G’day,
Has anybody heard about “Mortgage Phasing”?I’ve just received an email about “Mortgage Phasing” which talks about a way you can pay off your mortgage in a third of the time without paying anything extra in monthly payments.
Richard
Nope. Unless it is simple mortgage minimisation techniques repackaged with a new catchphrase and sold on for $3000+.
Can you give me some more detail and perhaps I can save you some money and time.
The more things change the more they stay the same.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I haven’t heard of it either cannot see how you could pay off your mortgage without paying any extra.
Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have come across it when dealing with the US Banks for finance and needless to say it is a US expression.
It is a simplistic way of debt reduction using a line of credit and as Simon mentioned sold by Mortgage Brokers for $3K to give you the slick spiel and diagrams.
Using an interest free component on your home loan (A couple of Aussie lenders offer a 55 day interest free period on cash withdrawals) you draw this down and make a lump sum payment of the charged debt component.
You add income throw in a bit of time say the magic words and your loan term is cut in half.
Seriously a structured free plan from your local Mortgage Broker will do you just fine.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Hi Richard!
No, I haven’t heard about that before. This is breaking news!
But I’m very interested in knowing more about “Mortgage Phasing”.I’m applying for a home loan right now…
G’day all,
Thank you for your replies. I’m afraid I can’t give you anymore detail other than pointing you to the website
http://www.bemortgagefreesooner.com/mc2.html.
and a couple of videos
Video#1: http://www.bemortgagefreesooner.com/video1.html
Video#2: http://www.bemortgagefreesooner.com/video2.htmlThe guy wants me to buy his book of course, so he is only going to give me superficial information and as always the superficial information is in the sounds too good to be true type. Still that’s what I thought about Steve’s stuff till I read it.
I’m tempted to buy the book but I thought I would see if anyone had heard about it before I did just in case it is just another scam.
If it is what some of you guys have said then it probably works but only if you are extremely disciplined with your money. Even if it works I’d like to know the risks and it is not uncommon for these books to forget to tell you that part.
If anybody hears any more I be glad to hear it.
Thanks
Richard
Don’t touch it mate.
We can explain it to you here easily enough.
In a nutshell you pay all income into your loan. Live frugally off your credit card then each month draw from your loan and pay down that credit card.
The funds stored in the loan will reduce your interest bill and the strict budget is key to making those much larger repayments.
It can work well for a disciplined person. For other people it can be a disaster.
Mortgage Minimisation brokers will charge you $3000 and get a refinance fee for helping you with this. Most of them are shonky operators in my experience.
All the best
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Exactly right Simon they charge and receive a commission.
I hope they can sleep at night.
As mentioned several lenders in Oz offer an interest free debit card which also helps you in the process.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
As we’re discussing mortgage, loans etc I felt like sharing this in this forum.
My wife and I are applying for a home loan to purchase our first home. It’s been a hassle. But life’s not easy, hey
From our experience so far, I suggest people to look for specialised home loan companies.
This one is located in Victoria, but i believe there are plenty round Australia. You can begin the whole loan application process online. I’ll keep you posted.
http://www.startfinance.com.au
Cheers
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