Many young couples are able to knuckle down, make sacrifices and stick to a budget when they have the goal of saving for a home deposit.
But once that goal has been achieved, and you’ve purchased your first home, it can become much harder to maintain that saving mindset.
Once the keys are in hand and the loan repayments are set, you simply allow the terms of the loan to dictate how much you pay off your mortgage. Any extra dollars are no longer being set aside as savings but being poured into lifestyle.
Fancy new car, expensive holidays, credit card bills. All these things soon eat up whatever is leftover after mortgage repayments.
If you aren’t working towards saving for anything in particular, you’re much more likely to spend more than you need to.
What if you took the attitude you had when you were saving for your deposit, and channeled that into smashing your loan?
In this video, Peter Sizeland, Head of Credit at Finnia explains how you can save years off your home loan. Own property outright within 10 years. It’s surprisingly achievable and at Finnia we can show you how. Book a discovery session now.
Disclaimer: The information provided in this blog and video is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives and personal financial situation. All loan products are subject to lender criteria and approval. Fees, terms and conditions apply.