Money magazine Comments - Ask Paul: We owe $2.3 million on property - should we worry? Louise and her husband owe a whopping $2.3 million on their four properties, and now they want to start a family. https://www.moneymag.com.au/feed/latest?story=141470911 Wed, 06 Dec 2017 16:05:34 +1100 Wed, 06 Dec 2017 16:05:34 +1100 en-AU Copyright 2026 Money magazine 5 Money magazine Comments - Ask Paul: We owe $2.3 million on property - should we worry? https://media.moneymag.com.au/prod/media/library/Money_Mag/Logo/Logo_401x133.png Comment by Chris ()

On $2.3M, even an extra 0.25% would mean finding an additional $5,750 a year in interest ALONE, which is about $100 a week more, and even more if it is P+I payments. Personally, I wouldn't be able to find that and I don't know many who would, and I doubt that tenants would just 'accept' a rate rise 'because'.

There's going to be a lot of people - especially on the Eastern seaboard - who are going to be hurting in the next few years, because they overextended themselves.

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]]> Chris () Wed, 06 Dec 2017 16:05:34 +1100 Comment by Terry ()

My son has begun looking around to buy a unit in Brisbane that he will live in. He is fully cashed up and in no rush to buy and the one thing we have noticed is that it has become a buyers market and looks like it will get worse for sellers. Being too leveraged with the potential for interest rate increases in 2018 could hurt you in the long run.

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]]> Terry () Wed, 06 Dec 2017 16:20:13 +1100