As a mother of two young children, I used to have sleepless nights thinking about our six-figure mortgage.
My mind would run wild with thoughts.
'It's normal, everyone has a mortgage.'
'My parents still have a mortgage. This is fine.'
'Our friend has a much higher loan. If they can manage, we can... but can we?'
In reality, I didn’t want a home loan at all. (I mean, who does?) I wanted the freedom for my husband Jake and I to take time off for a holiday and to not stress if our children fell ill.
But the fact was we couldn’t do without one. After we were blessed with conceiving twins, we upgraded from our two-bedroom half renovated home to a five acre property with plenty of room for growing.
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When we initially bought our new home in March 2020, we began with a $615,000 home loan - more than double what we were initially paying for our two-bedroom home. On top of that, we now had two little people to feed and look after.
At the moment, my personal focus is paying off our home loan. In fact, over the last two years, we've managed to pay over $200,000 off our mortgage by creating extra streams of income and selling unwanted items lying around the house.
Here are 14 hacks we've used to pay extra off on our home loan:
1. Selling unwanted items around the home. Last year we sold items from around the house that totalled over $9,500! If it doesn’t bring you joy, sell it!
2. Utilising rewards programs such as Woolworths Everyday Rewards, Bunch Program, etc.
3. Forming a great relationship with our mortgage broker who keeps us updated on the best rates and reviews our interest rate annually.
4. Bumping our minimum weekly repayments up to a rounded-off number. (Every cent counts!)
5. Constantly reviewing our daily expenses and calling around to compare the cost of different services etc to ensure the best price possible.