Paying off my mortgage early was a pivotal financial move for me. By strategically allocating extra payments, I saved thousands in interest and freed up cash for more investments. It's about optimizing your finances and making your money work for you. Financial freedom is within reach for anyone willing to take the right steps.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future..
Just letting you know you got the fortnightly payment number slightly wrong you actually be making 26 payment in the year, by switch to weekly or fortnightly you essentially make 1 month of additional repayments per year, example is $1000 pm is $12000per year doing ot fortnightly it $500×26=$13000, be sure when you switch to fortnightly that it is actually 50% of your monthly repayments, cause what bank will do is take your yearly amount and divide it by 26 repayments so from my last example $12000÷26 repayments is $461 per fortnight which make switching pointless as you still making same repayments each year. The key to this strategy is making that additional $1000 per year in payments
Thank you. This is focused, clear and inspirational. There are days when I don't believe I will ever pay it off so I need such inspiration. I took a mortgage for 22 years, then reduced to 16 years and a month ago I further reduced the term to 7 years. All this thanks to overpaying. Literally almost my whole salary goes to the mortgage. Sometimes it feels like a black whole - it swallows everything I put in it, and it seems like paying in makes very little difference. One just needs to persevere and be patient and this is sometimes hard for me.
@febirigor9478 unless you have a redraw facility like us we have like additional 70k of.payments in there which at anytime (if an emergency) we can take out, its really great if you're disciplined enough to leave it in
@Sanjana thank you so much. The bank does not allow me to do split payments Is it still fine to pay monthly the required amount but split my additional payments into 3 weeks? every month
If you have an offset, it’s best to keep all your money in for as long as possible correct? So for example, if you changed payments to fortnightly and money was coming out every 2 weeks, would this increase the interest charged at the end of the month rather than having the payment come out once?
In America I think they call it a HELOC. But if mortgage is 100,000 and you put 10,000 in your offset account you'd only get charged interest in the remaining 90,000.
