this post was submitted on 04 Jul 2023
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[–] [email protected] 4 points 1 year ago* (last edited 1 year ago) (3 children)

For a $500k property to be bought some time in the next few months, is it really true the monthly mortgage repayment is starting at like $3500?

[–] [email protected] 3 points 1 year ago (1 children)

Hmmm surely this would depend on the size of your deposit and the amount borrowed?

[–] [email protected] 1 points 1 year ago

Thanks:) yeah that would make sense too, I had set them all.

[–] [email protected] 3 points 1 year ago (1 children)

If the loan amount is 500k then that repayment sounds about right.

[–] [email protected] 1 points 1 year ago
[–] [email protected] 2 points 1 year ago (1 children)

Most banks have a loan calculator, as does the real estate com au site.

[–] [email protected] 2 points 1 year ago (1 children)

Yeah, I had seen both. But they varied quite a bit, most of the banks I looked at was 3.5k, while realestate said 2.4k lol.

[–] [email protected] 2 points 1 year ago

Well, a good idea would be to try to get pre-approval. The bank will tell you what your lending capacity is and give you an interest rate they'll charge. Of course, you should really be prepared for that to go up to 7 or 8% in the next couple of months or even more next year and think seriously about whether you can shoulder those increases.