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Post by Deleted on Sept 4, 2015 16:49:17 GMT 7
Keep the mortgage? Pay it off quick as you can with low interest rates and get that horrid word out of your life. Not sure why you think keep it going any longer than needed? It's the number one reason I'm stuck working. The capital earns far more elsewhere. I'm lucky in the regard that I own a retail company - although we are highly stocked at the moment I can provide a Directors Loan so that we can buy stock in bulk/multi-containers. My mortgage is a mere £80,000 - which is about four containers of laminate flooring. Paying it cash gets me a 2.5% discount on bottom wholesale price, and multi-bulk saves somewhere between 16 - 22% depending on who the middleman/wholesale supplier is. It's the old money makes money truism.
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Post by Slade Wilson on Sept 5, 2015 16:56:56 GMT 7
What hippity means is the mindset in Australia is to get the mortgage paid asap. Interest rates down, should mean hit it harder. Even business owners follow this principle. So the more you pay, the more equity you have access to thus refinancing at a lower than personal loan or credit card rates.
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