I am debt-free! This week I repaid the remaining balance on my share of our apartment’s mortgage. The final payment was made just a month shy of the loan’s eighth anniversary. I never imagined I’d ever be able to clear my share of the debt so swiftly. In a roller-coaster year of emotions, both high and low, reaching this milestone has been an uplifting way to end 2011.
Technically the bank still considers me indebted as Garry has yet to pay down his share of the mortgage. However, his outstanding balance represents barely 35% of the original amount we borrowed. Encouragingly, the continued rise in Sydney house prices means that this remaining debt is less than 25% of the apartment’s current value. As negative economic headlines continue to dominate the news it’s encouraging to know that our financial future is increasingly secure.
Technically the bank still considers me indebted as Garry has yet to pay down his share of the mortgage. However, his outstanding balance represents barely 35% of the original amount we borrowed. Encouragingly, the continued rise in Sydney house prices means that this remaining debt is less than 25% of the apartment’s current value. As negative economic headlines continue to dominate the news it’s encouraging to know that our financial future is increasingly secure.
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