28yo female with 80k savings - So I am a 28 year old woman, living in Sydney who has saved almost 80,000k. (I have worked hard for the past 10 years and am now earning well in my career). But I am in a complicated situation with my partner (relationship ... See More can be emotionally abusive and toxic) who wants me to get a mortgage for an 800 property that his mum signed him up for 4 years ago when we weren’t together . He has already paid 10% to secure it (80k) and wants me to put the other 80 down for the mortgage. I know this may sound ridiculous but it is a really big challenge for me and I want to make the right decision. Apart of me thinks I should try and get a home myself but my partner tells me I wouldn’t be able to get a loan by myself. He also says that he wouldn’t be able to get a loan without me… I am really worried to make the wrong decision, when I feel like I have the opportunity now to make a good decision for the future.

Any advice or thoughts would be helpful. Reality checks and grounding perspectives welcome.


RESPONSES:

Overwhelmed by the responses here and greatly appreciated.

Many comments suggest I speak to a therapist, mortgage broker, etc which I am planning on doing but in all honesty, these comments are helpful, direct and honest and for the stage I’m at have been a big wake-up call while also helping me gain clarity on my next best steps, both in regards to finance and relationship decisions.

I do acknowledge the fact that some people see it as a no-brainer to simply say no and leave. I wish it were that simple but it’s been a 5 year relationship with lots of good times and a deep connection.

Thanks for your thoughts everyone. 🙏🏻

Pools - really think about how much it matters to you - Wife and I built a house in Brisbane and moved in just under a year ago. There's a few things we might do differently if building again but an absolute certainty is to never have a pool ever ... See More again. Cleaning out the filter for gum tree leaves yet again today after some high winds I'm just left with an ever enduring conclusion of why TF would anyone bother?

I had a pool when a child, my wife had one, our old house had a 9x4.5 and we now have a 6x3 Plungie. The wife thinks it's too small - yet never uses it or the one at our older house. The kids would go in it maybe once a week over summer. I like the beach more so only go in maybe 4 times a year. I can't stop thinking of the cost per use and further ongoing capital and operating cost.

The pool was part of the house package - \~$17.5k

Concreting and fencing ran out to \~$10k (was done at same time as driveway and some other work)

Initial water filtration and cleaning robot - $2.5k

Still needs tiling $7.5k - not spent

Refusing to get more furniture and a gazebo - $5k why throw more money away on something that isn't used.

Pool guys for chemicals and maintenance \~$1.5k p.a.

Power, everything runs on a timer but the filter runs a lot during the day - $xx p.a.

This is a super basic spec pool and it comes with great regret that we're sinking $40k on it. We could have bought a new car or just held the money in equity.

Does anyone think a pool is worth it? I honestly think concreting over it would be a good option at this point and installing a basketball hoop!

The housing crisis fundamentally cannot be fixed. - Something I’ve been thinking about for a while and I’d like to understand how/if I’m wrong.

30% of Australia’s 10 million properties are rented. 85% of those are negatively geared as I understand it.

So they’re losing on average roughly $8500 a year ... See More and then speculating prices will increase Atleast 6% a year (which beats the 5% you get with money in the bank) and rents will go up too.

Now if we want to actually fix the housing crisis we need prices to come down so they’re more affordable to buy for first home buyers and rents to Atleast stay flat (or go down)

Now unless I’m missing something they’re 2 competing and opposite things and both can’t happen at the same time?

Since the cost of living keeps rising, office workers should be allowed to work from home indefinitely. - Most people who have hybrid working arrangement I speak to agree that the cost is easily $30-40/day when having to go into the office compared to WFH. Allowing people to work from ... See More home indefinitely would definitely ease some expenses for many of us.

Do you support multi millionaires on welfare? - In other words, do you think it is appropriate for a pensioner couple living in a $4 million house in Sydney, with $300k savings to be on the Aged Pension?

Surely being a multi millionaire on welfare doesn't pass the pub test, right?

Not ... See More being a smartass, can anyone who doesn't agree give me legitimate reasons as to why this should not be the case? They can downsize, reverse mortgage, take on room mates etc.

