My husband and I have saved a $120,000 deposit for a property. My husband is going to be returning to study for the next three years and so we will be a one-income family, on around $110,000.
I am a 65-year-old immigrant, my wife is 59. Ten years ago we bought a property. On a realistic basis its value should be $360,000 to $380,000. My mortgage is $105,000.
I made some silly decisions as a student and I am paying of the National Bank to the tune of 10K through Baycorp.
I'm interested in ways to painlessly reduce mortgages. I'm aware of ways of structuring a home loan so that you can pay it off faster. In a scenario often postulated and oversold by mortgage brokers, you could in theory pay off your loan in 10 years instead of 25 years.
I am a lawyer and I see many mortgages. Some years ago a client of mine brought in his broker to explain the how mortgage savings work.
We have kept an interest-only mortgage on our rental property on advice we received two years ago that it was better to keep the mortgage on a rental property to gain the tax breaks.
What do I need to know about no-deposit home loans?
Should I make fortnightly or monthly home loan payments?
Does it make sense to combine my debts?
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