Pay off Your Home in Under 10 Years and Save $400K in Interest
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In this video, Jason Whitton explains how with some simple, and FREE, changes to your mortgage strategy, you can pay off your home loan faster and start using equity to boost your borrowing power for your next property purchase. With the right tweaks you could pay off your home in only 10 years and save over $400k in interest. How? Let’s Wealth Coffee Chat!
01:55 Show starts.
04:10 Good and bad debt: not all debt is bad and can be used for assets that increase in value.
08:25 If you are not using the equity on your principal place of residence your home is a bad debt.
10:45 By reducing the debt on your home fast means you can start borrowing at maximum capacity.
13:35 The first 2 free ways to pay your home off fast: Fortnightly payments and an Offset Account.
16:30 Extra payments and lump sums: using a calculator to demonstrate the savings.
21:00 With small changes and bumping fortnightly payments by $500 you can save $455k in interest.
23:30 Closing thoughts – As you pay down your home loan your borrowing power accelerates.
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