1 00:00:00,040 --> 00:00:02,840 Speaker 1: Good morning, everyone, and welcome back to another episode of 2 00:00:02,920 --> 00:00:06,560 Speaker 1: Sugar Mumma's Fireplay. I am your host's financial planner, Canna Campbell, 3 00:00:06,559 --> 00:00:08,680 Speaker 1: and today I want to waste no time at all 4 00:00:08,720 --> 00:00:11,240 Speaker 1: because we're talking about your mortgage, and we're going to 5 00:00:11,280 --> 00:00:14,400 Speaker 1: talk about seven different ideas for you to apply right 6 00:00:14,440 --> 00:00:16,840 Speaker 1: now today for your mortgage so that you can save 7 00:00:17,079 --> 00:00:20,360 Speaker 1: valuable time and money. And I'm not talking about small 8 00:00:20,360 --> 00:00:22,840 Speaker 1: dollars here or silly amounts of time. I'm talking tens, 9 00:00:22,880 --> 00:00:25,759 Speaker 1: if not maybe hundreds of thousands of dollars and shaving 10 00:00:26,000 --> 00:00:29,160 Speaker 1: years off your home loan. This is something I'm really 11 00:00:29,240 --> 00:00:32,120 Speaker 1: serious about you understanding how your mortgage works and the 12 00:00:32,240 --> 00:00:34,479 Speaker 1: things that you can actually do that are really not 13 00:00:34,520 --> 00:00:37,680 Speaker 1: that hard to save you so much time and money. 14 00:00:37,840 --> 00:00:40,239 Speaker 1: And of course, the moment that mortgage is paid off, woohoo, 15 00:00:40,400 --> 00:00:42,200 Speaker 1: there are so many other tools that we can start 16 00:00:42,240 --> 00:00:45,680 Speaker 1: playing with to build wealth outside of your home. Of course, 17 00:00:45,880 --> 00:00:48,680 Speaker 1: now to help us break down all these ideas, these 18 00:00:48,800 --> 00:00:52,599 Speaker 1: very powerful ideas, these practical ideas, these simple ideas, I 19 00:00:52,640 --> 00:00:56,840 Speaker 1: am joined by John Micklzzi from blue Land and Financial Services. 20 00:00:56,960 --> 00:00:59,280 Speaker 1: As you know, we've previously had Adam McCabe in the 21 00:00:59,320 --> 00:01:02,000 Speaker 1: studio plenty of and I decided to mix things up because 22 00:01:02,040 --> 00:01:05,800 Speaker 1: Blue Lantern is actually who I recommend for mortgage brokers. 23 00:01:06,040 --> 00:01:08,520 Speaker 1: I get zero benefit from doing this. I'm just happy 24 00:01:08,520 --> 00:01:11,160 Speaker 1: to share contacts of people that I know and trust, 25 00:01:11,200 --> 00:01:13,679 Speaker 1: but more importantly, people that I have worked with for 26 00:01:13,760 --> 00:01:17,039 Speaker 1: tens of years and actually do my own personal mortgage 27 00:01:17,040 --> 00:01:19,639 Speaker 1: broking and investment loans, as well as my family members 28 00:01:19,720 --> 00:01:22,119 Speaker 1: and all of my friends. So if at any time 29 00:01:22,200 --> 00:01:23,720 Speaker 1: you think you know what, I need to speak to 30 00:01:23,760 --> 00:01:25,959 Speaker 1: these guys. They sound really good. They are, and of 31 00:01:25,959 --> 00:01:28,000 Speaker 1: course I will link all the contact details in the 32 00:01:28,080 --> 00:01:30,480 Speaker 1: podcast notes so you can quickly and easily connect with 33 00:01:30,560 --> 00:01:34,119 Speaker 1: them whenever you feel ready. Now a quick reminder, of course, 34 00:01:34,240 --> 00:01:36,640 Speaker 1: all of these podcasts are general in nature and for 35 00:01:36,760 --> 00:01:39,520 Speaker 1: educational purposes only. All right, now that we've got that 36 00:01:39,560 --> 00:01:42,560 Speaker 1: important compliance requirement out of the way, let's hit the 37 00:01:42,600 --> 00:01:55,520 Speaker 1: ground running. John, good morning. Thank you for coming into 38 00:01:55,880 --> 00:01:58,640 Speaker 1: the studio and to talk about this. And I'm so 39 00:01:58,640 --> 00:02:01,000 Speaker 1: serious about Australian's realing what they can do with their 40 00:02:01,000 --> 00:02:02,800 Speaker 1: home loans to actually get the monkey off their back. 41 00:02:02,880 --> 00:02:05,120 Speaker 1: Do you agree that we need to be paying more 42 00:02:05,120 --> 00:02:06,120 Speaker 1: attention to our homelands? 43 00:02:06,280 --> 00:02:08,840 Speaker 2: Absolutely? And I could not agree with you more, Kenna. 44 00:02:08,960 --> 00:02:11,160 Speaker 1: We have a great calculator on the sugar Mumba website. 45 00:02:11,240 --> 00:02:14,239 Speaker 1: It's an extra repayment calculator at a combined lumpsung. You 46 00:02:14,360 --> 00:02:16,920 Speaker 1: just simply plug in your details and see what an 47 00:02:16,960 --> 00:02:19,640 Speaker 1: extra fifty dollars per month, plus say an extra thousand 48 00:02:19,680 --> 00:02:22,560 Speaker 1: dollars bonus each year on your homelan doesn't see the 49 00:02:22,680 --> 00:02:25,720 Speaker 1: term drop and see the amount of savings add up. 50 00:02:25,760 --> 00:02:28,120 Speaker 1: And of course that's subject to interest rates remaining the 51 00:02:28,160 --> 00:02:30,760 Speaker 1: same and of course making sure you don't draw that 52 00:02:30,800 --> 00:02:33,240 Speaker 1: money back out again. But you have a choice, and 53 00:02:33,280 --> 00:02:35,320 Speaker 1: you really can actually pay off the whole mortgage so 54 00:02:35,360 --> 00:02:37,920 Speaker 1: much faster. You are not dictated by the bank or 55 00:02:37,960 --> 00:02:40,839 Speaker 1: your lender. But look, let's get cracking because we've got 56 00:02:40,880 --> 00:02:42,840 Speaker 1: seven ideas that we want to break down together as 57 00:02:42,880 --> 00:02:44,680 Speaker 1: to how to pay off your home loan off as 58 00:02:44,760 --> 00:02:47,480 Speaker 1: quickly as possible. Before we begin, I'm just sorry, I 59 00:02:47,520 --> 00:02:48,800 Speaker 1: just don't want to hit the gray money. Can you 60 00:02:48,840 --> 00:02:51,040 Speaker 1: just give everyone the quick introductionist to who you are, 61 00:02:51,040 --> 00:02:53,240 Speaker 1: because obviously everyone's used to hearing Adam on the show. 62 00:02:53,240 --> 00:02:55,120 Speaker 1: Can you explain to everyone what you do and how 63 00:02:55,160 --> 00:02:56,200 Speaker 1: you fit in at Blue Lantern. 64 00:02:56,360 --> 00:02:59,959 Speaker 2: Sure, So there's a few brokers at Lantern. I'm Johnny. 65 00:03:00,080 --> 00:03:02,320 Speaker 3: Let's see on one of the team, and so we 66 00:03:02,440 --> 00:03:06,360 Speaker 3: bread the workout evenly between the team, depending on a speciality, 67 00:03:06,560 --> 00:03:09,440 Speaker 3: depending on who's available, depending on you know, where that 68 00:03:09,440 --> 00:03:11,840 Speaker 3: client has come from. So there's always good coverage for 69 00:03:11,919 --> 00:03:14,359 Speaker 3: anyone that wants to come and have a chat with us, 70 00:03:14,480 --> 00:03:16,560 Speaker 3: do a mortgage health check, get ready for a purchase. 71 00:03:16,680 --> 00:03:19,600 Speaker 3: So briefly, that's my work splits into two. So it's 72 00:03:19,639 --> 00:03:22,720 Speaker 3: either helping people purchase the property, but then importantly staying 73 00:03:22,720 --> 00:03:24,839 Speaker 3: with them after that, you know, working with them through 74 00:03:24,840 --> 00:03:26,920 Speaker 3: the life of the loan to ensure that you know, 75 00:03:26,960 --> 00:03:29,600 Speaker 3: they are trying to minimize interest costs and they are 76 00:03:29,720 --> 00:03:32,600 Speaker 3: getting to total home ownership or at least comfortable levels 77 00:03:32,600 --> 00:03:33,840 Speaker 3: of debt as soon as possible. 78 00:03:33,880 --> 00:03:37,120 Speaker 1: That ongoing service is completely underestimated. And I say that 79 00:03:37,200 --> 00:03:40,400 Speaker 1: because I know how much I rely on Blue Land 80 00:03:40,480 --> 00:03:42,440 Speaker 1: and to review my home loan, to call the bank 81 00:03:42,440 --> 00:03:44,760 Speaker 1: on my behalf and negotiate a better interest rate, you know, 82 00:03:44,800 --> 00:03:47,080 Speaker 1: when it's time to refinance, because the bank won't match 83 00:03:47,160 --> 00:03:49,600 Speaker 1: what they're paying new customers or what the competitive rate is. 84 00:03:49,800 --> 00:03:51,920 Speaker 1: And that guidance as to how to actually structure the 85 00:03:51,960 --> 00:03:53,280 Speaker 1: loans in the right way, because there are lots of 86 00:03:53,320 --> 00:03:55,600 Speaker 1: ways to pay your home loft and lots of different 87 00:03:55,640 --> 00:03:57,760 Speaker 1: ways that suit different people in different situations or different 88 00:03:57,760 --> 00:04:01,480 Speaker 1: periods of their lives. So that ongoing service is actually free, 89 00:04:01,480 --> 00:04:01,800 Speaker 1: isn't it. 90 00:04:01,880 --> 00:04:04,360 Speaker 3: That's exactly right, And I'll go into more detail about 91 00:04:04,360 --> 00:04:04,760 Speaker 3: this later. 92 00:04:05,240 --> 00:04:07,400 Speaker 2: Because of our business model, not all brokes are the same. 93 00:04:07,440 --> 00:04:09,960 Speaker 3: We are compelled, you know, to look after you and 94 00:04:10,000 --> 00:04:12,520 Speaker 3: to give you options and to make sure that everything's 95 00:04:12,560 --> 00:04:14,880 Speaker 3: working well for you. And this is no disrespect to 96 00:04:14,920 --> 00:04:17,880 Speaker 3: banks because obviously we do source funding from banks. We've 97 00:04:17,880 --> 00:04:20,120 Speaker 3: work with them, we work with them, but they are 98 00:04:20,160 --> 00:04:22,640 Speaker 3: not compelled to do anything. They only have to explain 99 00:04:22,680 --> 00:04:23,679 Speaker 3: their products and services. 