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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At that point in time, don't reduce how much you're paying off your mortgage.

Keep paying $3,000 a month.

And the reality is what I try to say to clients is do your own budget.

Figure out what you can afford per month.

Ideally, the more, the better.

And put that amount into your offset account for that year.

You know, have a focus of 12 months.

I'm going to do $6,000 a month every month.

If my mortgage repayment is $3,000, that's fine.

I'm going to be saving $3,000 a month in my offset account.

Now, if you get a pay rise, I think that's always a good moment to stop the treadmill of earn more, spend more.

And that's the point where you say, you know what, we're living a good life.

I don't really need to change my lifestyle.

Why don't we just pay that off the mortgage?

So for me, they're the two things.

It's really about you taking ownership, you figuring out what you can afford and then trying to – low interest rates is a great opportunity

to actually pay off your mortgage faster.

Because if rates do rise in the future, you're going to have a much smaller loan, much smaller interest.

There's a really big snowballing effect as well.

Just like superannuation in reverse, a lot of people look at it and go, I've got nothing in it.

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