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Attic conversion - extending my mortgage


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55 replies to this topic

#51 Mollyksy

Posted 09 August 2019 - 10:11 PM

I'm sure its America too where bedrooms need a wardrobe. My knowledge based entirely on watching too many reno/property shows!

#52 jayskette

Posted 09 August 2019 - 11:13 PM

if you cannot afford a higher mortgage NOW, who knows how you will fare when it normalises to around 10%...

Edited by jayskette, 09 August 2019 - 11:13 PM.


#53 Literary Lemur

Posted 09 August 2019 - 11:28 PM

View Postjayskette, on 09 August 2019 - 11:13 PM, said:

if you cannot afford a higher mortgage NOW, who knows how you will fare when it normalises to around 10%...

I image we'd have to have huge wages growth for that to occur and that doesn't seem to be on the cards.

#54 SeaPrincess

Posted 10 August 2019 - 12:32 AM

View PostBeancat, on 08 August 2019 - 02:05 PM, said:

Can a study be a bedroom if it has a door but no wardrobe?  Im just thinking is our place a 4 or 5 bed house.  The study is 4m by 3.5m so a good size

I’m late to the party, but I’ve seen this described as 5 bed/4 bed + study to appeal to either market. Our study currently has a guest bed in it, but has no wardrobe.

#55 SplashingRainbows

Posted 10 August 2019 - 06:36 AM

View Postjayskette, on 09 August 2019 - 11:13 PM, said:

if you cannot afford a higher mortgage NOW, who knows how you will fare when it normalises to around 10%...

10% is not a ‘normalized interest rate’.

#56 Mose

Posted 10 August 2019 - 07:41 AM

View PostSplashingRainbows, on 10 August 2019 - 06:36 AM, said:



10% is not a ‘normalized interest rate’.

Agreed. Immediately before the GFC interest rates were the highest they had been since the famed 17% days...and we were playing 8% or maybe a little higher (definitely well under 9).

Until recently the banks had to test you could afford it at a minimum of 7%, and that minimum requirement has now been removed in favour of I think 2% more than whatever it is when you take it out.

There is nothing the reserve bank is saying that would make me think a 10% interest rate is likely in the next five years, and I consider it pretty remote over the remaining life of my mortgage.




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