100 00:04:23,680 --> 00:04:23,960 Speaker 2: That's it. 101 00:04:24,040 --> 00:04:25,760 Speaker 1: Look for anyone who is a mortgage right now, they've 102 00:04:25,920 --> 00:04:28,920 Speaker 1: never had any ongoing relationship in helping power their bank. 103 00:04:28,960 --> 00:04:30,480 Speaker 1: Can this be your sign to pick up the phone 104 00:04:30,480 --> 00:04:32,600 Speaker 1: and find a good quality mortgage broker that's going to 105 00:04:32,640 --> 00:04:34,040 Speaker 1: work with you. And you know, the way I would 106 00:04:34,040 --> 00:04:36,440 Speaker 1: describe what you guys do is you're almost like a coach. 107 00:04:37,120 --> 00:04:39,640 Speaker 1: And look, Adam has always done our home loans and 108 00:04:39,640 --> 00:04:42,000 Speaker 1: investment loans, and I have him on speed dial, and 109 00:04:42,400 --> 00:04:46,080 Speaker 1: it makes it makes the difference because you do make 110 00:04:46,200 --> 00:04:49,320 Speaker 1: greater inroads and you make better progress and you tick 111 00:04:49,360 --> 00:04:52,880 Speaker 1: those goals off. So all right, let's get started. Number one. 112 00:04:52,960 --> 00:04:54,400 Speaker 1: The first thing to do, and when it comes to 113 00:04:54,480 --> 00:04:55,919 Speaker 1: trying to pay for your home loan as quickly as 114 00:04:55,960 --> 00:04:58,240 Speaker 1: possible is to do a budget. But can you explain 115 00:04:58,680 --> 00:05:00,280 Speaker 1: why and how effective this is? 116 00:05:00,520 --> 00:05:04,120 Speaker 3: Certainly, so to try and determine, okay, where could you 117 00:05:04,160 --> 00:05:06,440 Speaker 3: make savings and where can you make inroads? You've got 118 00:05:06,480 --> 00:05:10,039 Speaker 3: to understand what your current expenditure is and try to 119 00:05:10,080 --> 00:05:13,720 Speaker 3: categorize it. To think about categories such as your mortgagey payments. 120 00:05:13,720 --> 00:05:20,280 Speaker 3: Obviously that's the first start, but then things like utilities, rates, insurances, communications, expenditure, 121 00:05:20,400 --> 00:05:22,719 Speaker 3: so those things that you might think, okay, well they're 122 00:05:22,720 --> 00:05:25,240 Speaker 3: sort of fixed in nature. And then there's other categories 123 00:05:25,240 --> 00:05:30,440 Speaker 3: such as groceries, eating out, recreation, entertainment, which are more discretionary, right. 124 00:05:30,279 --> 00:05:33,120 Speaker 1: And't mentalize these expenses exactly, so you can sort of 125 00:05:33,360 --> 00:05:37,200 Speaker 1: focus purely on looking at the utilities expenses, the gas, electricity, 126 00:05:37,320 --> 00:05:39,479 Speaker 1: the water, see what you can't really do too much with. 127 00:05:39,920 --> 00:05:42,520 Speaker 1: And then obviously look at the groceries, alcohol, you know, 128 00:05:42,560 --> 00:05:46,919 Speaker 1: those other inns absolutely which are more volatile or fluctuate. 129 00:05:47,080 --> 00:05:47,279 Speaker 2: Yeah. 130 00:05:47,320 --> 00:05:48,960 Speaker 3: So I have people who say, oh, you know, my 131 00:05:49,000 --> 00:05:51,359 Speaker 3: credit card bill is three thousand dollars a month, so 132 00:05:51,400 --> 00:05:54,080 Speaker 3: that's my expenses. But that's just to have one number. 133 00:05:54,360 --> 00:05:57,120 Speaker 3: It's hard to make inroads into it unless you break 134 00:05:57,160 --> 00:05:59,640 Speaker 3: down that number and see, okay, where can I perhaps 135 00:05:59,680 --> 00:06:01,600 Speaker 3: improve what can't be improved, So. 136 00:06:01,560 --> 00:06:04,520 Speaker 1: You've got to do a deep dive. Yes, I completely agree. Now, 137 00:06:04,640 --> 00:06:06,440 Speaker 1: you and I were chatting on the phone and we 138 00:06:06,440 --> 00:06:09,520 Speaker 1: were talking about this thing called bank statements dot com 139 00:06:09,560 --> 00:06:11,400 Speaker 1: and you've given me example, and I have to say 140 00:06:11,560 --> 00:06:14,239 Speaker 1: it's quite fascinating because it basically is a software system 141 00:06:14,279 --> 00:06:15,960 Speaker 1: that breaks down and does all that. It's almost like 142 00:06:15,960 --> 00:06:19,000 Speaker 1: an AI of budgeting because it breaks down, it compartmentalizes 143 00:06:19,040 --> 00:06:20,640 Speaker 1: everything for you so you don't need to do it yourself. 144 00:06:20,800 --> 00:06:22,719 Speaker 1: So then you can then look at each individual category 145 00:06:22,760 --> 00:06:24,440 Speaker 1: and see what needs to be cut down or cut out. 146 00:06:24,480 --> 00:06:27,640 Speaker 1: Can you explain how you use this to help clients 147 00:06:27,720 --> 00:06:29,680 Speaker 1: and also how does someone get their hands on this, 148 00:06:29,720 --> 00:06:31,000 Speaker 1: because it's extremely helpful. 149 00:06:31,120 --> 00:06:33,520 Speaker 3: So when I do a mortgage, health check, or a 150 00:06:33,560 --> 00:06:37,120 Speaker 3: brief finance or even a purchase. Part of that process 151 00:06:37,400 --> 00:06:40,440 Speaker 3: is understanding living expenses. And then when it comes to 152 00:06:40,480 --> 00:06:43,919 Speaker 3: getting data from people, so for example, credit card statements, 153 00:06:44,040 --> 00:06:47,400 Speaker 3: personal loan statements, home loan statements, we have this service 154 00:06:47,440 --> 00:06:51,520 Speaker 3: whereby it's automated, it's secure, where the statements come directly 155 00:06:51,560 --> 00:06:54,960 Speaker 3: to us. And then importantly with that comes an analysis 156 00:06:55,200 --> 00:06:59,159 Speaker 3: of expenses. Okay, And that's important because someone might say, oh, yeah, 157 00:06:59,200 --> 00:07:02,640 Speaker 3: we spend you know, three hundred dollars on recreation and entertainment. 158 00:07:02,720 --> 00:07:05,680 Speaker 3: Then the data says, well, it's one thousand dollars, right, 159 00:07:05,720 --> 00:07:07,440 Speaker 3: and there's no wrong or right answer. But then it's 160 00:07:07,440 --> 00:07:10,120 Speaker 3: a conversation to say, do you want to limit your 161 00:07:10,360 --> 00:07:12,880 Speaker 3: recreation attainment to three hundred or is it actually one 162 00:07:12,880 --> 00:07:14,120 Speaker 3: thousand dollars a month? 163 00:07:14,200 --> 00:07:15,760 Speaker 2: And you don't want that to change? 164 00:07:15,960 --> 00:07:19,480 Speaker 3: Okay, So that's just a conversations awareness. 165 00:07:19,560 --> 00:07:20,640 Speaker 2: It creates awareness. 166 00:07:20,760 --> 00:07:22,680 Speaker 3: You hear stories in the media about, you know, the 167 00:07:22,680 --> 00:07:25,440 Speaker 3: bank look through my expenses and they questioned why I 168 00:07:25,480 --> 00:07:26,800 Speaker 3: was going to McDonald's every week. 169 00:07:27,600 --> 00:07:30,160 Speaker 2: I don't care. You know, maybe invite me longto McDonald's. 170 00:07:30,160 --> 00:07:32,800 Speaker 2: I don't know. But it's not a deep dive. 171 00:07:32,840 --> 00:07:36,240 Speaker 3: I don't go into what you're spending on where it's 172 00:07:36,280 --> 00:07:39,000 Speaker 3: more the headline numbers. If you want to, if you 173 00:07:39,040 --> 00:07:41,080 Speaker 3: want the data to go in and perhaps look where 174 00:07:41,120 --> 00:07:42,640 Speaker 3: you can improve, fine, I'll give it to you. But 175 00:07:42,720 --> 00:07:46,040 Speaker 3: it's not a deep dive exercise for me into too 176 00:07:46,080 --> 00:07:49,560 Speaker 3: far down. And there's no judgment in the process at all. 177 00:07:49,720 --> 00:07:51,720 Speaker 1: Oh gosh. I mean you and I both know there's 178 00:07:51,760 --> 00:07:54,360 Speaker 1: no judgment where it comes to people's personal finances. You know, 179 00:07:54,480 --> 00:07:56,720 Speaker 1: everyone has their own personal value system, and for us, 180 00:07:56,760 --> 00:07:58,320 Speaker 1: at really the end of the days, we're there to help. 181 00:07:58,480 --> 00:08:00,440 Speaker 1: So if someone comes from saying we need help, we'll 182 00:08:00,440 --> 00:08:02,160 Speaker 1: look at it with a view to help, not to 183 00:08:02,440 --> 00:08:04,160 Speaker 1: of you to judge. And I mean, look, I've got 184 00:08:04,200 --> 00:08:05,560 Speaker 1: an example in front of you right now that you've 185 00:08:05,560 --> 00:08:07,520 Speaker 1: given me, and I have to say it's brilliant because 186 00:08:07,680 --> 00:08:09,960 Speaker 1: immediately my eye went to certain expenses. I was like, 187 00:08:09,960 --> 00:08:11,560 Speaker 1: oh wow, you know you could actually make an extra 188 00:08:11,640 --> 00:08:14,280 Speaker 1: eighty dollars per month for repayment just by looking at 189 00:08:14,280 --> 00:08:16,760 Speaker 1: this one particular expense. It really does break it down. 190 00:08:16,840 --> 00:08:18,800 Speaker 1: So I mean, I'll put for everyone that's listening right now, 191 00:08:18,960 --> 00:08:22,240 Speaker 1: obviously John's contact details, but I believe you're happy to 192 00:08:22,680 --> 00:08:24,240 Speaker 1: give some people access. 