pay off your portage in 1/3 the period?

[dymesgirl]

@michele0410 That's more like it.

 

[richelleygirl]

@brianp24

BuyTheDip​

 

[jamoneyy]

@dymesgirl My guess would be the strategy works something like this;

Fix a majority of the mortgage with minimum repayments then put a portion (for example 50k) in revolving/flexi account.

Direct all income and savings into the revolving account to pay it off asap. Use a credit card for all expenses throughout the month.

On the last day of the month transfer money from the revolving account to pay off the credit card and avoid any interest.

At the end, of 1 year you would have paid of 50k via the revolving account and the min. Repayments of the fix terms. When you refix, empty out the revolving credit to pay a lump sum towards the principal of the loan and start repaying the revolving account again.

Rinse ans repeat. *

• not a mortgage broker or personal financial advice.

 

[gamebai886]

@jamoneyy Yup its this, limit the interest that's being accumulated each day, use credit card to keep thatoney in revolving credit while getting points

 

[ytrevino1977]

@dymesgirl You give him the fee, and he gives you the secret:

"don't give random blokes your money, give it to the bank instead"

 

[dymesgirl]

@ytrevino1977 Soild

 

[deecruz]

@ytrevino1977 "A fool and his money are soon parted"

 

[tonypol09]

@dymesgirl I guess you just need to contact the shipping company to see if you can work something out with them? Generally portage is included in shipping costs but I could be wrong.

 

[resjudicata]

@dymesgirl I feel like most of these services are just some kind of variant of "if you pay x amount more than a minimum mortgage payment you'll save y amount over the life of your mortgage".

Not really rocket science, we have quite a large mortgage (although not too bad on a debt to income ratio) and when interest rates were near the bottom it was fairly easy to get a 30 year term down to about 20 if you just funnel money you'd otherwise save into mortgage payments

 

[magnusmann]

@dymesgirl Yes, drink less port.

 

[bryanll]

@dymesgirl Paid ours off in 5 years ... not bad for a supposed 30 year term!

 

[prodigal1]

@bryanll Dang nice one. Might manage 8

 

[bryanll]

@prodigal1 Yeah go for it ... just make sure you have a revolving credit facility and structure your fixed terms well ... be disciplined with spending and don't waste any $ ... you'd be amazed how quickly you can smash out the mortgage

 

[maggiec]

@dymesgirl Complete twaddle. You'd just be pissing money up a wall by paying him that fee. Take the money he's asking for and pay that towards the mortgage, that's the secret: put money into the mortgage = mortgage shrinks.

 

[dymesgirl]

@maggiec Genius, this is exactly what we were thinking but worth asking right.

 

[segaz]

@dymesgirl What’s with all the credit card hacking? After a couple of years me and the wife gave up and went back to eftpos and a monthly budget distribution to our checking account. Having limited money for the month has saved us 1000’s by us delaying or sometimes not making purchases. You actually know your financial position, so much better than being constantly confused by a credit card which never hits zero.

Paid off the mortgage in 7 years.

 

[supperz0nic]

@segaz What's confusing about it lol

 

[dymesgirl]

@segaz 7 years, epic mate

 

[truthsearcher101]

@segaz People are incredibly naive about the mechanisms of credit cards.

It doesn't help we've been brainwashed into thinking using a credit card is the pinnacle of responsible personal finance.

 

[prodigal1]

@dymesgirl The secret - pay more off faster rocket science