Hey guys, I have not posted for a while been busy with a tattslotto shop. My finance and I live in a property in deer park Melbourne by the 17th of december we will only owe 102k on our mortgage and at 26 I think were doing ok. It been valued by the bank at 4470′. We only been in business for two months its going well but I’m not going to commit to other debt un till I had at least 6 months to a a year of solid business growth. Before I start investing in property again I would like to reduce my home loan to 50k mind you I’m on 7.25% for the loan. can I realistically reduce this loan to 50k by 24 months. If so what would be the best way to tackle this challenge. Are there any short term investment tools that may help reduce the loan
Any advice would be great
Thanks in advance johannJpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Look at paying weekly if you are not doing this.
Get an full offset account attached to the loan and get your salary put into the account.
do a search on the term offset in search function of forum for more info on how this can reduce the term of your loan.
As you get pay increases or over time payments put this into loan repayments..Cool thanks I’ll have a look at this over the next couple of days . At least by paying of my home loan I will have more cash flow to invest in other ventures
Well once the bussiness gets more steady I will pump my wage. On a postive note my fiance is going back to full time work so will have access to more cash to pump the loanJpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
There is really only one way to reduce a loan and that is to get more money into it. Using an offset account will help too as your money sitting there saves interest
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
Thanks guys I know I work hard at the moment but I wouldn’t mind doing some thing on the side to earn another 250 a week so I can put this extra cash on the loan anÝ idea
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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