We did a 2 year term and then eventually 1 year terms until it was paid off. Upped the payment amounts to as much as we could afford, paid lump sums at the end of the term(s) without penalty and then reduced the length of the loan for the next year (while keeping a super tight budget and doing side hustles). We put investing on hold until we were near the end. $173k paid off in 5.5 years on an average household income. If we'd drifted along and done nothing it had roughly 16 years to go but we were useless with money at the start. Now we invest the "non-existent mortgage" money into investments while living the same frugal lifestyle ... a complete 180. We will reach our financial goals no question now that we have a plan and a budget.
Anz lets you only pay 5% per year on your mortgage. Is it better to increase your fortnightly payment or save the cash and make one lumpsum payment at the end of year?
I paid my 30 year mortgage off in less than 4 years, I just thought it would make me happier. It's the opposite, I was happier when I still had a mortgage.
My dad did this, paid off his 30 year mortgage in 15 years, sold it recently to move down south and paid cash for new house 👍
Good effort!
We did a 2 year term and then eventually 1 year terms until it was paid off. Upped the payment amounts to as much as we could afford, paid lump sums at the end of the term(s) without penalty and then reduced the length of the loan for the next year (while keeping a super tight budget and doing side hustles). We put investing on hold until we were near the end. $173k paid off in 5.5 years on an average household income. If we'd drifted along and done nothing it had roughly 16 years to go but we were useless with money at the start. Now we invest the "non-existent mortgage" money into investments while living the same frugal lifestyle ... a complete 180. We will reach our financial goals no question now that we have a plan and a budget.
Shesh that is a big effort. Nice work! Thanks for the insights.
Really good advice mate, thank you. Well spoken, clear and simple. Appreciate it 🙏
No problem 👍
Dad said his best days work was buying a house. Saved my ass thanks dad 🙏 mortgage free 🙏 free hold home.
It's a good goal to pay one's mortgage faster. Visualize it and focus on this. Good luck to us all ✨😊✨.
Also fun to think about what life would look like when mortgage free. Nice one
Good timing on this for me - my goal is to have my mortgage paid by 50, 2 years to go...
@@Kiwi_270win awesome achievement 👌🏻
Lump sum payments is a great strategy!
You dont pay interest on bulk payments
Anz lets you only pay 5% per year on your mortgage. Is it better to increase your fortnightly payment or save the cash and make one lumpsum payment at the end of year?
You can also up your payments by up to $250 a week with ANZ and pay up to 5% lump sum each year so you can do both
I paid my 30 year mortgage off in less than 4 years, I just thought it would make me happier. It's the opposite, I was happier when I still had a mortgage.
Really? How come?
@keepthechangenz I guess it was just a big goal, and then I had nothing to replace it with.
i will never get a mortgage...beat that.
Haha fair enough. What's the plan for you?
@keepthechangenz bridges! haha nah but i am bitter and poor , too poor for a mortage. im gna lease for life...sm deep rural scrap land..
Pay your mortgage off faster or invest in crypto 🤔