193 00:08:23,880 --> 00:08:26,440 Speaker 2: To this as part of a mortgage health check. 194 00:08:26,440 --> 00:08:27,920 Speaker 1: As part of the mortgage health check. So, I mean, 195 00:08:27,920 --> 00:08:30,560 Speaker 1: what a brilliant opportunity for everyone to get a great 196 00:08:30,600 --> 00:08:33,439 Speaker 1: refresh of their budget through this amazing service and get 197 00:08:33,440 --> 00:08:36,480 Speaker 1: some help from you. So all right, Realistically, people think, oh, 198 00:08:36,600 --> 00:08:38,880 Speaker 1: a budget, it's like doing going to the dentist. You 199 00:08:38,920 --> 00:08:42,240 Speaker 1: don't want to do it, you procrastinate. But the smallest savings, 200 00:08:42,360 --> 00:08:45,240 Speaker 1: this particularly a regular basis on a mortgage, can actually 201 00:08:45,320 --> 00:08:47,840 Speaker 1: save you thousands of dollars exactly. Can you give us 202 00:08:47,840 --> 00:08:51,480 Speaker 1: a couple of realistic examples to how much you know, 203 00:08:51,600 --> 00:08:53,679 Speaker 1: some you know, say one hundred and fifty dollars per 204 00:08:53,679 --> 00:08:56,040 Speaker 1: month that you might find from your budget when applied 205 00:08:56,080 --> 00:08:58,520 Speaker 1: to making an extra repayment on your homeland. How much 206 00:08:58,720 --> 00:09:01,080 Speaker 1: really are we talking about? Because I feel like when 207 00:09:01,120 --> 00:09:02,760 Speaker 1: people hear that how much, they'll say they'll want to 208 00:09:02,760 --> 00:09:04,800 Speaker 1: go do their budget immediately. So can you give us 209 00:09:04,800 --> 00:09:08,160 Speaker 1: an example, a realistic example as to how much someone 210 00:09:08,400 --> 00:09:10,880 Speaker 1: can save from a time point of view and from 211 00:09:10,880 --> 00:09:13,240 Speaker 1: an interest point of view by doing their budget and 212 00:09:13,280 --> 00:09:15,560 Speaker 1: fighting say an extra hundred dollars or extra fifty dollars 213 00:09:15,640 --> 00:09:17,280 Speaker 1: or an extra hundred and fifty dollars per month that 214 00:09:17,280 --> 00:09:18,520 Speaker 1: they can apply to their homelan. 215 00:09:18,679 --> 00:09:18,959 Speaker 2: Sure. 216 00:09:19,040 --> 00:09:20,880 Speaker 3: I call it the power of small amounts of money, 217 00:09:20,920 --> 00:09:22,920 Speaker 3: and it shouldn't be sneezed at. So I will do 218 00:09:22,920 --> 00:09:25,400 Speaker 3: it on an annual basis. So that way, maybe that's 219 00:09:25,400 --> 00:09:27,839 Speaker 3: even that's more achievable for someone. If someone puts a 220 00:09:27,880 --> 00:09:31,319 Speaker 3: thousand dollars extra on their home loaner per year, yeah, 221 00:09:31,360 --> 00:09:35,160 Speaker 3: per year, right, that thousand dollars saves five thousand dollars 222 00:09:35,200 --> 00:09:35,640 Speaker 3: in interest. 223 00:09:35,720 --> 00:09:38,080 Speaker 1: Wow, so that's not even one hundred dollars per month, 224 00:09:38,080 --> 00:09:40,199 Speaker 1: that's right. What are we using as an average mortgage 225 00:09:40,200 --> 00:09:40,720 Speaker 1: size here? 226 00:09:40,840 --> 00:09:43,920 Speaker 3: So that's for a five hundred thousand dollars average mortgage size. 227 00:09:43,960 --> 00:09:46,839 Speaker 3: Even up to eight point fifty, the saving is a 228 00:09:46,840 --> 00:09:50,240 Speaker 3: little bit more. But just think in rough terms, one 229 00:09:50,240 --> 00:09:53,440 Speaker 3: thousand dollars on five thousand dollars off in interest. 230 00:09:53,559 --> 00:09:54,440 Speaker 1: That is amazing. 231 00:09:54,440 --> 00:09:56,400 Speaker 2: And what's the average interest rate you're using that I'm 232 00:09:56,440 --> 00:09:57,679 Speaker 2: using six point one five. 233 00:09:57,600 --> 00:09:59,959 Speaker 1: Six point one five, okay, so that's a pretty competitive rate. 234 00:10:00,000 --> 00:10:04,120 Speaker 1: That's computer greedy in these numbers. So essentially it's like 235 00:10:04,360 --> 00:10:08,440 Speaker 1: that one thousand dollars savings gives you back an additional 236 00:10:08,480 --> 00:10:10,600 Speaker 1: four thousand dollars in total, that's. 237 00:10:10,480 --> 00:10:14,520 Speaker 3: Right, and the average time, so think about it takes 238 00:10:14,600 --> 00:10:16,040 Speaker 3: two to three months off your loan. 239 00:10:16,360 --> 00:10:16,720 Speaker 2: Wow. 240 00:10:16,840 --> 00:10:19,400 Speaker 3: Okay, so then again you do that every year, and 241 00:10:19,440 --> 00:10:22,560 Speaker 3: then you're starting to get into not months, but potentially 242 00:10:22,640 --> 00:10:23,800 Speaker 3: years at the end of the mortgage. 243 00:10:23,800 --> 00:10:25,400 Speaker 1: Well if you feel most people are on a thirty 244 00:10:25,480 --> 00:10:28,120 Speaker 1: year mortgage. So if it's shaving two months off each 245 00:10:28,160 --> 00:10:30,840 Speaker 1: time you do this, it adds up very very quickly. 246 00:10:30,920 --> 00:10:33,679 Speaker 1: And also, as I said, like, that's what eight hundred 247 00:10:33,679 --> 00:10:36,560 Speaker 1: and eighty dollars a month extra pay, not even twenty 248 00:10:36,640 --> 00:10:38,440 Speaker 1: dollars a week, that's right. And if that is not 249 00:10:38,480 --> 00:10:41,040 Speaker 1: a bigger motivation to go and do a budget or 250 00:10:41,120 --> 00:10:42,880 Speaker 1: get a health check done by you and get an 251 00:10:42,920 --> 00:10:45,000 Speaker 1: AI program to do your budget, I don't know what 252 00:10:45,160 --> 00:10:48,080 Speaker 1: is all right? Next idea, let's talk about redraw facilities 253 00:10:48,080 --> 00:10:51,080 Speaker 1: and offset accounts. Okay, how do they work? And how 254 00:10:51,240 --> 00:10:53,480 Speaker 1: can I everyone listening right now use that to their 255 00:10:53,520 --> 00:10:56,000 Speaker 1: advantage to save tens of thousand dollars for their homeland. 256 00:10:56,200 --> 00:10:58,760 Speaker 3: Sure, so whether you use a redrawal facility or offset 257 00:10:58,800 --> 00:11:00,600 Speaker 3: it has the same effect that simple. 258 00:11:00,679 --> 00:11:02,720 Speaker 1: Okay, Can we explain the difference for everyone right now 259 00:11:02,880 --> 00:11:03,520 Speaker 1: between the two. 260 00:11:03,640 --> 00:11:06,480 Speaker 3: So that one thousand dollars we're talking about, you can 261 00:11:06,559 --> 00:11:08,880 Speaker 3: pay that off your loan right and then if it 262 00:11:08,880 --> 00:11:11,960 Speaker 3: has a redraw of facility, you can get that back 263 00:11:12,000 --> 00:11:12,640 Speaker 3: if you need it. 264 00:11:13,080 --> 00:11:15,680 Speaker 2: The discipline is not not getting touched. It's not to. 265 00:11:15,440 --> 00:11:17,839 Speaker 3: Touch it, okay, but at least whilst it's in there, 266 00:11:18,040 --> 00:11:21,080 Speaker 3: it's saving you money. So you will literally see if 267 00:11:21,120 --> 00:11:22,959 Speaker 3: you put one thousand dollars in, if your mortgage is 268 00:11:23,000 --> 00:11:25,240 Speaker 3: eight fifty, it will come down to eight forty nine, okay, 269 00:11:25,240 --> 00:11:26,920 Speaker 3: So you will see the difference. 270 00:11:26,720 --> 00:11:28,320 Speaker 1: And you'll low to be charged the interest on the 271 00:11:28,360 --> 00:11:29,960 Speaker 1: eight four nine exactly exactly. 272 00:11:30,080 --> 00:11:31,240 Speaker 2: Cotant part exactly. 273 00:11:31,320 --> 00:11:34,480 Speaker 3: Now, if you put one thousand dollars in an offset account, 274 00:11:34,679 --> 00:11:36,280 Speaker 3: same thing, same effect, So that. 275 00:11:36,480 --> 00:11:39,160 Speaker 1: Since they're almost looking like savings in the offset account, 276 00:11:39,120 --> 00:11:41,720 Speaker 1: that's right, like it literally looks like an online savings account, 277 00:11:41,720 --> 00:11:43,680 Speaker 1: that's right link to all you accounts, but it's actually 278 00:11:43,920 --> 00:11:46,520 Speaker 1: offsetting the interest. So instead of the bank charging you 279 00:11:46,600 --> 00:11:48,920 Speaker 1: interest on eight hundred and fifty thousand, it's charging your 280 00:11:49,040 --> 00:11:52,480 Speaker 1: interests on eight hundred and forty nine exactly, okay, exactly 281 00:11:52,720 --> 00:11:54,160 Speaker 1: out of interest. Which do you prefer? 282 00:11:54,480 --> 00:11:59,880 Speaker 3: I prefer offset accounts? Personal choice just like the flexibility 283 00:11:59,880 --> 00:12:03,000 Speaker 3: of having the money there. And also there are investment 284 00:12:03,080 --> 00:12:06,400 Speaker 3: properties in play, and therefore I don't want to put 285 00:12:06,520 --> 00:12:09,920 Speaker 3: money on the loan because I need the funds, and 286 00:12:09,960 --> 00:12:12,400 Speaker 3: I don't because once you put money on into investment loan, 287 00:12:12,559 --> 00:12:14,800 Speaker 3: you can't redraw it back without affecting your accounting. 