Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
You haven't paid off the property.
You haven't got to go back to the bank and say, can I borrow $150,000?
It's a big thing when people lose their job.
They pay off a property because they think that's the right thing and then they lose their job and they go, actually, I want to get some money back because I need a buffer.
Then the bank says, we haven't got a job.
I can't lend to you.
And so that's another reason why your offset's good because it just is building buffers in life and personal situation or in business, buffers is what gets you through the bad times.
So this is a good question because I'm trying to take ownership of my mortgage and this is
what you're doing.
This is how you do it, really.
The reality is the bank says, we'll lend you this money for 30 years.
And 99% of loans are set up on 30 years.
A bank doesn't get away with giving you 40-year loan terms.
If you're in your 50s and your 60s, maybe they'll shorten your loan terms and maybe you pay 10 or 20-year loans.
But most people are getting 30-year loans.
And so a bank's saying to you, don't worry about paying it off fast.
Just pay it off slowly over 30 years because they make more money off you through interest.
And that's the reality.
So when interest rates fall, your monthly repayment falls.
But really, that's the time to take an opportunity to say, well, yeah, my repayments form from $3,000 a month to $2,500 a month.
Showing 1281–1300 of 1,659 · page 65 of 83
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