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  1. #21
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    What about them? You still just pay your mortgage as per normal, DH just opts for his employer to divvy up his money, rather than paying it all to him and then him divvy it up, just makes it easier for us with budgeting

    So for you to have an offset account, you'd need to change your loan type to a package that comes with an offset account (sort of like refinancing), and then they (your bank) would still just debit your VISA for the repayments

    *I can haz typos*

  2. #22
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    Quote Originally Posted by Lillynix View Post
    What about them? You still just pay your mortgage as per normal, DH just opts for his employer to divvy up his money, rather than paying it all to him and then him divvy it up, just makes it easier for us with budgeting

    So for you to have an offset account, you'd need to change your loan type to a package that comes with an offset account (sort of like refinancing), and then they (your bank) would still just debit your VISA for the repayments

    *I can haz typos*
    So my pay/income gets put into my VISA account right now. I would then split it up and put the $542,- that is my minimum repayment, into my offset account where the bank will direct debit from?

    nvm, I will just go and have a chat with the bank. So the benefit of an offset account is that you put more than the minimum repayment in the offset account, yet the bank with whom you have the mortgage, only direct debits the minimum amount so you have extra money left?

  3. #23
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    We don't pay extra instead we pay weekly which means it has dropped the loan term from 26 years to 20 years!

  4. #24
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    Quote Originally Posted by joalisha View Post
    We don't pay extra instead we pay weekly which means it has dropped the loan term from 26 years to 20 years!
    Yeah I pay fortnightly which made the term go from 30 years to 23 years.

  5. #25
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    Ours is approx $790 per fortnight. Dh works for himself (we have a company name and family trust) so we put his 'super, tax' and any extra money on the loan, which is approx $1400 extra per fortnight. It will be a tad more when I return part time.
    Hopefully he won't have to pay much tax this year!!
    Our aim is to pay this house off (around 4-5 years), rent it out and buy another house for us to live in.

  6. #26
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    We pay an extra $1000 per month on our mortgage as we are hoping to have our home paid off in 5 years

  7. #27
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    I should have added that we pay $1000 extra per month as a minimum. Some months we try and pay an extra $1500 per month.

  8. #28
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    Quote Originally Posted by Misschief View Post
    I guess for me it doesn't really matter how long I take to pay off the house. I know that when my parents pass away, I'll have enough money to pay the house off in one go.
    I understand what you mean, however my mums elderly neighbour had to sell her house recently to move into low level care as her daughters couldn't take her in (I assume they work, have kids, small house...)Plus it's a huge commitment caring someone.
    Care can be quite expensive, so there might not be much left if she lives another 20 or so years!!
    Just a thought!

  9. #29
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    Quote Originally Posted by singa06 View Post
    I understand what you mean, however my mums elderly neighbour had to sell her house recently to move into low level care as her daughters couldn't take her in (I assume they work, have kids, small house...)Plus it's a huge commitment caring someone.
    Care can be quite expensive, so there might not be much left if she lives another 20 or so years!!
    Just a thought!
    My parents own more than 1 house though.....

  10. #30
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    That's great, your all set then!
    Are your parents elderly now?
    If I thought like that I might still be paying my house off at 50, which I prefer not to be!


 

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