Do you feel like the bank owns you?

I just read a thread about someone about to pay off their PPOR and get the title.

How do others here who have PPOR debt feel in general, do you constantly feel like the bank owns you until you have the title?
Or, do you not even acknowledge them once they've lent you the money and consider that you already own your own home.

 

Never thought about it. Figure at least the bank will keep the title safe for me.

 

Have never actually given this much thought although I always say I own my own home when talking to people.

 

It's a take take relationship. They take the interest, i take the borrowed money to invest so one day i can cut ties with the *******s! In the long run, and done right we both win, but i win betterer! No point getting hung up on a piece of paper if it's not being used to it's potential

 

I don't even think about it.

 

I was told to never take the title. You leave it in the bank for safe keeping.

 

It's not a bad idea - free, secure storage

 

Hmm, I always think that I can sell any of my property if needed so never think too much. I do say to other people that bank own the investment property if topic on IP came up.

With PPOR, I prefer to put money on offset, feels like ownership enough

On that note, I wonder how many people have ever seen the title of their own property? Never seen one, never touch one, almost like unicorn to me

 

I have, but I am probably older than you

 

You look younger and prettier than me in the avatar

 

Ownership is overrated. To me it's all about control It's like having assets in a trust, you don't own those assets either, but still get all the cream from them.

 

Despite having no ppor debt for a number of years I only bothered to get the title his year.

 

The good part about taking the title out from the bank was many years ago as it was the first one we owned outright and i never wanted to put the ppor on the block,it was a large paper with all the previous owners something to keep in the safe all the rest are still with bank that way i know they are safe..

 

My thoughts exactly

My parents are very very big on property ownership, but both they and I understand that their priorities were very different having a much tougher upbringing and less readily available financial expertise. They were very proud to be debt-free but they don't push that ideology onto me (or rather I didn't let them haha)

 

We are proud of having our own place but also aware that the bank owns most of it at this stage.

We are working towards owning more of it than them

It is also a free and secure way to hold the titles. If they loose it (which they've done once), its their risk.

 

Without any disrespect, I always wonder where this mentality comes from. Why would a person be happy to have more of something than someone else?

 

Control? i.e. i don't care is someone own more apples than me, it doesn't affect me. But if someone own most of my house and can affect my life, then I'd feel more in control if I own more just enough to make sure I am not in bad situation if proverbial hits the fan

 

@chylld, I meant we are owning more of our house since we are paying it off with extra principal payments. Not quite sure what you mean by that question.

 

My safe LVR is 75-80, I feel that I have enough 'buffer' when things go a bit sour. I guess for some others their safe LVR is 49

 

No longer paying non deductible interest each month.
Frees up cashflow greatly to leverage into more assets which cost considerably less to hold. Ppor debt often holds people back from investing seriously for many years.