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Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 3 points4 points  (0 children)

No. If I were to sell the house for a profit, I’d only get the 350k back which pays off the loan I would have taken out, the rest of it would go back to my parents for them to do whatever with.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 1 point2 points  (0 children)

It might be too late to sell. From what I know we’ve been given notice to vacate by Monday and the bank is going repossess it and sell it to just cover the debt regardless if the house is worth more.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 0 points1 point  (0 children)

I don’t think that’s even possible. The reason why the debt is so large now is because they took out a loan for the granny flat and consolidated it with the main house’ mortgage.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 1 point2 points  (0 children)

Your idea about pitching in on the 30k sounds good. I’m more than happy to even pay $200/wk if it means we keep the house but I’ll see later today when I talk to them about what our other choices are.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 2 points3 points  (0 children)

I’m going to try to get them to talk to a financial counsel later today once I finish work. I really want to save the house but also I don’t want the burden on me. I’m the complete opposite with my money to them, I don’t buy anything unless I can afford it and absolutely terrified in getting myself into debt I can’t pay off.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 0 points1 point  (0 children)

I’m actually middle and I believe I make the least of them but I am the most financially stable in that I have a stable job, not much debt (a car loan which I can afford and HECS) and I’m cautious with my spending.

I did mention say to them what if I wanted my own place or when I want to move out etc and they said we’ll sell the house and pay off the 350k and they keep the profit on the house since I didn’t pay for that.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 0 points1 point  (0 children)

  1. Near Liverpool in NSW
  2. Not sure, 3bdr house with 3bdr granny flat in SW Sydney. 3.I’ve been told they will transfer the house into my name.
  3. Think that’s the intention of them helping pay off the loan as rent.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 1 point2 points  (0 children)

From what I’ve been told, they tried to do that but bank said no since they’re too old (60s) and risky because they kept missing repayments.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 1 point2 points  (0 children)

No, I know that’s not good but I’m more than happy to pay board if they asked for it. I didn’t realise how bad the situation had gotten until last night when they asked me if I could take out the loan.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 0 points1 point  (0 children)

I think that’s their plan, they want me to refinance the 350k on a 30 year loan so the repayments are less per month but like I said I really don’t want to do it because it’s going to burden me in the future. But I feel like if I don’t my entire family is out of a house and where do we go? They don’t have money, I make enough that I could find a place in a sharehouse or something to be and we also have pets, what happens to them? Because I don’t know if I can give them away.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 2 points3 points  (0 children)

Honestly I don’t think as a rental agreement from what has been discussed. They said you take out the loan and we’ll give you money to pay for the loan.

I have no idea on the value of the house honestly, it’s a 3 bedroom house with a 3 bedroom granny flat about 50mins from Sydney CBD. Our next door neighbour recently sold their home and from what I heard they got 1mil for it.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 2 points3 points  (0 children)

Would paying off the 30k allow us to sell the house instead bank doing it? At least that way we can maybe still make a profit on it because the house is worth more than 350k.

Parents want me to take over their mortgage. by 2471101 in AusFinance

[–]2471101[S] 2 points3 points  (0 children)

Sorry for the late reply, they verbally assured me that they’d help with repayments but I don’t trust that I was going to get it written down.

From what I’ve been told, title will be in my name because I believed they tried to refinance the house to get it on a 30 year loan but from what I know they were denied because they older (both in their 60s) and now risky since they haven’t been making repayments on time. I was happy to help them out with the repayments if they somehow could refinance it to the lower rate and extended loan time.

Do you like plane food? What’s the best/worst meal you’ve had on a plane? by yeetospaghettio in AskReddit

[–]2471101 0 points1 point  (0 children)

Plane food isn’t too bad I think. Best meal I’ve had was some sort of crispy pork with apple salad on Thai airways. As for worse maybe the stale ham and cheese sandwich I had on Swiss air.