just thinking out loud , as i continue to pay our PPOR mortage at 6k a month, the other half keeps on with the , "sell the home " as the mortgage is too large, argument!
i / we love this home ,built from scratch , and i built it to get larger equities, sooner.
we paid 437k for the block, and the last val was 1.5m , owing 950k at the moment, on IO finance. I think most homes in the area will be selling for about 900k perhaps in about 5 years time or so, and every one will have the same or similar mortage as us, income's will rise and house prices too! so i will continue to pay the 6k untill they do.
6k x 12 months is about, 72k a year, but our rates notice came yesterday and the UCV now stands at $ 609k up by 56k this year and 51k the previous year.
so to me its like spending 72k and getting some type of kick back of 56k so costing 16k and land banking the rest.
so i did a data search on the UCV on this block, in 01 the UCV stood at $123k and the general rule of dbl prices in ten years seems not to apply here , as its not even 10 years yet and its already $609k . so all i can do is assume that in 2010 the UCV will be $660k and perhaps in five years being 2015 at around $920k which is 30k short of the current mortgage, hence having equities of about , 1.4m
i / we love this home ,built from scratch , and i built it to get larger equities, sooner.
we paid 437k for the block, and the last val was 1.5m , owing 950k at the moment, on IO finance. I think most homes in the area will be selling for about 900k perhaps in about 5 years time or so, and every one will have the same or similar mortage as us, income's will rise and house prices too! so i will continue to pay the 6k untill they do.
6k x 12 months is about, 72k a year, but our rates notice came yesterday and the UCV now stands at $ 609k up by 56k this year and 51k the previous year.
so to me its like spending 72k and getting some type of kick back of 56k so costing 16k and land banking the rest.
so i did a data search on the UCV on this block, in 01 the UCV stood at $123k and the general rule of dbl prices in ten years seems not to apply here , as its not even 10 years yet and its already $609k . so all i can do is assume that in 2010 the UCV will be $660k and perhaps in five years being 2015 at around $920k which is 30k short of the current mortgage, hence having equities of about , 1.4m