How Can You Pay Off Your Mortgage Faster?
“How can I pay off the mortgage faster?” It’s one of the most common questions I get asked. For almost everyone who buys a home, it’s done with a mortgage. After all, if we had to save to buy a house we’d never get there. Borrowing allows us to get into the market. However, that […]
Here’s something you might not expect to hear a financial adviser say: maybe repaying your debt is the last thing you should do. I should explain. Not all debt is equal. Financial planners divide debt into two broad types: deductible and non-deductible. As these names suggest, deductible debt lets you claim a tax deduction for the interest […]
Not all debt is the same. Even if the interest rate is. One of the main differentiators between debt is whether or not you can claim a deduction for the interest. If interest is not deductible, then the interest rate paid is much higher than you might think. When interest is not deductible, you have […]
4 MINUTE READ One of the most common questions about money is whether it’s better to pay money off the mortgage or put it into super. There’s no perfect answer to this question, but it’s important that if you’re weighing up this sort of decision that you do it knowing what your options are. One […]
I’ve written before about the need to shop around and get a good interest rate on your mortgage. There are a number of other things you can do to crush your mortgage faster. The sooner that happens, the sooner you can start using those interest payments to build wealth outside the home. Before we look […]
8 out of 10 Australians don’t know what interest rate they pay on their mortgage and if you’re one of them then it’s time to start paying attention. Until just recently you should have had a mortgage interest rate starting with a ‘3’. However, in recent weeks lenders have started to increase rates a little […]
Some recent research by UBank has found more than 8 out of 10 Australians don’t know what interest rate they’re paying on their home loan. This means people could be paying an interest rate up to 2% more than they need to. Just 2%… doesn’t sound like much? In August 2015, the average new owner-occupied […]