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.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
If it's an investment property and you're paying it off, to me that's a bit of a red flag really because you should be using an offset account.
You really don't want to be paying off investment properties through paying it off.
Now, I know that sounds crazy.
It's a mortgage broker telling me not to pay off debt.
No, 100% we want you to pay off, you know, build, save and build money in offset accounts.
It's just there's no financial advantage than putting the money in an offset account versus paying off the mortgage.
Now, a big disclaimer, if you've got sticky fingers, you know, impulsive purchases and you like to spend money and you need that commitment with paying off the mortgage and you can't leave the money in the offset account, I think you still can come up with strategies to make that hard for yourself.
You know, you can get rid of your internet banking
Just because you've got a mortgage with someone doesn't mean you need to do all your day-to-day banking with them.
In fact, I don't.
I do NAB and my mortgage is with St.
George, for example.
I don't even look at my St.
George loan because I'll just transfer to that every month and I do my day-to-day spending elsewhere.
And so when you've got a mortgage, et cetera, you don't really want to be looking at your offset account.
Don't do your day-to-day spending out of that account and don't have a debit card for it.
So you haven't got internet banking, you haven't got a debit card.
it's getting a bit tough to get access to that money.
And so there are sort of strategies you can do to stop yourself spending that money.
But if that's still a problem, then maybe you just pay your mortgages off and that's an option.
Showing 1361–1380 of 1,659 · page 69 of 83
← Previous
Next →