2 weeks off paying off my house at age 36, did it in 11 years. Super excited. My strategy: work an extra 20 hours a week on top of my full time job. And save as much as possible, my lunch cost less than $2 a day, my dinner is less than $5. Yes I’ve been tight, but now I’m free. And can splurge whenever I want to.
That's brilliant Kohan, congratulations on your achievement! Such great discipline. We'd love to share your story, if you'd be interested in a Zoom interview please reach out with me directly - nathan(at)huntergalloway.com.au
I am 40 years old, work two jobs, have no social life and put ALL my money toward my home loan since deciding to pay it off. No extravagances, except getting my teeth fixed. $19K to go and fully debt-free. It’s a modest asset, but it’s mine. I came from poverty and will never be in debt again. The borrower is the slave to the lender. F*CK that⛓
@@MortgageBrokerAustralia Thank you!! Just double-shifting my way through the holidays while everyone else is on leave lol.... it's a special feeling to know that by making the choices and sacrifices that nobody wants to make, you do get the benefits that come a long with it... eventually. X
Congrats to you for being debt-free! I like your statement "The borrower is the slave to the lender" that is so true! I'm Persian, generally we hate being in debt or live as borrower so as a single mortgagor I am saving towards this goal.
In terms of having an investment property, isnt it better if you save that extra money you would have otherwise placed on your property to save a deposit for another property, therefore diversifying your portfolio?
What happens if you die before paying your mortgage? Help please. Ive been thinking of getting a house as im renting the same amount as my friends’ paying their mortgage a month. My problem is im really scared i will die young and i still have mortgage left. Any ideas what to do?
Thanks Dikshya, great question and feel free to play around with paying down a mortgage faster here: www.huntergalloway.com.au/home-loan-extra-repayment-calculator/
I want to ask some things sir, is it possible if I am as Indonesian and my partner is Australian citizen to take credit payment to buy a house named together (husband and wife) ? thank you so much for your time sir
A Home Equity Line of Credit (HELOC) is a financial product more common in countries like the United States and Canada. The HELOC system is not typically used in Australia. In Australia, a similar product called a Home Equity Loan or Line of Credit Loan is more common. It allows homeowners to borrow money using the equity in their home as collateral. This financial product is similar to a HELOC, but there might be slight differences in terms, conditions, and regulatory frameworks. However, the financial industry is always evolving, always make sure you fully understand the terms and conditions of any loan before you agree to it.
@@MortgageBrokerAustralia ok thanks,I have seen other RU-vid channels talking about this but yes they are American,do you know if the home equity loan could be used to reduce interest paid?I have a large amount of equity but would like to reduce the interest paid as much as possible thanks
Yes, using a home equity loan could potentially be used to reduce the amount of interest you pay, depending on your particular situation. Here are a few possible scenarios: Debt consolidation: If you have high-interest debts (like credit cards or personal loans), you might be able to use a home equity loan to pay them off. Because home equity loans typically have lower interest rates than these types of debt, this could save you money in interest. Refinancing your mortgage: If interest rates have dropped since you took out your original mortgage, or if your credit score has significantly improved, you might be able to refinance your mortgage at a lower interest rate using a home equity loan. Investing in income-producing assets: Some people use home equity loans to invest in real estate or other income-producing assets. If the return on these investments is greater than the interest rate on the home equity loan, this could reduce the effective amount of interest you pay. However, it's important to remember that there are risks associated with home equity loans. They use your home as collateral, so if you can't make the payments, you risk losing your home. And although the interest rate may be lower than other types of loans, the total amount of interest you pay could be higher if the loan term is longer. It's also worth noting that the exact rules and regulations regarding home equity loans can vary in Australia, so it's a good idea to speak with a mortgage broker like ourselves (feel free to reach out with us directly) to fully understand your options and potential risks. Always be sure you understand the terms and conditions of any loan before you agree to it.