288 00:12:14,840 --> 00:12:17,280 Speaker 1: Can you give us an example of, you know, for example, 289 00:12:17,320 --> 00:12:20,240 Speaker 1: emergency money. I tell everybody you need to have emergency money, 290 00:12:20,280 --> 00:12:21,720 Speaker 1: and you need to have the right emergency money. And 291 00:12:21,760 --> 00:12:23,640 Speaker 1: I say to people, you know, if you can keep 292 00:12:23,679 --> 00:12:26,200 Speaker 1: your emergency money in either your offset account or a 293 00:12:26,240 --> 00:12:30,079 Speaker 1: redraw facility, how much does that save people in time 294 00:12:30,200 --> 00:12:32,880 Speaker 1: and money? Using those same examples of say it, I 295 00:12:32,920 --> 00:12:34,880 Speaker 1: think a six to fifty mortgage, or sorry, five hundred 296 00:12:34,920 --> 00:12:38,439 Speaker 1: thousand dollar mortgage, an eight hundred thousand dollars mortgage. 297 00:12:38,120 --> 00:12:42,520 Speaker 2: Okay, So let's use the figure of ten thousand dollars. Okay. 298 00:12:42,600 --> 00:12:44,760 Speaker 3: So let's just say you have been able to save 299 00:12:44,800 --> 00:12:47,880 Speaker 3: ten thousand dollars and that's your emergency funds, yes, okay, 300 00:12:48,480 --> 00:12:51,000 Speaker 3: And let's say you put them in an offset account. 301 00:12:51,040 --> 00:12:54,559 Speaker 2: Okay. So on an eight fifty loan. 302 00:12:54,800 --> 00:12:58,440 Speaker 3: The savings are over the life of the loan, fifty 303 00:12:58,480 --> 00:13:01,839 Speaker 3: one thousand dollars will be paid nine months. 304 00:13:01,559 --> 00:13:04,200 Speaker 1: Earlier, assuming you don't take my emergency money out. Yes, 305 00:13:04,280 --> 00:13:08,040 Speaker 1: that is huge, fifty one thousand dollars. So just in 306 00:13:08,080 --> 00:13:11,640 Speaker 1: our first two tips alone, you know we've saved what 307 00:13:12,360 --> 00:13:15,640 Speaker 1: five thousand dollars by making an extra one thousand dollars 308 00:13:15,679 --> 00:13:19,480 Speaker 1: zero in payments each year yep, and then an extra 309 00:13:19,720 --> 00:13:23,440 Speaker 1: fifty one thousand dollars by using a redraw facility or 310 00:13:23,480 --> 00:13:26,040 Speaker 1: an offset account. Anyone that's listening to this episode right 311 00:13:26,040 --> 00:13:29,120 Speaker 1: now that has emergency money sitting in an online savings 312 00:13:29,160 --> 00:13:33,400 Speaker 1: account that's not connected to your home loan, please consider 313 00:13:33,480 --> 00:13:38,199 Speaker 1: getting some advice, obviously from John or from you know, 314 00:13:38,480 --> 00:13:41,160 Speaker 1: your own mortgage broker, about the best way to structure 315 00:13:41,240 --> 00:13:44,280 Speaker 1: is look into a redraw facility or an offset account. 316 00:13:44,280 --> 00:13:46,840 Speaker 1: And most of these facilities are free. They're part of 317 00:13:47,000 --> 00:13:48,240 Speaker 1: your loan package anyway. 318 00:13:48,360 --> 00:13:51,080 Speaker 3: Some banks charge a package fee. Some banks don't charge 319 00:13:51,080 --> 00:13:52,480 Speaker 3: a package fee at all, but they still give you 320 00:13:52,520 --> 00:13:55,560 Speaker 3: an offset account. Then you can get really creative. Some people, 321 00:13:55,720 --> 00:13:57,679 Speaker 3: rightly or wrongly, they may not have the discipline. They 322 00:13:57,679 --> 00:14:00,920 Speaker 3: may have a certain way of banking, and for those clients, 323 00:14:01,080 --> 00:14:04,360 Speaker 3: if everything else matches up, for them, I suggest a 324 00:14:04,440 --> 00:14:06,679 Speaker 3: lender that has multiple offset accounts, so they can have 325 00:14:06,800 --> 00:14:09,040 Speaker 3: one account for the emergency funds where they don't have 326 00:14:09,120 --> 00:14:10,400 Speaker 3: to touch where it's they don't have to do the 327 00:14:10,480 --> 00:14:12,600 Speaker 3: everyday banking, and then they have other accounts that they 328 00:14:12,679 --> 00:14:15,840 Speaker 3: use for every day banking. And on that basis, that's 329 00:14:16,360 --> 00:14:19,640 Speaker 3: excellent because every dollar in every account every day is 330 00:14:19,680 --> 00:14:20,640 Speaker 3: offsetting against the loan. 331 00:14:20,760 --> 00:14:22,720 Speaker 1: This is a little insight. My preference is actually a 332 00:14:22,760 --> 00:14:25,760 Speaker 1: redraw facility, So our emergency money systs in a redraw facility. 333 00:14:25,800 --> 00:14:28,160 Speaker 1: I actually just checked it this morning and it's slowly 334 00:14:28,200 --> 00:14:31,000 Speaker 1: getting back up there again. But we do have multiple 335 00:14:31,080 --> 00:14:34,840 Speaker 1: offset accounts for our other smaller goals, like we're saving 336 00:14:34,880 --> 00:14:37,280 Speaker 1: up to renovate our kitchen, we are saving up to 337 00:14:37,280 --> 00:14:41,320 Speaker 1: take the kids skiing overseas in June, So we have 338 00:14:41,400 --> 00:14:44,120 Speaker 1: those little smaller accounts bubbling away that are at least 339 00:14:44,160 --> 00:14:46,680 Speaker 1: offsetting the interest on other loans as well. So it 340 00:14:47,400 --> 00:14:51,360 Speaker 1: really is that combination is equally as powerful, but incredibly 341 00:14:51,360 --> 00:14:53,360 Speaker 1: effective and in saving you all the time. And I 342 00:14:53,440 --> 00:14:56,120 Speaker 1: love as a great source of motivation is that when 343 00:14:56,480 --> 00:14:58,520 Speaker 1: we pay our mortgage, I think around the twenty six 344 00:14:58,600 --> 00:15:00,800 Speaker 1: of every month and a couple ofdays later, I'll log 345 00:15:00,800 --> 00:15:03,080 Speaker 1: into my intet banking and look at the interest repayment 346 00:15:03,440 --> 00:15:06,280 Speaker 1: dropping and seeing that we're making a bigger, better progress 347 00:15:06,320 --> 00:15:07,240 Speaker 1: with that deduction. 348 00:15:07,480 --> 00:15:09,360 Speaker 3: Everyone has their own motivation. I think it's important to 349 00:15:09,360 --> 00:15:12,400 Speaker 3: find your own motivation. Everyone has their own personal preferences. Yeah, 350 00:15:12,440 --> 00:15:16,000 Speaker 3: I've used redrawer in the past for different reasons. As again, 351 00:15:16,080 --> 00:15:18,840 Speaker 3: it's just my that's my personal preference, and it's about 352 00:15:18,840 --> 00:15:20,560 Speaker 3: finding what works works for you. 353 00:15:20,760 --> 00:15:23,360 Speaker 1: All right, let's keep these savings bubbling long for our listeners. 354 00:15:23,360 --> 00:15:26,800 Speaker 1: So number three making ad hoc repayments. So you know 355 00:15:27,040 --> 00:15:28,680 Speaker 1: a lot, I know everyone's on a really tape budget. 356 00:15:28,680 --> 00:15:29,920 Speaker 1: They're like, where are we going to come up with 357 00:15:29,960 --> 00:15:32,560 Speaker 1: some extra ad hoc money? Well, you know, taking on 358 00:15:32,640 --> 00:15:35,840 Speaker 1: extra work. Perhaps you might get a tax refund. You know, 359 00:15:35,960 --> 00:15:38,240 Speaker 1: you might do a side hustle, you might declutter your home. 360 00:15:38,280 --> 00:15:40,960 Speaker 1: You know, gosh, my kids stayed to outgrow. They're all 361 00:15:40,960 --> 00:15:42,600 Speaker 1: going through gross spurts. And I've got so many things 362 00:15:42,640 --> 00:15:45,239 Speaker 1: that I could just list onto gum Tree or Facebook marketplace. 363 00:15:45,560 --> 00:15:48,360 Speaker 1: You know, even just an extra like one thousand dollars 364 00:15:48,400 --> 00:15:50,960 Speaker 1: can have an incredible effect. So we just quickly talk 365 00:15:51,000 --> 00:15:52,600 Speaker 1: about the power of ad hoc repayments. 366 00:15:52,680 --> 00:15:55,720 Speaker 3: Yeah, so ad hoc repayments I think, if they can 367 00:15:55,760 --> 00:15:58,560 Speaker 3: be achieved, you know, are excellent because that's where you 368 00:15:58,800 --> 00:16:00,800 Speaker 3: really start eating into your mortgage. 369 00:16:01,000 --> 00:16:02,840 Speaker 2: Right. The savings tips, yeah, they can be done. 370 00:16:02,960 --> 00:16:05,920 Speaker 3: But the extra the ad hoc then again, you know 371 00:16:06,000 --> 00:16:07,920 Speaker 3: we're getting back to that. If you can find a 372 00:16:07,960 --> 00:16:10,760 Speaker 3: thousand dollars savings, and even if you find that extra 373 00:16:10,840 --> 00:16:14,840 Speaker 3: thousand dollars in income or cash or or whatever, again, 374 00:16:15,120 --> 00:16:17,760 Speaker 3: every one thousand dollars is a five thousand dollars saving. 375 00:16:17,920 --> 00:16:20,280 Speaker 1: Wow. Did you know that the average Australian gets back 376 00:16:20,280 --> 00:16:22,560 Speaker 1: about two and a half thousand dollars per annum as 377 00:16:22,600 --> 00:16:23,240 Speaker 1: a tax return. 