Hi IM's,
I'm getting divorced and going through financial settlement at the moment, and I'm at a cross roads. I'm going to have to move.
I run a business and earn about $1500 -$2000 a week.
To stay in my current Sydney suburb (Granville) and keep my children in their schools, Ill probably have to go $500,000 - $600,000 into debt.
(I could probably afford the repayments okay, but that amount of debt scares me)
Or I could move to the outer suburbs like Mt Druitt and own my house outright, but it will mean that my children will change schools and I will move further away from my family and friends too.
What would you do? I'm loath to uproot myself and my children but owning a home outright and being debt free is also very tempting.
Thankyou.
6 Replies
I don't know Sydney suburbs, but $500,000 sounds like a lot of debt to get into by yourself. Could you maybe find somewhere in between that would give you a smaller mortgage?
Don't move to mount druitt! I'm sure there are lovely parts but avoid!
There are a lot of better options/compromises. I'd go for a lesser debt (not no debt). That will give you more choices regarding suburbs and more breathing room for I interest rate rises etc.
I'd talk to my mortgage broker before making any decisions about moving though.
Go somewhere in between - smaller debt (even $200,000 is doable on your income) closer to family, etc,
No debt! Maybe move further out even to a nice town, hunter is so nice and houses way more affordable. I tried to libe in Sydney and was constantly struggling paying huge rent eating up all my money. Now I'm in country and it's beautiful, has lots of perks ans least of all cheap rent meaning my stress and our quality of life and opportunities and future plans are so much better!!
Gosh that's a hard one..I agree with the other comments, is there somewhere you can move that's a middle ground? Maybe close enough your kids can stay at their school, but far enough away that you'll have a smaller debt? If not..I think it would depend on how well business was going. If it was solid and I knew nothing unexpected was going to happen I would stay where I was and go into debt, but if I wasn't sure, I'd go debt free.
I agree that moving further out is a good idea. But my god, MT DRUITT? Have you really done your research about what the area is like? You would be much better off in the nicer suburbs of Campbelltown.