BORING QUESTION-Mortgages and Child Care

[mcqueen95]

Hi,

How much would you expect to pay on a mortage of around AUD$ 400,000? I know it will vary from lender to lender, but a rough idea would be great.

Also, child care. Its expensive here in Ireland. What would you expect to pay in Adelaide??

Cheers,

Andy

[kaz101]

Hi Andy,

Sorry for some reason I missed this question.

You're right that the rate will vary between lenders and also on the term of the mortgage. I checked with the bank we're with (most of the major banks have calculators on their websites) and for A$400,000 mortgage for 25 years it's about A$2,900 per month. The lowest rate they do is 7.64% but that's only for one year. Standard variable is 8.77% and don't forget all the predictions are that interest rates are set to keep rising for this year.

Can't help you with the child care.

Regards,
Karen