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Your Mortgage


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#31 Sarah Kate

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Posted 27 February 2006 - 12:17 PM

We pay more!
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#32 ~Charbella~

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Posted 27 February 2006 - 01:15 PM

h2b and I don't have a mortgage as of yet (we are waiting to buy after the wedding & honeymoon)

From even paying an extra $50 shaves time and money off the loan.

The way I see it, I am in 2 minds about it.

pay off ASAP then have the freedom to do what ever, by another place tc

Live life to the fullest, enjoying all the fun things as there will always be a mortgage.

Decide which one you want to be and go for it I say.


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#33 allure

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Posted 01 March 2006 - 06:50 AM

We have recently upped our additional repayments by another $800 per month on top of regular repayments. It will save us years off our mortgage!!!!

If you have the spare cash you should definitely try and pay a bit extra.

ps - I just used the calculator and my repayments will knock approximately 10 years off my mortgage ohmy.gif Wooo Hooo!

#34 ~Camilla~

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Posted 03 March 2006 - 09:18 AM

We pay more than we have to as well.

But we have 2 mortgages as h2b bought an investment house a few years ago now. So we pay the minimum on that loan and more on our loan, its not heaps more but we probably have already cut a few years off the mortgage.

I think if you can its definately worth it.
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#35 Leapstar

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Posted 03 March 2006 - 12:52 PM

We have the whole mortgage offset thing set up on our home loan.

We have just paid off the entire thing.

It took us over a year of making basic repayments before we discovered this wonderful feature!!

After that there was no looking back! I loved watching the money build up each month and the interest reduce, this was a great incentive not to spend money!!

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#36 Chr!st!ne

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Posted 03 March 2006 - 01:42 PM

we are putting the rent money plus a bit extra on our loan at the moment, but all that money will be going into renovations so, we might put only a little extra once we are married.

so we are paying $1600 ish each month, then an extra $1000.

#37 Amelia Jane

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Posted 13 March 2006 - 11:12 AM

We have just bought our first home (YES!!) and at the moment we are planning to make extra repayments if we can. We think what we'll do is have enough money in the bank for 4 fortnightly repayments (so approx. $2100) at all times, and if we have more than that then put the extra on the loan. We are also trying to save for our wedding, though.

We have a split loan, with some on a fixed rate for 3 years, and some on a variable rate. We'll pay the extra off the variable one, and then redraw if we need to, so we can put all our savings for the wedding on the house, reduce the interest, and then redraw it all back to pay for the wedding. After the wedding we're planning to put all of one person's wage on the homeloan every week, so that will be nearly triple the minimum amount. That's all the ideal thing, though, I'm sure it will all change once we're doing stuff to the house and paying rates, etc.

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#38 toffee

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Posted 16 March 2006 - 03:27 PM

we do pay a little extra off ours - about $150 a month more than the minimum, we just rounded it up.

we've only had it a year & if we do that for the rest of the loan term it will have cut 5 years off the life of the loan & saved us interest.

#39 jantastic

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Posted 22 March 2006 - 08:38 PM

wow 11 years? we're paying off basically 3 times what we have to i think... at least twice, probably three times (depends how much we redraw for bills etc) what we need to (we need to pay about 1600 per month at the moment)
hope ours ends up disappearing that quickly!!!

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#40 deez

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Posted 26 March 2006 - 09:07 PM

We don't have a mortgage yet, but I was having a fiddle with home loan calculators today. I worked out that if we were to put all of Adams pay onto the loan, and live off mine, we would cut the term of the loan down to 13 years. What I hope to do though, is have both our pays paid into the home loan, then use the whole redraw facility...would cut off even more.




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