You guys have it so lucky with your 30 year fixed rate mortgages. Here in Australia you can fix yours for maybe 5 years max, but you get a significantly higher rate than if you do variable. My interest rate on my current mortgage started at 1.9% fixed for 2 years. Now it’s 6.7%, and likely to go even higher cause our economy is fucked with inflation through the roof and literally the only thing the government does is go “yo banking people are you gonna raise them rates to take care of this?”.
I’m now paying $40k more in repayments a year than I was initially, all in interest.
You guys have it so lucky with your 30 year fixed rate mortgages. Here in Australia you can fix yours for maybe 5 years max, but you get a significantly higher rate than if you do variable. My interest rate on my current mortgage started at 1.9% fixed for 2 years. Now it’s 6.7%, and likely to go even higher cause our economy is fucked with inflation through the roof and literally the only thing the government does is go “yo banking people are you gonna raise them rates to take care of this?”.
I’m now paying $40k more in repayments a year than I was initially, all in interest.