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  • FIRST POST
    liuhut
    Mortgage free by Dec 2019...we shall see.
    • #1
    • 19th Jul 10, 4:57 AM
    Mortgage free by Dec 2019...we shall see. 19th Jul 10 at 4:57 AM
    I joined the mfi3 challenge and I have been thinking about doing a
    diary for a while to try and keep me motivated.

    Bit of background, we got the house in 1997 for 62500, since then we extended it and put the money
    onto the mortgage. I think it would be worth about 180,000 if we sold it today...not that I want too., the mortgage just hasnt moved much since we got the place, I think the lowest its been in 52k.
    The mortgage at the start of this month stood at 62938.08.... the rate is 3.19, the minimum payment is 344.21. I've started to pay 640 a month into it. If i keep this up then we should become mortgage free in dec 2019, just in time to start a new decade!! I'll be 42 hubby 47 and the kids will be 19 and 15.

    Just to complicated things a bit, the house is in England which we
    rent out, we are in Australia, we rent here at the moment which really suits us, we couldn't afford to buy in the area that we are in and it gives me the flexibility to move around and come home when we want to.
    I've started to try and save some money,
    so far I've

    asked for more days at work
    hubby has done the odd bit of overtime
    started entering comps here... got a
    phone call last week to say I had won something big!!! Just waiting to hear exactly what I've won and then I will post!
    filled the freezer with meat and am going to try to have a cooking day
    sorting lunchs the night before... no school dinners here unfortunatly

    I'm hoping to have the mortgage down to 48000 by 12/12, if I can
    scrape more cash together to throw at it it will be great.
    i might post a soa just to keep me on track.., not sure as costs here
    are so different...

    anyway sorry to have gone on, I love reading everyone elses
    inspirational diaries, just hope that me posting will keep me on track
    although Im sure i'll have a few hitches!

    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
Page 1
  • liuhut
    • #2
    • 1st Aug 10, 12:50 PM
    • #2
    • 1st Aug 10, 12:50 PM
    wow been so busy not realised I posted so long ago.

    We had a good weekend money wise.
    Over payment went out to A&L so by the snowball calc the mortgage should now stand at 62466.
    We went to do our tax return and are getting $1810 back...going to put this straight onto savings.
    OH had a phone call last week to say he is being offered a better paid job, just needs to pass the medical so fingers crossed. If he does get this, he will get holiday pay from his old job so that should be a fair bit.
    Also found a new savings account for the kids with a MASSIVE 10% interest on it.....rates in Oz are still high!! anyway I've opened two accounts and am planning on paying the max into these - have already sent the first $500 into it
    trying to decide if its best to keep money here with the interest rates here being better V's exchange rates and how they can change...I need someone with more brain power to help me with that one!!


    so the plan for August is to reduce food spending, we got out the rather dusty pie maker earlier which was a massive hit with everyone, going to try to have a baking day every month.
    Got 19 hours overtime in the next two weeks so need to be organised at home,
    Need to ring gas & elec to check on Direct Debit amounts.
    Few people owe me money for tickets etc so need to chase that.

    Think that will keep me out of mischeif for now!! Off to bed now, night all x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • Thrugelmir
    • #3
    • 1st Aug 10, 3:56 PM
    • #3
    • 1st Aug 10, 3:56 PM
    In currency terms now is a good time to use your Aus$ to buy .

    With Oz bank base rates so high. The exchange rates have weakened over the past 18 months or so. As the UK's interest rates rise in the future then you'll get fewer 's for your Oz $'s.

    However the increased income from your UK property will buy you more Oz $'s.

    Hope this makes sense.
    "The man who wishes to move a mountain begins by carrying away the small stones first."
  • liuhut
    • #4
    • 3rd Aug 10, 4:12 AM
    • #4
    • 3rd Aug 10, 4:12 AM
    Yeah it does make sense, thanks for taking the time. I think its a bit of a gamble really which is the best way to go, I think long term we will be in England so am going to go with sending money home at the moment and just keep some savings here for a rainy day. Especially as the Aus $ is buying so many more at the mo it seems the right thing to do.

    Best bit of news today is that I have been a month out with my mortgage figure, as the statement takes so long to get to me!!! The figure of 62463 was for 30/6 and I've made another OP since then....so I think on the next statement I will 'only' owe 61988!!! Finally on to the 61's and i didnt even realise!!

    On my lunch from work, just popped home to organise tea and got to go back again now. Sure you lot are fast asleep in your beds!! Wish I was.
    L
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • gerbiljo
    • #5
    • 3rd Aug 10, 12:27 PM
    • #5
    • 3rd Aug 10, 12:27 PM
    hey good luck with your quest!
    Mortgage November 2003 was 135k, but thanks to this website on 28/08/12 we became MORTGAGE FREE!
    Now just over 2 years we have taken on the challenge again! )(starting 237k Nov 2014) Current mortgage 232,399.82, current overpayment total 1550, years remaining= 17
  • liuhut
    • #6
    • 9th Aug 10, 3:19 AM
    • #6
    • 9th Aug 10, 3:19 AM
    Hi Gerbilo, thanks for dropping in!

    Well, had a busy weekend, we went looking for whales with friends down the Great Ocean Road which was just amazing as we spotted one! it was very MSE as each family took a turn to cook the evening meals, saw loads of Koala's in the wild as well.

