This is exactly how we came to pay off our mortgage in only a year. the story is a bit longer than that so we go right back to our approach to money before we met, how we saved for our home deposit and then paid off the mortgage for our 3 bedroom home on 20 acres only 1 hour our of Melbourne, Australia in a year.
A point I should clarify. When we got the mortgage we still had some other savings tied up that we had to wait to access. our first home savers accounts. We got access to this money about 6 months in. so really it was money we saved before we bought the house like the deposit and if we’d had access to it right away our mortgage would have been even less. that was actually a crucial point, we didn’t earn enough that year to pay the whole mortgage, it only happened in that timeframe because we actually had that other savings that we initially couldn’t access.
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