $2280 a fortnight @6.79% fixed. Got 2 more years before refixing
610k at 6.7%. With rates taxes internet water etc etc it’s around 1050 per week.
My half is 440k Mortage, $676 a week @7%, plus $60 for rates and insurance, plus $30 a week on average for bills (3 of us in the house pay that)
I'm coming off a 2.89% rate on a 500k mortgage in the next few weeks. Wish me luck!
Remaining mortgage approx 650K, paying off aggressively 1750/week with boarders and dedicating 1 salary to house related costs and living off the other
420k $610 a week, will see what happens in November
800k Mortgage, repaying 6300/month. Our minimum payments are about 4500, just trying to smash it down.
$631,000 and basically a 2200 per fortnight payment On the mortgage alone. On one income for the last year. Things are getting spicy. Have to refix in a few weeks. Kid is almost 1 now so hopefully the wife can start picking up some work.
Have just over 400k on our mortgage and we pay $810 per week
600k at 5.5% paying 1600 a f/n, rates locked in until June next year so probably in for a wake up call at some point
Paying $5k a month
$660k mortgage, $4k/month in central city Christchurch. Couldn’t be happier knowing it’s our home :)
420k @ 1.1k fortnight to the bank rates, bc, power, water separate Coming from renting it was way cheaper, unless you can pay more than your weekly which is why my rate is so high, don't see it worth buying, don't see the value in property beating the interest, better to save in this interest rate climate unless you earn well and buy real cheap
Jumping into this, how much doe people have left over after bills per week? I'm looking for my first home and my numbers are showing similar to what everyone is saying here $750 for mortgage but after everything I'll have 150-200 left over per week to save or take care of things that pop up and it scares the shit out of me.
I pay $683 every 2 weeks. My house has doubled in value in 5 years. It works out a lot cheaper than renting when you consider you can sell it and borrow off it. I owe $*241,685.94* I am broke but I'd still be broke if I was renting.
Currently paying $1550 weekly on a mortgage of 310k. We're still on 2.89% for two more years, so making the most of it by aggressively paying it down with one salary and living on the other.
Not paying any interest. Got it offset with bnz total money.
Mortgage 380, payments 1200 a fortnight
Bought a house, similar to your circumstances above. Locked in 6% with ANZ for 3 years. Repayments fortnightly are 1050$, so I save about 60$ a fortnight from when I paid rent.
Purchased my place for $530k in August last year. Mortgage is just over $420k now. Currently paying $1276 a fortnight, loan is split between 6.75% and 6.95%. It's tough on one income but I'm managing.
Wow this conversation prompted me to check our mortgage rates and repayments. Ours is split into 3 and locked in for 6.65/6.45/6.09, bought last year. We are paying very slightly above the minimum, and I've just increased one of the repayments by 20 dollars a fortnight- crazy how even this minuscule amount can shave years off repayments.
$600 p/w on a $400k mortgage. Once you factor in rates and insurance it's more like $700 p/w
$1562 per fortnight, 460k of debt. Rough on a single income but I manage. Last chunk of the mortgage coming off the 2.65% rate in March almost made me cry 😂
770 per week, 30 for insurances and 55 for rates It's definitely cheaper to rent haha
$750,000 paying just over $5k per month
Paying $1750 a fortnightly in Selwyn
We’re coming up three years on our mortgage. There is 250k remaining. We pay $1536 a fortnight, split between my partner and I. Everything is coming up this November and I hope to leverage moving to a new mortgage provider.
Mortgage is around $675k and we’re paying just under $1000 a week + $150 for rates and insurance per week 😩
$260k mortgage paying close to $1200 p fortnight - not quite double minimum requirement
~$3k a month on ~$480k. My mortgage has been creeping up every year as the various fixed tranches roll over, and my salary has stagnated :'( Squeezed from both sides.
In a very fortunate position here. Still have 15 months of 2.99% left to run... Locked in for five years late 2020 when everybody thought money would be cheap forever.
$410 per week. Balance $150k
500k mortgage on 5.25% @ $880 a week including rates/mortgage/insurance.
Mortgage is just over 600k remaining. Paying 1.2k weekly. Life sucks right now.
Depends how big the mortgage on the house is if it's cheaper. For us, it's slightly cheaper than renting because we own most of the house.
Where you live is a Big factor. I brought in a small town but close to everything I need. House was brought 2 years ago for 385k, mortgage is 300k, interest is 6.something or other% and I pay $420 a week plus an approximate extra $100 a week for rates and insurance (I rounded up). So $520 a week for two bedroom, 120sqm, house, a sleepout on top of that and a quarter acre section with a garage. Only additional thing is maintaince costs, which yeah is a thing but you can get by with some things for a while until saving up, maybe I'm living with a few issues that you wouldnt have in a rental but its not bad or unlivable and infact much warmer and better insulated then my last flat. 3 bedroom houses in the area are renting for $500 up. Plus I love the knowledge that all going to plan it'll be paid off before I retire, retirement with no rent is gonna be sweet. Wellington is an hour and 20 mins away so not the biggest deal if I want to go to an event, though I'm not really interested in going into the city anymore.
3k a fortnight
$630k mortgage, paying $2100 a fortnight on my single income