BLOG – 4 fairly simple ways to reduce your mortgage in 2019 (2 minute read)

Everyone is talking about interest rates and house prices… Will they rise?
Or, will they fall?

I paid off my first mortgage in 7 years instead of 25 years.

I’m not telling you this to gloat. Far from it. It was REALLY hard work. I’m telling you, to share four fairly simple ways that may help you to reduce your mortgage in 2019.

Everyone’s circumstances and financial obligations are different. This is what worked for me.

EARN – I had a job in an engineering consultancy. I also worked as a scuba diving instructor. I also did some silver service waitressing. A few hundred, or thousand, dollars extra each month takes years off a mortgage.

“I don’t have time to work a 2nd or 3rd job” I hear you say….

LEARN – I learnt to do things differently. I rented out my driveway and my spare room. A lodgers rent can cover half the mortgage. I was getting an extra $60 a week for having a car parked on the driveway.

YEARN – I realised that when you get your first mortgage you need to spend less than your earn. Yearn for smashed avo on toast and takeaway coffee, and then do what I did – I packed my own lunch and I ate breakfast at home.

RETURN – I’m not a financial planner. I’m NOT giving financial advice. I returned every cent to the bank. That is, I found a high interest savings account, put every spare cent there and every 6 or 12 months I made a BIG lump sum mortgage overpayment. Speak to a qualified, trustworthy and credible financial expert to see what might work best for you.

Would you give Earning, Learning, Yearning or Returning a go?

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Until next week…