Let’s be honest—paying off a home loan probably ranks low on the fun scale, especially if you’re among the younger crowd. But bear with me, because this could be life-changing. Today, I’m sharing a strategy that helped my husband and I become mortgage-free before we hit 40.

If you’re part of a two-income household, I’ve got a strategy that can really make a difference—using one income to live on and the other solely for your home loan. 

I’m taking you through the game plan John and I came up with to pay off our mortgage quickly: living off his income, and covering our mortgage payments with mine. While this worked a treat while we were DINKs (double income, no kids!), I share how things got a little tight during maternity leave, and how we dove back into the plan when I returned to work. It really did turn out to be our secret tool to tackling debt head-on.

We’ll talk about reframing how you see your money, ensuring your loan allows you to make extra payments and practical tips on using a redraw or offset account to make your loan repayments. 

Even if a mortgage isn’t in the picture, this strategy can be levied against other debts like car loans or credit cards, so long as extra repayments are allowed. Sticking with this can shave years off repayment periods and pocket you thousands in interest savings.

Whether you’re hustling through early careers or balancing part-time gigs with school runs, this approach can be a lifesaver. Here’s hoping the advice proved as powerful for you as it did for us. If you enjoy this episode, consider sharing it with someone who might benefit, or even shooting a topic suggestion my way. I’d love to hear what’s on your mind!

Links:

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Website: https://goldentrianglefinancegroup.com.au/