How much interest are you paying on your PPOR loan each month

Discussion in 'Loans & Mortgage Brokers' started by Gockie, 18th Apr, 2021.

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How much are you paying for PPOR interest per 31 day month? Note, *interest only, not the principal.

  1. I don't have a PPOR

  2. $0, my home is fully paid off or fully offset :)

  3. Under $100/m

  4. Between $100 to $200

  5. Between $200 to $350

  6. Between $350 to $500

  7. Between $500 and $700

  8. Between $700 to $900

  9. $900 to $1200

  10. Above $1200/m

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  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    A poll, I want to see how much people are paying for their PPOR interest each month.

    Let me say, when we bought our North Epping home in 2008, the monthly interest would have been above $1200/m even though we paid under $700k for the home at the time. But we smashed down the loan and had the loan well under control in a couple of years. The interest rate drops over the years also really helped. But then we saw another home nearby late 2015 to upgrade to, and so I had to repeat the process!

    I've managed to pay down/offset so much of this loan though, the interest now is small change again each day...

    Loan well under control, might be ok to buy a new campervan or motorhome now :D
     
    Gockie, 18th Apr, 2021
    #1
  2. Firefly99

    Firefly99 Well-Known Member

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    $525 in March. Pay way more in rates and insurance.
     
    Firefly99, 18th Apr, 2021
    #2
  3. K1200

    K1200 Active Member

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    Started off at about $3700pm in December when we purchased and it's down to about $1500pm now. Steadily decreasing as our offset balance increases.
     
    K1200, 18th Apr, 2021
    #3
    Silverson likes this.
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    Wow! Very fast decrease. Kudos
     
    Gockie, 18th Apr, 2021
    #4
    Silverson likes this.
  5. Ruby Tuesday

    Ruby Tuesday Well-Known Member

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    On Loan for PPOR 0 %, loan against it varies depending on how much is drawn, usually maxed out end of FY , and 25-75% drawn after start of FY.
     
    Ruby Tuesday, 18th Apr, 2021
    #5
  6. Morgs

    Morgs Well-Known Member Business Member

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    Mine is way higher when nothing is offset... I think you need a higher scale if you're talking Sydney mortgages as $1300pm is only roughly a $600K loan at an average variable P&I OO rate of 2.59% :)
     
    Morgs, 18th Apr, 2021
    #6
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  7. Gockie

    Gockie Life is good ☺️ Premium Member

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    Sorry, it's hard for me to know how to group the categories well (till I see some results!)
     
    Gockie, 18th Apr, 2021
    #7
  8. SatayKing

    SatayKing Well-Known Member

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    Paying interest? What does this phrase mean? Please explain.
     
    SatayKing, 18th Apr, 2021
    #8
  9. Gockie

    Gockie Life is good ☺️ Premium Member

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    Thanks all so far for your responses.
    Ok, When you pay not much more than the minimum, with a small or zero offset and your loan is big, all you seem to pay is interest. And this can continue for years. Minimal erosion of principal.

    I'm currently at the other end of my mortgage, my offset funds combined with outstanding loan and payments in advance means that there is not much interest to pay, so payments really contribute to principal paydown. (No chance of us making this home a rental).... it looks like this phase doesn't last long.

    Anyway, we all have different goals, but I'm going to say, for long term peace of mind, I am so pleased to be in this position.

    Now, I'd like to see the bank's data, as it would be very interesting to pull apart and analyse their mortgages info.
    I haven't seen this published recently.
     
    Gockie, 18th Apr, 2021
    #9
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