GARETH SAYS...
It seems that there has never been a better time to get on the property ladder!
"Home price declines are already approaching those in the Great Depression, when they plunged 30% during the 1930s. With prices already down almost 20%, it's not a stretch to think we might exceed that drop this time around."
For the past two months we have put the money we have saved into a savings account rather than pay off the loans - that's why the totaliser on the right seems stuck at $60k. We are watching and waiting. When we have got the nest egg up a bit we are then going to decided what is the best thing to do...
A) Pay off more of the debt
B) Jump into the house market
! It feels great to have options. It is pretty exciting - especially after doing some sums and working out a mortgage is going to be cheaper than renting!
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