378 00:16:23,400 --> 00:16:24,440 Speaker 2: No, I was not aware of that. 379 00:16:24,800 --> 00:16:28,160 Speaker 1: So if we were to insteader of put one thousand 380 00:16:28,200 --> 00:16:30,240 Speaker 1: dollars onto the homelan, we put two and a half 381 00:16:30,240 --> 00:16:32,480 Speaker 1: thousand dollars, or even to say, let's say we take 382 00:16:32,520 --> 00:16:34,640 Speaker 1: put two thousand on the home loan and keep five 383 00:16:34,720 --> 00:16:36,600 Speaker 1: hundred for ourselves to keep a bit of you know, 384 00:16:36,720 --> 00:16:39,520 Speaker 1: I guess financial flow in our lives. I mean those 385 00:16:39,560 --> 00:16:43,120 Speaker 1: savings multiply. It's not just doubling it. It actually goes for 386 00:16:43,240 --> 00:16:46,600 Speaker 1: pounds because it's reverse compounding, so that savings is probably 387 00:16:46,600 --> 00:16:49,080 Speaker 1: more like closer to eleven thousand dollars, and you know 388 00:16:49,080 --> 00:16:52,000 Speaker 1: you're saving what probably four or five months off the 389 00:16:52,040 --> 00:16:52,360 Speaker 1: home loan. 390 00:16:52,400 --> 00:16:55,200 Speaker 3: Again, that's exactly right, So just think every thousand dollars, 391 00:16:55,280 --> 00:16:57,880 Speaker 3: think five thousand, and think you know a few months 392 00:16:57,880 --> 00:16:58,880 Speaker 3: off the home loan, home loan. 393 00:17:00,040 --> 00:17:01,200 Speaker 1: One who's listening right now? Can I just do a 394 00:17:01,280 --> 00:17:03,960 Speaker 1: quick shout out to two very powerful calculators. The one 395 00:17:04,000 --> 00:17:06,080 Speaker 1: is obviously on the Sugar Mama website. It is my 396 00:17:06,160 --> 00:17:08,000 Speaker 1: lump Summon extra payment or a calculat where you can 397 00:17:08,000 --> 00:17:10,920 Speaker 1: actually combine the two of increasing your mortgage payments after 398 00:17:10,920 --> 00:17:13,400 Speaker 1: doing a budget and making those extra ad hoc repayments, 399 00:17:13,400 --> 00:17:15,639 Speaker 1: you can see how the combination of the two how 400 00:17:15,720 --> 00:17:17,560 Speaker 1: much time and money they save you. And then of 401 00:17:17,560 --> 00:17:21,040 Speaker 1: course heading over to the Blue Lantern Financial Services website 402 00:17:21,080 --> 00:17:24,919 Speaker 1: because you have a rainbow of calculators that everyone can 403 00:17:25,040 --> 00:17:28,200 Speaker 1: use that actually demonstrate how much more money you can save, 404 00:17:28,240 --> 00:17:30,639 Speaker 1: and they're a really great source of motivation and empowerment 405 00:17:31,040 --> 00:17:33,960 Speaker 1: to really look at realistically paying off your mortgage as 406 00:17:34,000 --> 00:17:36,200 Speaker 1: soon as as possible. But it's not unrealistick to drop 407 00:17:36,240 --> 00:17:38,080 Speaker 1: your mortgage. I think from thirty years down to twenty 408 00:17:38,080 --> 00:17:40,240 Speaker 1: five years if you apply some of these principles we're 409 00:17:40,240 --> 00:17:41,520 Speaker 1: talking right now, would you agree with that? 410 00:17:41,560 --> 00:17:42,080 Speaker 2: Absolutely? 411 00:17:42,160 --> 00:17:44,520 Speaker 1: Yeah? All right. Next one, this is a really important 412 00:17:44,520 --> 00:17:48,080 Speaker 1: one because we all get very lazy and overwhelmed, and 413 00:17:48,119 --> 00:17:50,520 Speaker 1: that is shopping around for a better deal. Why do 414 00:17:50,680 --> 00:17:52,280 Speaker 1: you think we get do this? Like, I mean, I 415 00:17:52,520 --> 00:17:54,159 Speaker 1: just sort of answered the question of myself in my 416 00:17:54,200 --> 00:17:56,439 Speaker 1: personal opinion, But why do we just think assume that 417 00:17:56,640 --> 00:17:57,400 Speaker 1: we're on the best rate. 418 00:17:57,560 --> 00:18:01,360 Speaker 3: I think apherently people want to think pop and they'd 419 00:18:01,440 --> 00:18:03,560 Speaker 3: like to think, yeah, sure, I'm sure that the bank, 420 00:18:03,840 --> 00:18:06,639 Speaker 3: wonderful institution or the lender is looking after me, and 421 00:18:06,880 --> 00:18:07,919 Speaker 3: I'm confident. 422 00:18:07,880 --> 00:18:10,640 Speaker 2: Give loyalty exactly exactly. 423 00:18:11,560 --> 00:18:14,679 Speaker 3: So there's that and two people you know have a 424 00:18:14,720 --> 00:18:17,040 Speaker 3: life and they think that it's boring. They think that 425 00:18:17,080 --> 00:18:19,479 Speaker 3: it's hard work to check in with their finances and 426 00:18:19,520 --> 00:18:22,280 Speaker 3: sometimes also it can be confronting as well. So putting 427 00:18:22,280 --> 00:18:24,879 Speaker 3: all that together, that's why people perhaps don't look at 428 00:18:24,920 --> 00:18:26,720 Speaker 3: it as much as they should. You don't have to 429 00:18:26,760 --> 00:18:28,400 Speaker 3: go crazy, you don't have to look at it every week. 430 00:18:28,480 --> 00:18:30,439 Speaker 3: That might be a bit too much. But I've had 431 00:18:30,480 --> 00:18:33,840 Speaker 3: clients who you can tell that they haven't really focused 432 00:18:33,880 --> 00:18:35,720 Speaker 3: on their finances for good two to three years, and 433 00:18:35,760 --> 00:18:38,719 Speaker 3: that's two to three years of interest that paid overs 434 00:18:38,720 --> 00:18:39,600 Speaker 3: for so and. 435 00:18:39,560 --> 00:18:41,439 Speaker 1: It's funny, it's not until you do it, you know, 436 00:18:41,480 --> 00:18:44,120 Speaker 1: you realize, wow, I should have done this a long 437 00:18:44,160 --> 00:18:47,000 Speaker 1: time ago. I've wasted so much money and time and 438 00:18:47,160 --> 00:18:49,280 Speaker 1: it was really not that hard. And we'll come back 439 00:18:49,280 --> 00:18:51,560 Speaker 1: to that process, all right, shopping around for a better deal. 440 00:18:52,359 --> 00:18:54,800 Speaker 1: Do people really save money when they do this? You know, 441 00:18:55,160 --> 00:18:56,919 Speaker 1: is the time and the effort really worth it. 442 00:18:57,000 --> 00:18:58,760 Speaker 3: I think the first thing to do is do your 443 00:18:58,800 --> 00:19:01,760 Speaker 3: own mortgage health check and go to your existing lender 444 00:19:01,880 --> 00:19:03,639 Speaker 3: and see if they'll come to the party with a 445 00:19:03,640 --> 00:19:06,360 Speaker 3: better rate. And then there's no there's really no work 446 00:19:06,359 --> 00:19:09,200 Speaker 3: involved at all. Right, if you're dealing direct with the bank, 447 00:19:09,200 --> 00:19:10,640 Speaker 3: you'll have to do that yourself. You have to wait 448 00:19:10,640 --> 00:19:13,520 Speaker 3: thirty minutes on the one, three hundred numbers or whatever. 449 00:19:14,200 --> 00:19:17,200 Speaker 3: If it's with US, we have software and systems that 450 00:19:17,280 --> 00:19:20,840 Speaker 3: get you those discounts without you doing anything. Okay, So 451 00:19:20,880 --> 00:19:22,919 Speaker 3: if you're still dealing direct with a bank, just just 452 00:19:23,080 --> 00:19:25,800 Speaker 3: know that seventy percent of loans are done through brokers 453 00:19:25,800 --> 00:19:28,400 Speaker 3: in Australia, So ask yourself why are you the three 454 00:19:28,440 --> 00:19:30,160 Speaker 3: out of ten people in Australia that are still going 455 00:19:30,160 --> 00:19:30,840 Speaker 3: direct to a bank. 456 00:19:31,280 --> 00:19:33,879 Speaker 1: Okay, all right, let's talk about the savings now. You know, 457 00:19:34,280 --> 00:19:36,199 Speaker 1: even things like saving on an annual feed that can 458 00:19:36,240 --> 00:19:38,280 Speaker 1: be really beneficial as well. If you can negotiate like 459 00:19:38,320 --> 00:19:41,680 Speaker 1: that getting a twenty five basis points off your homeland. 460 00:19:42,600 --> 00:19:45,159 Speaker 1: People might think, O, well, that's hardly anything. But how 461 00:19:45,200 --> 00:19:47,240 Speaker 1: does that play out on the cash flow and how 462 00:19:47,280 --> 00:19:49,879 Speaker 1: does that pay out on paying off your home loan faster? 463 00:19:50,840 --> 00:19:52,320 Speaker 2: Well? Can I answer that with an example? 464 00:19:52,440 --> 00:19:52,960 Speaker 1: I love that? 465 00:19:53,080 --> 00:19:54,800 Speaker 2: Think Okay, So I had. 466 00:19:54,720 --> 00:19:58,040 Speaker 3: Clients who I got them their wonderful fixed rate, and 467 00:19:58,520 --> 00:20:02,320 Speaker 3: you know, unfortunately we're all coming off those wonderful fixed rates. 468 00:20:02,440 --> 00:20:05,160 Speaker 3: The lender, though with they offered them a decent rate, 469 00:20:05,200 --> 00:20:07,480 Speaker 3: but they said, look, can we do better? And I said, yeah, 470 00:20:07,560 --> 00:20:09,639 Speaker 3: I think you can. And so I was able to 471 00:20:09,640 --> 00:20:11,560 Speaker 3: get them a better rate. And at that time that 472 00:20:11,640 --> 00:20:15,680 Speaker 3: lender was offering no annual package fee, multiple offset accounts, 473 00:20:15,760 --> 00:20:19,280 Speaker 3: so their savings were including all of that were one 474 00:20:19,359 --> 00:20:21,280 Speaker 3: hundred and twelve dollars per month, and that over the 475 00:20:21,320 --> 00:20:22,920 Speaker 3: life of the loan, that will save them forty seven 476 00:20:22,960 --> 00:20:24,200 Speaker 3: thousand dollars Wow. 477 00:20:24,040 --> 00:20:26,159 Speaker 1: Oh my goodness, they must have been cheering. 478 00:20:26,320 --> 00:20:29,440 Speaker 3: They're not those sort of people. Maybe they just didn't 479 00:20:29,440 --> 00:20:31,200 Speaker 3: want to show me or internally they were cheering. Yeah, 480 00:20:31,200 --> 00:20:34,080 Speaker 3: but they were very happy, very happy. 481 00:20:34,000 --> 00:20:37,840 Speaker 1: And it's huge. About forty seven thousand dollars is a 482 00:20:37,920 --> 00:20:40,080 Speaker 1: lot of money, and that money can be then used 483 00:20:40,080 --> 00:20:42,080 Speaker 1: for other valuable things in their lives. 