A good deal
When we originally bought our apartment two years ago, the interest rates were roughly about 5%. And between us both we were earning around about 150,000 per year. So basically we figured at the time we were doing pretty well financially. We paid quite a lot extra in to our loan rather than just the minimum repayments and still had cash to burn. We didn’t think twice about spending $200 on a meal out midweek. But then things changed, the worldwide financial crisis hit. And just at that exact moment, my partner decided he would drop to part time to concentrate on a side project business of ours. He needed to do it or the business would never grow and it would have been just a waste of our money, time and effort if he didn’t put extra work into it. So our wages dropped. Instead of working fulltime, he was only doing one day per week. It was a bit of a reality check for us. We were relying on just my wage to get us through it all. Luckily for us we don’t have children, just a much loved cat.