I’m absolutely furious! Is Australia really this ridiculous?
I just saw an email from my mortgage lender today saying my home loan interest rate is going up again—to 7.69%! What the hell? That’s so outrageous, I’m losing my mind.
By comparison, mortgage rates in China and Singapore are around 2.6%. At 7.69%, I’m paying three times as much interest as I would in Singapore. My monthly repayments have somehow reached 20,000 dollars? Screw this.
And that’s exactly why I’m leaving this crazy country, Australia. I’ve already left, and my house has been on the market for two months without selling. It’s costing me 20,000 a month. Most of that is interest. For the same house price, I’m paying three times their interest rate. Now I understand why Australians don’t buy homes and just rent instead.
And what’s even more ridiculous is that taxes in Australia are 30–50%. So salaries may look high on paper, but after taxes take a big chunk, then the mortgage and everything else take several more, there’s practically nothing left to save.
So when you’re thinking about studying or immigrating, don’t just consider the salary—look at the local cost of living and tax system too. Australia is suited to working a job or doing blue-collar work, but not to starting a business or building wealth. The costs eat away too much.
All things considered, Singapore and Hong Kong are better: no capital gains tax, and taxes overall are low—or at least reasonable (Europe and the US have gone crazy). Other things are pretty good too. Just sharing for your reference. If you found this useful, give me a follow. I’ll be posting more about life overseas.
I just saw an email from my mortgage lender today saying my home loan interest rate is going up again—to 7.69%! What the hell? That’s so outrageous, I’m losing my mind.
By comparison, mortgage rates in China and Singapore are around 2.6%. At 7.69%, I’m paying three times as much interest as I would in Singapore. My monthly repayments have somehow reached 20,000 dollars? Screw this.
And that’s exactly why I’m leaving this crazy country, Australia. I’ve already left, and my house has been on the market for two months without selling. It’s costing me 20,000 a month. Most of that is interest. For the same house price, I’m paying three times their interest rate. Now I understand why Australians don’t buy homes and just rent instead.
And what’s even more ridiculous is that taxes in Australia are 30–50%. So salaries may look high on paper, but after taxes take a big chunk, then the mortgage and everything else take several more, there’s practically nothing left to save.
So when you’re thinking about studying or immigrating, don’t just consider the salary—look at the local cost of living and tax system too. Australia is suited to working a job or doing blue-collar work, but not to starting a business or building wealth. The costs eat away too much.
All things considered, Singapore and Hong Kong are better: no capital gains tax, and taxes overall are low—or at least reasonable (Europe and the US have gone crazy). Other things are pretty good too. Just sharing for your reference. If you found this useful, give me a follow. I’ll be posting more about life overseas.