484 00:20:42,240 --> 00:20:42,440 Speaker 2: Yeah. 485 00:20:42,440 --> 00:20:45,800 Speaker 3: Well, I'd help them build their new house, so you know, 486 00:20:45,840 --> 00:20:48,240 Speaker 3: every dollar was important. They still had a few things 487 00:20:48,240 --> 00:20:50,080 Speaker 3: to finish off. But also the addition to that is 488 00:20:50,119 --> 00:20:52,600 Speaker 3: they're very disciplined and they are people who do like 489 00:20:52,640 --> 00:20:55,240 Speaker 3: to have different buckets of money in different account They've 490 00:20:55,280 --> 00:20:59,440 Speaker 3: averaged around twelve thousand dollars savings across their multiple offset accounts, 491 00:20:59,480 --> 00:21:01,880 Speaker 3: so that save an addition another forty five thousand dollars 492 00:21:01,880 --> 00:21:03,280 Speaker 3: in interest over the life of the loan. 493 00:21:03,160 --> 00:21:04,480 Speaker 1: On top of the forty seven the top of the 494 00:21:04,520 --> 00:21:07,440 Speaker 1: forty seven, So this is close to one hundred thousand 495 00:21:07,480 --> 00:21:10,920 Speaker 1: dollars in interest, that's right, being saved by getting vrasal 496 00:21:10,960 --> 00:21:13,400 Speaker 1: advice from a mortgage broker that they let's be honest, 497 00:21:13,400 --> 00:21:15,879 Speaker 1: they probably wouldn't have gotten necessarily from the bank. 498 00:21:16,080 --> 00:21:18,560 Speaker 3: Well, they wouldn't know that that offer was out there, Yeah, 499 00:21:18,600 --> 00:21:19,240 Speaker 3: they wouldn't know. 500 00:21:19,520 --> 00:21:22,159 Speaker 1: Yeah, my goodness. All right, So okay, these savings are 501 00:21:22,200 --> 00:21:25,000 Speaker 1: just compounding. All right. Let's move on to this concept 502 00:21:25,000 --> 00:21:27,000 Speaker 1: which I've seen a lot on social media and I'm 503 00:21:27,040 --> 00:21:29,440 Speaker 1: sort of on the fence with. But it's the concept 504 00:21:29,440 --> 00:21:32,840 Speaker 1: of paying your mortgage weekly instead of fortnightly or monthly. 505 00:21:32,960 --> 00:21:34,159 Speaker 1: What are your thoughts on this? 506 00:21:34,400 --> 00:21:34,680 Speaker 2: Okay? 507 00:21:34,720 --> 00:21:36,520 Speaker 3: Well, again, it's a it's all the pair of small 508 00:21:36,560 --> 00:21:38,680 Speaker 3: amounts of money. It doesn't make that big a difference. 509 00:21:38,800 --> 00:21:41,040 Speaker 3: So if you pay weekly on a five hundred thousand 510 00:21:41,040 --> 00:21:43,359 Speaker 3: dollars mortgage, the saving over the whole life of the 511 00:21:43,359 --> 00:21:46,119 Speaker 3: loan is seven hundred and forty eight dollars, okay, And 512 00:21:46,160 --> 00:21:49,560 Speaker 3: then on eight fifty thousand dollars loan, the saving is 513 00:21:49,600 --> 00:21:52,600 Speaker 3: one two hundred and seventy one dollars right over the 514 00:21:52,600 --> 00:21:54,400 Speaker 3: life of the loan, So that we're not getting those 515 00:21:54,560 --> 00:21:58,240 Speaker 3: that those big numbers that we're getting with the other ideas. 516 00:21:58,440 --> 00:22:02,280 Speaker 3: But again, if you do that in addition to everything else, 517 00:22:02,520 --> 00:22:05,960 Speaker 3: then it's all better off in your pocket than someone 518 00:22:05,960 --> 00:22:06,960 Speaker 3: else's exactly. 519 00:22:07,040 --> 00:22:09,280 Speaker 1: So just making sure that you consistently stick to it. 520 00:22:09,640 --> 00:22:12,280 Speaker 3: And there's another point on the weekly is that some people. 521 00:22:12,480 --> 00:22:15,719 Speaker 3: We go back to the importance of budgeting. Some people 522 00:22:15,960 --> 00:22:19,160 Speaker 3: just can work a budget better weekly rather than monthly, 523 00:22:19,440 --> 00:22:22,040 Speaker 3: so again that might tie in with that as well, 524 00:22:22,119 --> 00:22:24,239 Speaker 3: So that's an important point too. 525 00:22:24,400 --> 00:22:27,439 Speaker 1: I completely agree with that. I run a budget and 526 00:22:27,440 --> 00:22:30,080 Speaker 1: cash flow academy program teaching people how to do a budget, 527 00:22:30,119 --> 00:22:32,400 Speaker 1: but how to stick to it. And you know, part 528 00:22:32,440 --> 00:22:34,480 Speaker 1: of the sticking to it is actually building the cash 529 00:22:34,480 --> 00:22:37,119 Speaker 1: flow system. And I say to people the key to 530 00:22:37,160 --> 00:22:39,000 Speaker 1: making your budget easy to stick to is to make 531 00:22:39,000 --> 00:22:41,720 Speaker 1: it consistent. So as many bills that you can take 532 00:22:41,760 --> 00:22:44,639 Speaker 1: that are irregular or even add hoc and make them 533 00:22:44,840 --> 00:22:47,919 Speaker 1: weekly for that le or monthly, the easier it is 534 00:22:48,000 --> 00:22:50,600 Speaker 1: to manage your cash flow and therefore stick to the budget. 535 00:22:50,800 --> 00:22:53,439 Speaker 1: The only reason why I sit on the fence a 536 00:22:53,480 --> 00:22:56,200 Speaker 1: bit with paying weekly versus monthly is if you're being 537 00:22:56,280 --> 00:22:59,760 Speaker 1: paid monthly, it can be a bit of a bit 538 00:23:00,080 --> 00:23:03,959 Speaker 1: off with the way the payday cycles fall if it's 539 00:23:04,000 --> 00:23:06,520 Speaker 1: coming out every Thursday, because they maybe five thursdays, you 540 00:23:06,560 --> 00:23:08,440 Speaker 1: know in your pay cycle, but you haven't been paid 541 00:23:08,480 --> 00:23:10,360 Speaker 1: yet and you can sort of run short of cash flow. 542 00:23:10,400 --> 00:23:13,200 Speaker 1: So it does need a lot more meticulous account keeping, 543 00:23:13,359 --> 00:23:15,760 Speaker 1: and that's where it can sometimes cause havoc for people 544 00:23:15,760 --> 00:23:18,040 Speaker 1: with their cash flow. But if you can pay weekly 545 00:23:18,119 --> 00:23:20,320 Speaker 1: and you have no problem handling that and managing that, 546 00:23:20,400 --> 00:23:23,200 Speaker 1: absolutely it's something you know definitely worthwhile doing, and those 547 00:23:23,240 --> 00:23:25,919 Speaker 1: savings add up every single year after year. All right, 548 00:23:26,160 --> 00:23:27,399 Speaker 1: think that The next one I want to talk to 549 00:23:27,440 --> 00:23:30,640 Speaker 1: you about is reviewing your progress. I mean, I love 550 00:23:30,640 --> 00:23:33,040 Speaker 1: the saying what gets monitored gets made. For Tom and 551 00:23:33,080 --> 00:23:35,520 Speaker 1: I are family, one of our big financial goalses here 552 00:23:35,560 --> 00:23:37,600 Speaker 1: is to try and make some inroads with our mortgage. 553 00:23:37,640 --> 00:23:41,120 Speaker 1: And for me, I know personally and professionally by checking 554 00:23:41,160 --> 00:23:43,200 Speaker 1: our mortgage on a regular basis, and I probably do 555 00:23:43,240 --> 00:23:44,960 Speaker 1: it more often than I should, but I know my 556 00:23:45,080 --> 00:23:47,679 Speaker 1: numbers and I can then see opportunities. Do you agree 557 00:23:47,680 --> 00:23:50,080 Speaker 1: with this, and what would you recommend people do to 558 00:23:50,160 --> 00:23:52,439 Speaker 1: help review their mortgage and how can we justify the 559 00:23:52,640 --> 00:23:53,960 Speaker 1: time to see those savings? 560 00:23:53,960 --> 00:23:56,879 Speaker 3: Firstly, just ask yourself some key questions. You know, is 561 00:23:56,960 --> 00:24:01,200 Speaker 3: the rate that I'm getting the best rate at the moment? Okay, Now, 562 00:24:01,359 --> 00:24:02,840 Speaker 3: whether you want to answer that yourself, we'll get a 563 00:24:02,840 --> 00:24:05,720 Speaker 3: broker to help you with that. That's personal preference. Within 564 00:24:05,760 --> 00:24:08,560 Speaker 3: that then is it worth changing? And there's a question 565 00:24:08,600 --> 00:24:12,440 Speaker 3: around there around does the loan still still meet your needs? Then, 566 00:24:12,640 --> 00:24:15,880 Speaker 3: as part of that review process, back to motivation and 567 00:24:15,960 --> 00:24:18,480 Speaker 3: back to positive I'm a big believer in positive reinforcement. 