Huggies Forum

have you ever worked out Lock Rss

It's sickening..... in the 18 months that we've had our loan we've paid
$39 760 to our bank...... and only paid off 3k - the rest has been interest.
Omg Omg Omg!




Holy crap I just worked it out and it's 36400 a year angry .
Oh no now I'm too scared to do that unsure
Going to switch to a line of credit soon.... I hope it'll help! sad

That money could have paid for the extra bedroom and end we wanted..... but anyway.

However if you ever want to own a home its the only way it can be done...




Mil in 7 years has paid of 3 grand blink

Mil in 7 years has paid of 3 grand blink



What?? Have you been redrawing on your loan in that time? That's heartbreaking!





What?? Have you been redrawing on your loan in that time? That's heartbreaking!


Sadly no she hasn't she just pays alot of interest.
We've been paying back more than the minumum repayments since we started. I know I'm not quite accurate, but in 3.5 years we've paid about 55k and actually cleared 20k from our loan. Scary, but I don't think it's too bad.....and when I win lotto I'll pay it off in one hit hahahaha

ETA - this is our second house, and we paid a lot extra off our first one too (pre-kids) and then made a killing when we sold, so our loan for this place is a lot less than the actual value. In fact next month we'll go down to a 5 figure loan woohoooo
I have never worked it out because I dont want to depress myself.
I do however have a tip for you

Pay your mortgage weekly rather then monthly as im pretty sure most interest is calculated daily. So if you are making payments weekly it reduces the amount of interest you are paying.

Julia (14yrs), Cooper (6yrs) & Amarlia (14 months)

Its times like think i look ant think F*UCK we should go back to renting!!!! Would have a MUCH nicer house for the money we pay towards our home we own..

But we changed over to an offset home loan this year... Would recommend getting a financial adviser to work out whats best for your loan smile
We do pay weekly..... lol
I just made an appt with our bank. We will be able to pay it off much quicker with a line of credit. And yep just making the payments every week without any extra is a killer because you hardly touch the principal. Extra payments come straight off the proncipal and therefore reduce the interest as well.





Going to switch to a line of credit soon.... I hope it'll help! sad

That money could have paid for the extra bedroom and end we wanted..... but anyway.

However if you ever want to own a home its the only way it can be done...

we have a line of credit and we can see the tunnel, if not the light at the end of it lol, but shouldnt be too many years until its cleared( I have to learn to stop spending....) but we need to update a car in the near future so it will be added on to it.We have a huge equity in our home, more due to circumstances( when we bought into the housing market and a redundancy payment).A line of credit is great but only if you dont keep spending it!

mum of 3 boys aged 11, 13 and 14

Sign in to follow this topic