Money magazine Comments - Ask Paul: I want to pay off my home loan in my early 40s

Comment by Jon Weekes ()

Jon Weekes () — Wed, 03 Jul 2024 19:43:00 +1000

With $330k owing and $116k in offset, doesn't that make the mortgage effectively $214k? Would this change your suggestions?

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Comment by Mandy Higgins ()

Mandy Higgins () — Thu, 04 Jul 2024 11:20:20 +1000

While I don't understand how those calculations were made, I feel like Nick should be accessing forums like Mr Money Mustache if he wants to be FIRE. There he would get ideas on how to get where he needs to get to with the ideas and how to of like minded people - which is what I believe he searching for...

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Comment by Anthony McInnes ()

Anthony McInnes () — Tue, 09 Jul 2024 12:33:17 +1000

Absolutely it would. You're right with your maths. This somewhat simplistic model of 114 months ignores the normal mortgage repayments that would also be going on during this decade.

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Comment by Nick D ()

Nick D () — Sun, 14 Jul 2024 13:05:50 +1000

Hi Guys,

This was my post, thanks for the info. While I don't (and never have) contribute any extra to my super I feel like I would have better options and benefits with any additional money being outside of superannuation.

Currently working on reducing monthly expenses to maximize $ saved into offset account which in the long run will allow me to contribute more monthly to investments.

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