What we had to do

Sarah had bought a home a few years earlier and was a little frustrated as her loan had not reduced since she was paying interest only on her loan and wanted to start paying off the home loan as soon as possible.  Her goal was to pay off the loan in under 20 years.

How we did it

After an initial meeting we sat down with Sarah and came up with a plan to get her on track to pay off her loan in under 20 years.  We first started by looking at her income and expenses and came up with a budget she could track through our software on her phone which made it easier to see where her money was being spent.

We then looked at her current loan and managed to switch her to a much cheaper product with and offset account, by contributing the interest saving she was making back into the loan Sarah took almost 7 years off her mortgage instantly.

We also used the offset account to place surplus funds from her budget which helped save her another 3 years on her home loan.

After the first annual review to track how Sarah was going she was on track to pay off her home loan in 17 years!!