I am redoing our budget as we recently sold land and will be purchasing a home.. which of course brings a bigger mortgage :-)
If you are happy to share...
How much disposable income do you have? Do you save into an account or do you put it all on the mortgage and redraw if needed? Or do you have an offset account?
What works for you?
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08-01-2014 08:36 #1
08-01-2014 08:43 #2
Offset accounts work for us, we save an incredible amount of interest that way and we can access our money as needed just like an everyday account.
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08-01-2014 08:53 #3Senior Member
- Join Date
- Nov 2010
All into offset. Spend everything on the credit card which is paid off in full each month. Points give us enough for flight to US and back every 3 years.
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08-01-2014 08:59 #4
As above. We have an offset account. We were thinking of fixing our rates but it would of meant losing the offset account so we decided not too. Easy access to the money if needed and deceased interest. DH pay goes straight into offset.
Disposable income? Mortgage is 1600 (250k loan amount) a month. Bills are 1500 which I pay With my income (we have separate accounts). When I return to work part time our combined will be 75000 so approximately half our income is disposable- disappears quickly in groceries, petrol etc. What is leftover stays in the offset each month. We are quite comfortable but will need to get a house (on a villa at the moment) as we want another kid so plan to spend 350k on a house within two years.
Last edited by Little Miss Sunshine; 08-01-2014 at 09:02.
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