568 00:24:19,119 --> 00:24:21,960 Speaker 3: Is okay, look back, how much extra have you paid 569 00:24:22,000 --> 00:24:25,359 Speaker 3: on your loan and understand what the benefit of that is. 570 00:24:25,440 --> 00:24:26,879 Speaker 3: How much have you been able to keep it an 571 00:24:26,880 --> 00:24:29,440 Speaker 3: offset account, and then understand the benefit, Because if you 572 00:24:29,520 --> 00:24:31,760 Speaker 3: understand the benefit and the savings, then that should give 573 00:24:31,800 --> 00:24:33,560 Speaker 3: you motivation to continue doing it. 574 00:24:33,720 --> 00:24:37,959 Speaker 1: Yeah, absolutely all right. Then finally talking about the concept 575 00:24:38,000 --> 00:24:40,240 Speaker 1: of an investment property. This is something you mentioned and 576 00:24:40,280 --> 00:24:42,760 Speaker 1: I hadn't actually ever thought about this before. How can 577 00:24:42,800 --> 00:24:46,280 Speaker 1: we include the idea of property and building wealth and 578 00:24:46,440 --> 00:24:48,120 Speaker 1: save off our home loans at the same time. 579 00:24:48,280 --> 00:24:50,760 Speaker 3: So all the ideas we've talked about prior to this 580 00:24:50,800 --> 00:24:55,439 Speaker 3: one are progressive mortgage management type ideas, whereas if you 581 00:24:55,560 --> 00:24:58,280 Speaker 3: have the ability to buy an investment property, and if 582 00:24:58,280 --> 00:25:01,440 Speaker 3: that investment property does a pre ciate with capital growth, 583 00:25:01,560 --> 00:25:03,520 Speaker 3: then it can be a real game changer. So think 584 00:25:03,520 --> 00:25:06,520 Speaker 3: about buying an investment property. It could be negatively geared, 585 00:25:06,520 --> 00:25:08,520 Speaker 3: which means you could get a tax return which then 586 00:25:08,680 --> 00:25:11,440 Speaker 3: could go on your personal mortgage. Again, that's something yet 587 00:25:11,440 --> 00:25:13,160 Speaker 3: to talk to your accountant about a lot of people 588 00:25:13,200 --> 00:25:16,280 Speaker 3: understand that principle. So again that's giving you that ad 589 00:25:16,280 --> 00:25:19,320 Speaker 3: hoc more progressive saving. But then the real game changer 590 00:25:19,440 --> 00:25:24,240 Speaker 3: is in ten twenty years, if that property increases in value, 591 00:25:24,359 --> 00:25:27,520 Speaker 3: then your strategy could be Okay, I'll realize the profits 592 00:25:27,640 --> 00:25:30,560 Speaker 3: and have that lump summon, then apply it to my mortgage, 593 00:25:30,600 --> 00:25:33,520 Speaker 3: and then you could be debt free earlier rather than 594 00:25:33,560 --> 00:25:34,840 Speaker 3: the twenty five to thirty years. 595 00:25:35,000 --> 00:25:36,280 Speaker 1: Wow, that's quite incredible. 596 00:25:36,320 --> 00:25:39,600 Speaker 3: So just on that, I had a client who was 597 00:25:39,680 --> 00:25:42,639 Speaker 3: looking to upgrade, and when I looked at their numbers, 598 00:25:42,680 --> 00:25:44,720 Speaker 3: I said, look, you can buy your next place and 599 00:25:44,720 --> 00:25:47,439 Speaker 3: still keep this one because at that time the market 600 00:25:47,680 --> 00:25:50,960 Speaker 3: wasn't great, so they had a good buying opportunity, but 601 00:25:51,000 --> 00:25:53,560 Speaker 3: then a selling opportunity in that same market wasn't great. 602 00:25:53,600 --> 00:25:55,760 Speaker 3: And also the other thing by getting them their new 603 00:25:55,800 --> 00:25:58,480 Speaker 3: home and keeping their home as an investment property, what 604 00:25:58,640 --> 00:26:01,720 Speaker 3: that allowed them to do avoid bridging finance, which was 605 00:26:01,760 --> 00:26:05,479 Speaker 3: expensive as well. By holding on to one of their 606 00:26:05,520 --> 00:26:09,040 Speaker 3: properties and then selling it when the market conditions were better, 607 00:26:09,240 --> 00:26:12,240 Speaker 3: they've been able to pay a further one hundred and 608 00:26:12,240 --> 00:26:15,400 Speaker 3: twelve thousand dollars off their loan and they're better off 609 00:26:15,440 --> 00:26:17,879 Speaker 3: by that number compared to if they just upgrade it 610 00:26:17,920 --> 00:26:18,800 Speaker 3: all in the same market. 611 00:26:18,880 --> 00:26:21,879 Speaker 1: Oh my goodness. All right, Okay, so these are fairly 612 00:26:21,920 --> 00:26:24,600 Speaker 1: complicated strategies. You really do need to get not just 613 00:26:24,760 --> 00:26:28,720 Speaker 1: advice on, but you need experience absolutely and professional advice. 614 00:26:28,920 --> 00:26:29,480 Speaker 2: Absolutely. 615 00:26:29,680 --> 00:26:31,720 Speaker 1: I wouldn't be you know, you need to see someone 616 00:26:31,720 --> 00:26:33,680 Speaker 1: who's a personally. They've done it themselves as mortgage broker 617 00:26:33,720 --> 00:26:36,000 Speaker 1: has done this multiple times for their clients, and those 618 00:26:36,320 --> 00:26:38,919 Speaker 1: the intricacies and how to set this up correctly the 619 00:26:39,000 --> 00:26:41,760 Speaker 1: first time, the right way exactly. All right, Look, just 620 00:26:41,800 --> 00:26:44,080 Speaker 1: to quickly recap because this has been I mean, I 621 00:26:44,119 --> 00:26:46,200 Speaker 1: think we've probably got at least I think if my head, 622 00:26:46,200 --> 00:26:48,040 Speaker 1: I've worked out aout at least two hundred thousand dollars 623 00:26:48,040 --> 00:26:50,560 Speaker 1: worth of savings from this one episode off your home loan. 624 00:26:50,600 --> 00:26:53,680 Speaker 1: If you can apply this straight away, apply it consistently 625 00:26:53,840 --> 00:26:57,000 Speaker 1: and even dare I say build upon this this time 626 00:26:57,160 --> 00:27:00,800 Speaker 1: and savings potential explodes. And I've never someone who ever 627 00:27:00,840 --> 00:27:03,719 Speaker 1: regretted paying off their home loan sooner and faster. So 628 00:27:03,880 --> 00:27:05,480 Speaker 1: just to go a quick recap for everyone who was 629 00:27:05,480 --> 00:27:07,840 Speaker 1: listening to this episode. Number one, please go and do 630 00:27:07,880 --> 00:27:11,200 Speaker 1: a budget. If you want Joss Bank statement access where 631 00:27:11,200 --> 00:27:14,159 Speaker 1: you can have his program, look at your budget and 632 00:27:14,200 --> 00:27:16,199 Speaker 1: look at where you can potentially save money, and of 633 00:27:16,240 --> 00:27:18,480 Speaker 1: course take him up on that offer for a free 634 00:27:18,560 --> 00:27:20,560 Speaker 1: mortgage health check. I will be making sure I put 635 00:27:20,640 --> 00:27:23,200 Speaker 1: John's contact details, both his email address and his phone numbers. 636 00:27:23,240 --> 00:27:24,879 Speaker 1: You can pick up the phone and have a conversation 637 00:27:25,000 --> 00:27:27,600 Speaker 1: with him about your home loan. But promise me this, 638 00:27:27,880 --> 00:27:29,680 Speaker 1: you will go and do a budget. You will see 639 00:27:29,680 --> 00:27:31,480 Speaker 1: what extra payments you can and of course jump on 640 00:27:31,480 --> 00:27:33,919 Speaker 1: the Blue Lanterns website, look at their calculators, look at 641 00:27:33,880 --> 00:27:36,560 Speaker 1: the sugarmumb calculators and see the impact of those savings, 642 00:27:36,720 --> 00:27:39,760 Speaker 1: and of course make sure you apply those savings by 643 00:27:39,760 --> 00:27:43,159 Speaker 1: increasing your automatic mortgage repayments by that exact amount so 644 00:27:43,200 --> 00:27:45,760 Speaker 1: that those savings don't get spent elsewhere. Of course number 645 00:27:45,800 --> 00:27:48,360 Speaker 1: two is to look at a redraw facility or an 646 00:27:48,400 --> 00:27:51,080 Speaker 1: offset account. What savings do you have floating around an 647 00:27:51,119 --> 00:27:53,359 Speaker 1: online savings account that would be better off sitting in 648 00:27:53,400 --> 00:27:55,880 Speaker 1: an offset account or a redraw facility. Again, a good 649 00:27:55,960 --> 00:27:58,399 Speaker 1: quality mortgage broker will help set this up for you 650 00:27:58,480 --> 00:28:00,960 Speaker 1: so that this is working to your financial advantage. Number 651 00:28:00,960 --> 00:28:03,199 Speaker 1: three is look at ad hoc repayments. I use a 652 00:28:03,280 --> 00:28:05,640 Speaker 1: very simple example of the average Australian getting about two 653 00:28:05,640 --> 00:28:07,760 Speaker 1: and a half thousand dollars per year back is a 654 00:28:07,800 --> 00:28:10,199 Speaker 1: tax refund. You could go and spend that two and 655 00:28:10,200 --> 00:28:12,280 Speaker 1: a half thousand dollars, or if you wanted to, you 656 00:28:12,280 --> 00:28:14,600 Speaker 1: could put one thousand or even two thousand onto your 657 00:28:14,600 --> 00:28:18,040 Speaker 1: home loan, and the savings really are substantial. As John 658 00:28:18,080 --> 00:28:20,359 Speaker 1: has just explained, every one thousand dollars put as an 659 00:28:20,400 --> 00:28:23,919 Speaker 1: ad hoc repayment represents potentially up to five thousand dollars 660 00:28:23,960 --> 00:28:27,040 Speaker 1: in savings, So it's really literally like almost like a 661 00:28:27,160 --> 00:28:29,439 Speaker 1: risk free gambling if you like. Of course, Number four 662 00:28:29,520 --> 00:28:32,280 Speaker 1: is shopping around for a better deal. Do not let 663 00:28:32,400 --> 00:28:37,040 Speaker 1: yourself become a victim of loyalty tax, Do not get lazy, 664 00:28:37,080 --> 00:28:40,520 Speaker 1: do not get complacent, and don't feel overwhelmed. Refinancing is 665 00:28:40,600 --> 00:28:43,920 Speaker 1: actually very smooth, very simple, and this is why mortgage 666 00:28:43,960 --> 00:28:46,680 Speaker 1: brokers get paid by the banks because they do all 667 00:28:46,680 --> 00:28:48,000 Speaker 1: the hard work for you. 668 00:28:48,320 --> 00:28:48,480 Speaker 2: Either. 669 00:28:48,680 --> 00:28:50,720 Speaker 1: The biggest thing that people say to me when they've 670 00:28:50,760 --> 00:28:54,320 Speaker 1: spoken to Adam or to Joe or to John is 671 00:28:54,760 --> 00:28:56,840 Speaker 1: thank you so much. I can't believe how much they 672 00:28:56,840 --> 00:28:58,800 Speaker 1: were able to save us. We can't believe they feel 673 00:28:58,800 --> 00:29:01,440 Speaker 1: like they've almost like won the lottery. So shop around 674 00:29:01,440 --> 00:29:03,640 Speaker 1: for a debt of bill. Please don't ever settle, Please 675 00:29:03,640 --> 00:29:05,800 Speaker 1: don't ever be complacent about this. I would rather the 676 00:29:05,800 --> 00:29:07,880 Speaker 1: money be in your pocket rather than the banks, even 677 00:29:07,920 --> 00:29:10,400 Speaker 1: though I am a bank shareholder. Number five is to 678 00:29:10,480 --> 00:29:14,960 Speaker 1: consider if you can weekly repayments instead of fortnightly or monthly. 