Our biggest mortgage has finally rolled out of fixed at 8.7 to floating 5.75, with the next biggest due to roll over in Feb next year.
I wouldn't go quite as far as to say:
Two-salary family struggles to pay bills
but this is a very welcome relief. Tony Alexander's weekly comment says 'don't fix for the next 5 years'. If he's right yippee. Otherwise I won't be retiring for a few years yet.
More middle class bleating.
When we asked the bank last week "What can we borrow?"
"$800k"
Jesus! Aren't funds supposed to be harder to get?
No way could we make those repayments.
Looks like they are covering risk by lending only 70% on investment propery and 80% for owner occupied unlike the 100% and 95% deals of 2 years ago.
May have to keep the beach section a while longer though seeing as
Fire-sale sections trigger dramatic slump in seaside values.
Could be worse.
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