Sydney homeowner Steven De Celis has cancelled regular date nights with his wife, sold his Lexus and started turning off power points every night ahead of D-Day in June when his880,000 Australians who are about to fall off a so-called mortgage cliff as they come
H says his repayments will increase from $28,000 a year to an estimated $90,000, based on the current variable rate of 5.5 per cent.on Tuesday, as RBA governor Philip Lowe confirmed the official cash rate would remain at 3.6 per cent until at least May.“I’m really nervous, to be honest. The pause this month is a relief. It will stop the haemorrhaging, for a bit, but who knows what happens next time.
Another saving they made was cutting back $100 monthly donations to RSPCA and Access Industries by 80 per cent.
Why would anyone agree to be in these articles with their real name knowing they're going to cop a hiding on social media?
Look up his linkedin. Absolute flog.
Come-on this is surely just a click bait article. They've gone out of their way to find the least representative bozo with the poorest financial skills and empathy they could to demonstrate a problem. This is just to generate angry responses surely?
Terrible journalism
I have 7 cars 🤣🤣🤣
I love the comments beneath this ridiculous article. Times are so tough this guy in a 2 million dollar home has to sell his Lexus, quit eating at restaurants, but still has his espresso. 😭🙄
No context article. Paid off $400k in 2 years yet is worried about $50k. Variable rates are cheaper than fixed long term. People fixed at 5-7% for 5 years paid huge break costs to go back to variable for 10 years of good times. Aldi is better than Woolies anyway.
The sexism in this article. It’s his home? Only he pays? Does his wife not contribute? When did a 60% increase become “ double”
So still afford groceries, still got one car Abd still own a home….. why this headline like he is struggling to put food on table for his kids ?
How could he get 2m loan? What is his annual salary?
What’s the point of this article? Things change…is that it?
Overreaction. That money belongs in the economy. His repayments are about to plummet, just like CPI. He'll be laughing soon enough.
Up 50%. Not triple.
That’s what happens when borrow way over your head. Don’t think you’ll get much sympathy with a $2m+ purchase
*Sold the Lexus 🎻
How do you expect people to feel sorry for someone who bought a 2 million dollar house! There are people struggling to find a place to rent.
My god is this a office skit ?
cmon scotty barefootinvestr this story has more holes in it than my fishing net. perfect case study.
Not sure what were meant to take away from this story?
All of us shmucks that have been on variable the whole time...
Why’d you have to bring Aldi into this
If you can’t afford a loan with a potential 10% interest rate then maybe you bought beyond your means. People need to live within their means.
Steven borrowed too much.
'now shops at Aldi' oh, the indignity..!! 😆 😆. . We ALL shop at Aldi, Karen...!!
'Sold the 2nd car' maybe we should start a fund raise?
How can anyone that can repay 400K in 2 years not have any deposit ? Unrelated - Aldi eye fillets are the bomb.
Or you know, sell the house and buy something that isn't 2 million dollars
cry me a fucking river Steven you bought a 100 year old house for 2m and you are still going on holidays mate
Ain’t nothing wrong with Aldi
I am locked in at 2.2 for two and a half more years. When the RBA said rates could not go up for three more years and I saw they were the lowest since the creation of the Bank of England centuries ago. I called bullshit.
Sold the 2nd car 😂
He paid off $400K loan in what...under 2yrs? I think he's doing ok folks...
Dude buys $2million dollar house he couldnt afford in the first place. He got a loan to get the desposit. So what's the actual story here? He already knew it might increase to the 3%ish or what it was pre pandemic it would have doubled anyway. He was living way beyond his means.
I wonder if people who bought at record low interest rates fully understood that rates inevitably would go back up?
Buyer beware.
Cry me a river, he’s obviously in over his head. Record low interest rates were never going to remain
Lol. Thanks for this. Pit a real pep in my step :)
which bank lent the money? This is one of the poorest financial decisions I have seen. What were you thinking?
How does he borrow $2m with no deposit? Something missing from this story…
I’m sorry, but this is just poor investment planning.
Sounds like Steve overcommitted and over leveraged himself and is now getting what he deserves given his poor financial planning
Is this a parody article? Sounds like a BetootaAdvocate piece.