679 00:29:15,080 --> 00:29:17,840 Speaker 1: These may seem like small savings, but if you're in 680 00:29:17,880 --> 00:29:20,200 Speaker 1: a really tight budget and you can't make those extra repayments, 681 00:29:20,240 --> 00:29:22,520 Speaker 1: you can't make ad hoc repayments. You already have the 682 00:29:22,600 --> 00:29:25,200 Speaker 1: redoor facilities set up for emergency money and stuff like that. 683 00:29:25,280 --> 00:29:27,120 Speaker 1: This is a really simple way of not having to 684 00:29:27,120 --> 00:29:29,240 Speaker 1: find any extra money, but actually being able to save 685 00:29:29,280 --> 00:29:31,400 Speaker 1: a lot of money. And again those that interest savings 686 00:29:31,400 --> 00:29:34,160 Speaker 1: of seven hundred and forty eight dollars per year is substantial, 687 00:29:34,280 --> 00:29:36,480 Speaker 1: especially over the course of a thirty year loan. And 688 00:29:36,600 --> 00:29:40,360 Speaker 1: number six is obviously reviewing your mortgage repayments as I 689 00:29:40,360 --> 00:29:41,880 Speaker 1: have shared with you guys, and I sound a little 690 00:29:41,880 --> 00:29:44,680 Speaker 1: bit OCD and judge me if you like, but I'm seeing, 691 00:29:44,760 --> 00:29:47,080 Speaker 1: for once our mortgage coming down at a faster rate 692 00:29:47,080 --> 00:29:49,360 Speaker 1: I'm seeing our emergency money building up, but what gets 693 00:29:49,400 --> 00:29:51,959 Speaker 1: monitored gets made. I would truly believe that it is 694 00:29:52,000 --> 00:29:54,200 Speaker 1: so exciting when you see the actual cost of your 695 00:29:54,240 --> 00:29:57,160 Speaker 1: interest repayment getting taken out of the bank slowly reducing. 696 00:29:57,280 --> 00:29:59,720 Speaker 1: That is true savings in your pocket that hasn't in 697 00:29:59,760 --> 00:30:02,320 Speaker 1: nuts involved you necessarily having to sacrifice. I haven't had 698 00:30:02,360 --> 00:30:04,760 Speaker 1: to give up my gym membership or subscriptions or you know, 699 00:30:04,800 --> 00:30:07,560 Speaker 1: my monthly uber eats by making a simple change in 700 00:30:07,560 --> 00:30:09,000 Speaker 1: the way that you manage your cash phone. Of course, 701 00:30:09,000 --> 00:30:10,920 Speaker 1: I will link in the podcast notes the Sugar Mamma 702 00:30:10,960 --> 00:30:12,680 Speaker 1: Budget and cash Hood Academy if you want to learn 703 00:30:12,680 --> 00:30:14,440 Speaker 1: how to do a budget and stick to it. Number 704 00:30:14,520 --> 00:30:16,520 Speaker 1: seven is looking at an investment property, and this is 705 00:30:16,520 --> 00:30:18,840 Speaker 1: obviously not available for absolutely everyone because on everyone has 706 00:30:18,880 --> 00:30:21,440 Speaker 1: an investment property, but there may be other assets around 707 00:30:21,480 --> 00:30:23,800 Speaker 1: you that can be sold off, such as a share 708 00:30:23,800 --> 00:30:27,080 Speaker 1: pot follower and then reorganized into a debt recycling strategy 709 00:30:27,120 --> 00:30:29,400 Speaker 1: to help you save tens, if not hundreds of thousands 710 00:30:29,440 --> 00:30:31,719 Speaker 1: of dollars off your home loan and debt recycling strategy 711 00:30:31,760 --> 00:30:34,120 Speaker 1: is a very powerful one. I will definitely make more 712 00:30:34,120 --> 00:30:36,400 Speaker 1: episodes around this, but for the right people at the 713 00:30:36,480 --> 00:30:38,720 Speaker 1: right time, using the physical the right reasons. Yes, it 714 00:30:38,760 --> 00:30:40,880 Speaker 1: can save you a substantial amount of money off your 715 00:30:40,880 --> 00:30:43,240 Speaker 1: home loan, but also allow you to build wealth outside 716 00:30:43,280 --> 00:30:45,680 Speaker 1: of the family home. So these are really important things 717 00:30:45,680 --> 00:30:47,960 Speaker 1: that you need to be listening to and thinking about 718 00:30:48,000 --> 00:30:49,959 Speaker 1: and applying in your life. And of course, if you 719 00:30:49,960 --> 00:30:52,520 Speaker 1: are feeling stuck, if you are overly overwhelmed, don't use 720 00:30:52,560 --> 00:30:54,720 Speaker 1: this as a block and not do anything. Pick up 721 00:30:54,760 --> 00:30:57,520 Speaker 1: the phone, give John a call, ask him about what 722 00:30:57,720 --> 00:30:59,760 Speaker 1: he can do for you, give me your details, let 723 00:30:59,840 --> 00:31:01,920 Speaker 1: him on some numbers. It costs you absolutely nothing, and 724 00:31:01,960 --> 00:31:04,120 Speaker 1: you have so much to gain, all right, John, Sorry 725 00:31:04,120 --> 00:31:06,480 Speaker 1: I took a little bit passionate there. Thank you so 726 00:31:06,600 --> 00:31:08,680 Speaker 1: much for coming on to show I really appreciate it. 727 00:31:08,720 --> 00:31:11,400 Speaker 1: This has been such a powerful and valuable list. And 728 00:31:11,520 --> 00:31:13,680 Speaker 1: there are other things, of course beyond these seven things, 729 00:31:13,680 --> 00:31:16,800 Speaker 1: but I'll let you share those insights and ideas with 730 00:31:16,880 --> 00:31:18,920 Speaker 1: people that maybe you perhaps want to reach out and 731 00:31:18,920 --> 00:31:20,600 Speaker 1: speak to you. If they want to speak to you directly, 732 00:31:20,640 --> 00:31:23,240 Speaker 1: of course, your contact details will be linked below, including 733 00:31:23,280 --> 00:31:25,960 Speaker 1: obviously if they want to get access to the bank statements. 734 00:31:26,240 --> 00:31:30,320 Speaker 3: Sure so, email or phone either is fine. Text me 735 00:31:30,360 --> 00:31:32,000 Speaker 3: on the way you know, you know, if you're on 736 00:31:32,040 --> 00:31:34,160 Speaker 3: the bus. Just obviously a bit of background as to 737 00:31:34,280 --> 00:31:37,880 Speaker 3: you know, how you got my number and you know random. 738 00:31:38,640 --> 00:31:40,720 Speaker 2: Yeah, so you'll find my. 739 00:31:40,720 --> 00:31:43,280 Speaker 3: Colleagues and myself are very approachable and yeah, we just 740 00:31:43,280 --> 00:31:43,680 Speaker 3: want to help. 741 00:31:43,720 --> 00:31:46,720 Speaker 1: And just to reiterrect to everyone listening, I have absolutely 742 00:31:46,840 --> 00:31:49,560 Speaker 1: zero connection with blue Land and get asked all the 743 00:31:49,560 --> 00:31:51,280 Speaker 1: time who do I recommend? Who do I like? Who 744 00:31:51,280 --> 00:31:52,960 Speaker 1: do I trust? And I'm not going to recommend someone 745 00:31:53,000 --> 00:31:54,720 Speaker 1: I don't know that I haven't worked with, and I 746 00:31:54,720 --> 00:31:57,120 Speaker 1: haven't seen for myself how they work. And as I said, 747 00:31:57,200 --> 00:31:59,400 Speaker 1: you know, blue Lands look after myself, my family members, 748 00:31:59,440 --> 00:32:02,920 Speaker 1: and my friends, and I've only ever had amazing feedback. 749 00:32:02,920 --> 00:32:04,720 Speaker 1: I get zero benefit from doing this other than the 750 00:32:04,720 --> 00:32:06,640 Speaker 1: fact that I get to sleep at night knowing that 751 00:32:06,680 --> 00:32:10,800 Speaker 1: you're in really good hands with someone who's reliable, honest, transparent, 752 00:32:10,920 --> 00:32:12,880 Speaker 1: and he's bloody good at their job. All right, everyone, 753 00:32:12,920 --> 00:32:15,720 Speaker 1: thank you so much for listening today's episode on Sugarmuma's Fireplay. 754 00:32:15,920 --> 00:32:18,160 Speaker 1: If you enjoyed this episode, please make sure you go 755 00:32:18,240 --> 00:32:20,200 Speaker 1: and send it to your friends, send it to your 756 00:32:20,280 --> 00:32:22,520 Speaker 1: partner if you have one, send it to your family members, 757 00:32:22,560 --> 00:32:25,680 Speaker 1: because I really want to help Australians get their mortgages down, 758 00:32:25,720 --> 00:32:28,080 Speaker 1: actually see that they are powerful and capable of doing 759 00:32:28,080 --> 00:32:30,480 Speaker 1: this for themselves. And of course it doesn't actually take 760 00:32:30,560 --> 00:32:33,240 Speaker 1: too much effort to start to see a shift, a 761 00:32:33,320 --> 00:32:36,920 Speaker 1: breakthrough as those mortgage repayments reduce, those interest costs come down, 762 00:32:36,920 --> 00:32:39,640 Speaker 1: and you actually see that you're making substantial headway and 763 00:32:39,960 --> 00:32:42,440 Speaker 1: saying goodbye to that thirty year prescription made by your 764 00:32:42,480 --> 00:32:46,360 Speaker 1: bank and hello to fifteen, ten or even five years 765 00:32:46,440 --> 00:32:49,040 Speaker 1: mortgage terms. How good would that be? All possible when 766 00:32:49,080 --> 00:32:52,480 Speaker 1: you apply financial literacy to your financial situation, of course, 767 00:32:52,520 --> 00:32:54,960 Speaker 1: including all of those important valuable goals and trips. Thank 768 00:32:55,000 --> 00:32:57,160 Speaker 1: you everyone for listening to Sugarmuma's fireplay. In the meantime, 769 00:32:57,240 --> 00:32:59,920 Speaker 1: keep that financial fire burning Bright Chapel