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When will you be mortgage free?


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#1 VVV

Posted 10 October 2019 - 09:37 PM

Another thread got me thinking about our mortgage. We are late thirties/early forties and probably have another ten years or so to go on the mortgage. Curious as to how other people are tracking and whether this is the norm? Do you prioritise paying off your mortgage over other purchases? Does having a mortgage make you feel like a slave to the wage?

#2 Veritas Vinum Arte

Posted 10 October 2019 - 09:44 PM

We more than doubled ours in the past year (rebuilding/extension) so at mid 40s seems like never.



#3 -Emissary-

Posted 10 October 2019 - 09:45 PM

When we win the lottery..

DH and I are in our early/mid 30s. We could pay off our family home mortgage within the next 10 or so years but that that is assuming we don’t move.

We are planning on moving in 7 years to be closer to work when DS finishes school and that would require us to take out a decent mortgage to upgrade. This may take at least 10 years to pay off depending on what our financial circumstance is like then.

We’re hoping to be mortgage free by 60 and have a decent super balance by then between the two of us.

Edited by -Emissary-, 10 October 2019 - 09:46 PM.


#4 Ruf~Feral~es

Posted 10 October 2019 - 09:45 PM

Around the age of 65-70, or when we sell the house and downsize.  

We plan to sell in about 5 years, when I'll be around 55.

#5 Chchgirl

Posted 10 October 2019 - 09:45 PM

Probably when I'm 70! I'm movung to nz in a couple of weeks, I'm renting for a while but will buy next year. I'll have to take a mortgage but it won't be big. But I'm by myself so that's just the way it is.

I'll be 52 then.

#6 Apageintime

Posted 10 October 2019 - 09:46 PM

Never? We're in our early 30s and can't see us ever paying it off tbh.

#7 Hands Up

Posted 10 October 2019 - 09:46 PM

I’m late 30’s and DH is mid 40’s. Technically we have 20 years left but my hope is that with a few more pay rises we can get that down rapidly. My aim is to pay it off in about 15 years. We are currently paying an extra $1100 a month.

#8 seayork2002

Posted 10 October 2019 - 09:49 PM

We rent, we may buy in the future but out of Sydney so we may or may not have a mortgage then

#9 Murderino

Posted 10 October 2019 - 09:54 PM

Ha my thread! If I stay here it’ll be about 10 years.

I put as much as possible on the mortgage - when I took it out it five years ago the monthly payment was $622 so I set that up as fortnightly and have left it at that level.



#10 VVV

Posted 10 October 2019 - 09:55 PM

View PostMurderino, on 10 October 2019 - 09:54 PM, said:

Ha my thread! If I stay here it’ll be about 10 years.

I put as much as possible on the mortgage - when I took it out it five years ago the monthly payment was $622 so I set that up as fortnightly and have left it at that level.

Yes, your thread :)

#11 FeralZombieMum

Posted 10 October 2019 - 09:56 PM

We had our first house paid off when we were early 40's.

We recently built a much larger house, so currently have a fair bit of debt. Hope to be free of that debt in the next 5 years, hopefully before we turn 50.

#12 AKAmum

Posted 10 October 2019 - 09:57 PM

Early forties, made final payment last week, and it felt good! We had a little celebration with the kids. I haven’t told many people though.
A couple of years ago we were looking at upgrading our car by redrawing on the mortgage, I’m glad we didn’t.
Looking at buying our forever home in next few months so will be back on the mortgage roundabout.

#13 lozoodle

Posted 10 October 2019 - 10:01 PM

Primary home, maybe in a year or two so hopefully before 40 (for me anyway, DP is 40).

Investments, not for ages, but oh well!

#14 Mooples

Posted 10 October 2019 - 10:01 PM

We are early thirties, if we stayed in this house we would have it paid within 10 years. We want to move which will bump it right back up again. Dh wants to be debt free by the time we are 50, hopefully we can do it.

#15 VVV

Posted 10 October 2019 - 10:02 PM

View PostAKAmum, on 10 October 2019 - 09:57 PM, said:

Early forties, made final payment last week, and it felt good! We had a little celebration with the kids. I haven’t told many people though.
A couple of years ago we were looking at upgrading our car by redrawing on the mortgage, I’m glad we didn’t.
Looking at buying our forever home in next few months so will be back on the mortgage roundabout.

Congratulations, well done :)

#16 littlepickle

Posted 10 October 2019 - 10:02 PM

We will be 48 and 51 when we pay our current mortgage off (5 years time). This relies on both of us maintaining/ increasing our current incomes and neither of us suffering from a significant illness. We will then need to spend a number of years working on the retirement fund so we can stop full time work in our early 60’s. We were so lucky to buy our first home in 2001 and almost triple the price in 11 years when we sold. We also made a decision not to use private schooling which has probably put us streets ahead.  I just don’t know how people in their 20/30’s manage purchasing a house and bringing up young children.

#17 Lou-bags

Posted 10 October 2019 - 10:04 PM

We’ve got about 27 years left on our mortgage. But paying it off quickly is not a current financial priority (though we do pay extra each month on top of the minimum repayment), and we definitely also expect to move again before that time is up.

Edited to add we’re in our late 30s.

Edited by Lou-bags, 10 October 2019 - 10:04 PM.


#18 Purpled

Posted 10 October 2019 - 10:04 PM

We’re currently renting, but our grand plan is to sell our investment property & block of land next year, buy a house & pay it off in 15 years....so I’ll be 51 & DF 56. Then we’ll put our money into retirement savings so that we can retire at 60 & 65......

That’s the plan, we’ll have to wait and see if it actually happens though....

#19 crazy87

Posted 10 October 2019 - 10:05 PM

Never....or at least not until our 60s. It's not something I worry about, we just pay the min each month and that's all we can afford. If I thought about the size of the mortgage I'd be depressed...

#20 Manicmum

Posted 10 October 2019 - 10:07 PM

2041... eek

#21 PrincessPeach

Posted 10 October 2019 - 10:07 PM

We put everything extra on the mortgage so should be debt free by the time we are 50.

I doubt that will happen in reality, we will probably do major reno's or move.

#22 alchetta

Posted 10 October 2019 - 10:12 PM

View PostMurderino, on 10 October 2019 - 09:54 PM, said:

Ha my thread! If I stay here it’ll be about 10 years.

I put as much as possible on the mortgage - when I took it out it five years ago the monthly payment was $622 so I set that up as fortnightly and have left it at that level.

I don't belong here because I haven't been able to get a mortgage yet but this post stopped me in my tracks and now I'm wondering if I'm totally deluded or something... And wondering where you live! Your monthly mortgage rate is just a bit over my WEEKLY rent. I'm not renting anything luxurious. Sometimes I feel like I'm failing at life!

#23 Mands09

Posted 10 October 2019 - 10:15 PM

We had paid of our house mortgage 18 months ago. Sold that place and bought in a nicer area and are building (currently renting). So it will be a while after we build that we can pay off this mortgage.

#24 Chchgirl

Posted 10 October 2019 - 10:17 PM

Being single income makes a difference for the negative, but the positive is I have a good size deposit  (i sold a house and have rented for a couple of years), I won't need a huge mortgage,  and there's no stamp duty on buying a house in nz.

I'm not going to Auckland though, prices are nuts!

#25 hunter4

Posted 10 October 2019 - 10:17 PM

We currently have a couple of years left so mid 40s.  I would seriously love to move houses but the thought of having a significant mortgage again keeps me happily ensconced where I am....




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