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Non Footy Chat Thread II

Eelementary

Eelementary

Post Whore
Messages
57,234
Random question, seeing as my bank doesn't open back until the 10th - how exactly does home equity work?

I'm considering using it to buy a car, but I'm not sure how the repayments work - let's say I purchase a $50,000 car, for instance. Do my mortgage repayments remain the same, but I am paying off more now (for example, let's say I owe $200,000; do my repayments remain the same, only now I'm paying off $250,000?)?

Or do my repayments increase in line with the loan?

I hope I've managed to make sense.
 
Avenger

Avenger

Immortal
Messages
34,074
Eelementary said:
Random question, seeing as my bank doesn't open back until the 10th - how exactly does home equity work?

I'm considering using it to buy a car, but I'm not sure how the repayments work - let's say I purchase a $50,000 car, for instance. Do my mortgage repayments remain the same, but I am paying off more now (for example, let's say I owe $200,000; do my repayments remain the same, only now I'm paying off $250,000?)?

Or do my repayments increase in line with the loan?

I hope I've managed to make sense.
Click to expand...

Let's say your mortgage is $250k and you have a line of credit or equity of another $50k. In effect you can borrow another $50k, meaning if you spend it on whatever you want your mortgage will increase to that amount. A fifty thousand dollar car means you will now owe in total $300k. Your repayments will increase but it will be better than a traditional car loan because the rate will be less because you are paying home loan rates. Equity is basically your asset worth minus your liabilities. I'm assuming you have a package where you have at least 1% under the variable rate. If you don't send me a PM and I'll get you a better rate.
 
Eelementary

Eelementary

Post Whore
Messages
57,234
Avenger said:
Let's say your mortgage is $250k and you have a line of credit or equity of another $50k. In effect you can borrow another $50k, meaning if you spend it on whatever you want your mortgage will increase to that amount. A fifty thousand dollar car means you will now owe in total $300k. Your repayments will increase but it will be better than a traditional car loan because the rate will be less because you are paying home loan rates. Equity is basically your asset worth minus your liabilities. I'm assuming you have a package where you have at least 1% under the variable rate. If you don't send me a PM and I'll get you a better rate.
Click to expand...

Yeah, I managed to get a good rate approximately 1.05% under the variable rate (through family connections).

Thanks for the info, mate - really helps me!
 
eels81236

eels81236

Bench
Messages
3,643
I moved to the northern beaches from seven hills about 10 years ago. Apart from Xmas day and mothers/Father's Day the furthest west I head now is Chatswood. Crossing Roseville bridge takes some mental strength. Happy to eventually retire and die here. Me and all the Brazilian and English backpackers.
 
Gary Gutful

Gary Gutful

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53,043
Noise said:
It's definitely Palmy. They also use Collaroy Basin (Fisherman's Beach) on occasion. Whale Beach gets used in lots of ads.
Click to expand...

It is a truly stunning part of the world but unfortunately, unless you are lucky enough to be retired or make your living locally then the isolation and commute would become too much.
 
Noise

Noise

Coach
Messages
18,186
Gary Gutful said:
It is a truly stunning part of the world but unfortunately, unless you are lucky enough to be retired or make your living locally then the isolation and commute would become too much.
Click to expand...

I communted from Bilgola, Avalon & Narrabeen to Bankstown for 8 years. Now I commute from Narrabeen to Randwick. I'm use to it so it's a non-issue for me. I figure the drive is worth it. When you get home and you are a few hundred metres from the beach it is like your on holidays everyday.

I also get how some people might go crazy with the commute.
 
eels81236

eels81236

Bench
Messages
3,643
Take the manly fast ferry. It sucks starting and ending your day on the water on Sydney harbour. Absolute killer.
 
Gary Gutful

Gary Gutful

Post Whore
Messages
53,043
Noise said:
I communted from Bilgola, Avalon & Narrabeen to Bankstown for 8 years. Now I commute from Narrabeen to Randwick. I'm use to it so it's a non-issue for me. I figure the drive is worth it. When you get home and you are a few hundred metres from the beach it is like your on holidays everyday.

I also get how some people might go crazy with the commute.
Click to expand...

Fair enough, mate. It's all about priorities isn't it? Glad it's working for you.
 
Noise

Noise

Coach
Messages
18,186
eels81236 said:
Take the manly fast ferry. It sucks starting and ending your day on the water on Sydney harbour. Absolute killer.
Click to expand...

hhaha Yea it is def the best way to travel to work and I have done it before, but unfortunately the narrabeen to manly part and then the circular quay to randwick part requires buses which ends up taking much longer.
 
Noise

Noise

Coach
Messages
18,186
strider said:
What does it cost you?
Click to expand...

Umm, The harbour tunnel costs $2.50 (at the time i travel in the morning) and I guess I go through a tank of petrol ($65ish??) every 8 days or so.

It gets expensive if I use the E.D. on the way home.
 
B

Bigfella

Coach
Messages
10,102
If he needs reassurance that Jarryd Hayne has signed with the roosters or that there is an afl conspiracy on foot to publish a negative article against rugby league somewhere
 
Eelementary

Eelementary

Post Whore
Messages
57,234
Kept up by noisy, inconsiderate, rude neighbours until just now...and it's the third time in as many months.

Police coming doesn't stop them...I've written a letter to strata about it...

*sigh*

/rant
 
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