What we had to do

Ruben and Amy were buying a new home to live in and did not want to be paying off the home loan for 30 years.  There initial goal was to pay it off  in 15 years without significantly impacting their lifestyle.

How we did it

We firstly used our software to allow Ruben and Amy to track their income and expenses easily on their phones.  We then worked out how much they could afford to be making on repayments and looked for the cheapest variable rate home loan with an offset account.

We initially setup the home loan on a 20 year loan term and adjusted the payments after settlement to reflect a 15 year loan term, this allowed Ruben and Amy to redraw extra repayments if they needed the funds for unexpected expenses.

We also setup the offset account and credit card facility to further help save interest costs.  The benefits of the offset account and credit card is their income from their employment would go into the offset account and using the credit card for their spending which maximised the time they had their money working for them against the home loan.

We also conducted annual reviews on their home loan, spending and goals and after a few years they were on track to pay off the home loan in under 15 years.