mortgage reduction calculator/software

There is a lot of riff raff going around about mortgage reduction.In reality it’s a simple concept. There’s only 2 parts to it.

1) deposit your salary/commissions directly into your home loan. This reduces the loan balance and saves you interest on a daily basis (ie, reverse compunding)

2) purchase every possible thing with a 55 day interest free credit card. Fill out a direct debit form for the closing balance of the credit card to be paid automatically on the due date.

That’s it. If you haven’t already figured it out, you don’t need lines of credits and other fancy loan products.

All you need is a home loan with redraw facility (most home loans have one) and a 55 day interest free credit card.

IT does take discipline. If you are serious about saving interest and i mean tens if not hundreds of thousands of dollars in interest, invest the time to set goals and track your spending habits.

The trick is to establish a realistic (take note) budget and stick to it. PRactice can save you a fortune.

I have a mortgage reduction software which is a 1MB excel file. It’s for anyone who is interested in using their existing home loan to be mortgage free a lot sooner. Email [email protected] for a copy. IT does take a few hours of play to fully udnerstand how it works so be patient.

[smartass] WARNING the file acts as a marketing tool for my mortgage broking business. Every worksheet has the business name and contact details (beats business cards). Now that you know, please don’t complain. We all have to make a living somehow.

Shaukat Dhedhi – B. Int Bus, B. Int Fin (Griff)

YOUR HOME
LOAN COACH

Home loans with a twist
M: 0405 830 636
T: 07 55 632 505
F: 07 55 632 045
E:[email protected]
W:www.yourhomeloancoach.com (1st of July 2004)