Is there anyone here that earns less than 100K? Everyone seems to be doing so well on here. I'm university educated, but earning 100K or more seems like impossible dream for me. - What industries are you working in? How did you secure your role? An impressive interview, head hunted ... See More or nepotism? How do you stand out amongst other candidates in interviews? I have poor interview skills and struggle to get past the post.

Update:
Thank you to everyone for your comments. Ultimately, doing something I enjoy is at the heart of my post; at 38 I've realised that while happiness and health come before money, money is still important. I could not do a job I hate just for more money, though I now consider how I can do something I enjoy whilst increasing my earning potential. A few people asked what industry I'm in, though some may have missed my replies.

So in nutshell, I'm 38 years old. During my 20s, I worked in Tourism and then finished a Bachelor of Arts(Psychology major)/Master of Primary Teaching in my late 20s. Worked in primary schools in Sydney for 5 years. I also completed Graduate Certificate in Learning Difficulties Support Teaching. Left end of 2018 for less stressful job and have been working for tutoring company since teaching remedial students in English and Maths. On paper, it sounds good but in reality, I struggle with imposter syndrome and anxiety and really need to develop my soft skills.

After seeing all the comments, thinking about completing Cert IV in Training & Assessment at TAFE to become an Instructional Designer. If anyone has made this transition or is currently an instructional designer, I'd love to hear about your experience and how you feel in this role. 😊

Would you choose a fixed interest rate loan at the moment? why/why not? will interest rates go up? - I guess it depends on your individual:

* financial situation?
* risk tolerance?
* market outlook?

​

**Fixed Interest Rate Loan:**

Pros:

* Predictability: Your monthly payments remain constant over the loan term, making it easier ... See More to budget.
* Protection from Rate Increases: If interest rates rise, your fixed rate loan won't be affected, providing stability.
* Peace of Mind: Fixed-rate loans can offer peace of mind, especially in a rising rate environment.

Cons:

* Potentially Higher Initial Rate: Fixed rates may start higher than variable rates, which could result in higher initial payments.
* Missed Savings: If market rates decrease, you won't benefit from lower payments.

**Variable/Adjustable Interest Rate Loan:**

Pros:

* Lower Initial Rate: Variable rates often start lower than fixed rates, resulting in lower initial payments.
* Potential for Savings: If interest rates decrease, your payments could also decrease, saving you money.

Cons:

* Payment Uncertainty: Your payments can fluctuate with changes in interest rates, making budgeting more challenging.
* Risk of Rate Increases: If interest rates rise, your payments could increase, potentially straining your budget.

Signs A Business is Going Under - Hello,
I am wondering what the signs to look out for if I was concerned a business was about to go insolvent. Asking for a friend :|

New job wants current manager references - Hey peeps, I've just done 3 interviews and a heap of psychometric assessments. Bank made an offer and I've accepted. References supplied and contract on its way. The HR recruiter just called me and would also like to talk to my current manager. ... See More The whole reason I'm leaving after 6 years is my toxic manager. Even though all my reviews have been meets or exceeds expectations there is no way he's giving me a good reference after he gets my resignation. Whats your advice for handling this situation?

China cuts key interest rate as retail sales and industrial output growth slow — Statistics bureau to stop reporting youth unemployment that has exceeded 20% while property woes deepen

Interest rate cuts expected to relieve mortgage-stressed consumers: CBA

AUD is getting cooked - Since have not found any thread regarding AUD getting cooked in ausfinance, might as well open a new one.
What is your opinion on AUD losing 5.5% of its value againts USD in the past month? Surely inflation will not cool down anytime soon if ... See More AUD keep tanking.

June quarter wage price index comes in at 3.6% YoY, a reduction from the previous quarter and below expectations of 3.7%

How did you decide on a career? - How and when and why did you decide to pursue your current career? Have you switched?

Quitting my job today felt so awesome. - Leaving for a considerable pay rise and hopefully able to retain my mental health. Just sharing my good news 🥂