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Older borrowers taking out later-in-life loans risk post-retirement mortgage pain (www.abc.net.au)

submitted 3 weeks ago by hanrahan@slrpnk.net to c/ausfinance@aussie.zone

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Australians are increasingly taking out home loans later in life as higher property prices delay first-home buyers getting into the market — with some analysts warning it could lead to post-retirement mortgage pain.

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[–] TheCriticalMember@aussie.zone 10 points 3 weeks ago (1 children)

I've found the simple trick to avoid that pain by simply never being able to afford a house! I get all the joy of paying off a mortgage forever with none of the inconvenience of home ownership. 😎

[–] hanrahan@piefed.social 1 points 3 days ago

My anecdotal story

I quit work (aged 35, am now 58, Gen X) and bought a cheap place in a small rural village. Other option was to work until 65-70, celebrate paying the house off and die.

I had worked like a dog, was super frugal and made investments in the stock market with surplus cash from 19, it's only stupidly continue to grow since. I'd call it luck.

Jokes aside, my current parters son is 35 (mellenial) and between him, his wife and the bank, just bought their 4th house. He pisses money away like nothing I have ever seen.

On the flip side my MIL (boomer) payed her tiny, delaiptated cottage beside a main road off with her super when she retired 10 years ago.

Mmm, i want to move to France but just too afraid to take that leap, house proces for rural places in small towns with services are ridiculously cheap, let alone town houses in the village. I am reminded of my decision at age 35 (after a near death experience focused me on what was important) and my fear back then of the decisison to quit work, get divorced and move states. My only regret so far in life was not quitting work earlier.

If I was 35 today I'd probably move to Cambodia and live on the cheap while i thought things through (business visa) maybe tried remote ~~grifting~~ work or just leared to play the damn guitar :)