    OH found out on Friday that he had passed his medical & so has been offered the job, it will mean a pay rise of about $20k so very pleased about that as we can manage on what he earns now, will just make things a bit easier. The hours should also mean that I get a few evenings to my self a week so I'm planning on having one night a week of batch cooking and the other of 'making/saving money' well thats the plan!! Also his old work are going to work out how much the is owed in holiday pay.

    rang the gas and lecky today and I have managed to cut the DD's from 115 & 70 a month to 70 & 60, very pleased as I am trying to be careful!
    Tidies out the freezer and the cupboards last week and just need to finish a meal plan from the list before I go food shopping.
    Still trying to get the money for the tickets, if they dont pay then I will sell their tickets at the door lol.

    Right off to do lunch and get the washing in. Have a good Monday everyone
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • liuhut
    • #7
    • 16th Aug 10, 11:11 PM
    • #7
    • 16th Aug 10, 11:11 PM
    Hi everyone.

    Little update from me... I rang A&L last night and got the details for me to send OP to them, I'm going to stick with 640 a month for the DD and then just send extra when I want, anyway got the details and have sent 100 as a test payment to make sure it works before I send anymore!
    OH starts his new job on Monday, he's doing 60 hours training the first two weeks so need to book before and after school care, worked out the amount he should be paid and I should be able to save $$$!
    The girls that owe me money both told me that they are going to sort it out this week and OH will also get about 4 weeks holiday pay from his old job, I'm thinking I will wait until the end of the month before I start moving money around just so I know where I am..

    Working off my figures I reckon I now owe 61888...its going in the right direction!!
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • liuhut
    • #8
    • 30th Aug 10, 10:33 PM
    • #8
    • 30th Aug 10, 10:33 PM
    Hi everyone

    Just got my mortgage statement for end of July which shows 61992. The regular OP for 640 went out the account yesterday sooooo by my calculations (and they arnt very good!!) we should be 61412. Really pleased that its gone down over 3k since feb.

    OH has started his new job and he's really enjoying it, he is still training and he hasn't been paid yet so still waiting to so what his actual weekly wage will be. They have talked about him going up to the next level already which is about $7 an hour more than we initially though but trying not to get carried away working out figures!
    My annual payrise came through from work which was $1.20 an hour extra and I'm working 5 days this week so it will be a nice pay packet again.
    Now the negative.... Had to go to the dentist yesterday. DD1 had chipped her tooth so they filled that and then i needed a filling....$450 later...arghhh oh well, it was a bit unexpected but I had the money which was nice.

    I've been doing loads of batch cooking and the DD's have taken to my HM soup, they have been taking it to school in little flasks along with the HM cupcakes they have been making, need to get over onto Oldstyle to try and cut down the monster shopping bill....

    Off to get the DD's ready for school and then work for me. Have a good day/night
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • liuhut
    • #9
    • 21st Sep 10, 12:14 AM
    • #9
    • 21st Sep 10, 12:14 AM
    Hi guys

    Not posted for a few weeks...which have been very expensive! OH has finished his training but not started getting his proper wage yet so just guessing at the mo.
    I've sent an extra op of 300 this month, on my snowball calc its knocked a month off it....so aiming for Nov 19 now - OH will be 47 that month so that would be a nice b/day present to be MF!

    Off to work now,
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • golfiematt
    good luck with your challenge! have you got someone renting your home in the uk? what would happen if no one rented it ?
    Mortgage free

    [/COLOR]
  • liuhut
    Hiya Matt, thanks for popping in. Yeah we have someone renting it from us, they have been in it for 18 months and so far have had no problems, I 'think' that they want to stay longterm so fingers crossed and I do have insurance incase they dont pay. If I didnt have it rented then I could afford to pay the mortgage from our wages here, although I wouldnt want to its nice to know that I could afford to if I need to.
    Better get off here, got to be at work in 30mins and not even dressed yet!
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • l33na
    well done am impressed with the OP (at mine)but heyho.
    Good idea re the rental insurance.

    Look forward to reading your journey to mF...
    sealed pot chellenger no992Total for 2011= 198
    mfw= 2011 overpayment =
    Mfw 2012 no#25=OP target 2000
    The road to success is always under construction.
  • liuhut
    Thanks for the well done l33na...I dont think that I'll be making an OP this month now, got loads of expense and the OH has been under paid by $1600...fingers crossed they can sort it soon.
    Posting to say the mortgage payment went out and by my calculation.....so probably completly wrong!! I think its.... 60637, hoping that by 1st Dec to have it well under the 60k mark...whooohooo.
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • liuhut
    Blimey what a month. I had a weekend away at the start of the month which was a competition win worth $6000, had the most amazing time then I had a phone call to say relly in England was very sick so I got a plane but didnt make it in time.......the downside to living in Oz BUT at least I was there for the rest of the family and for the funeral.
    while I was there, had a 'little' spending spree, it would have been wrong not too the way the dollar is against the pound.
    Anyway, back in Oz now, op has gone out of the account today, will ring them on the 1st (last time I was informed that this was the best day to ring)...by my calc. it should be 60155...so close to the 60k mark and will crack that next month!
    OH has finally been payed what was owing and has his proper wage going in, he has really come round to the op's but we are still unsure if we should keep money here and 'offset' it - one one savings account I can get 6.7% and the kids account is 10%.....wish I had a crystal ball!!!
    Hope everyone else is going OK
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • SmlSave
    Good to hear from you lilhut and what good luck with the comp win!

    Sorry to hear about your relative.
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off 20,000/602.33
    350 per month challenge
  • l33na
    sorry to hear aboutthe reletive passing.

    Atleast your Dh has come round to this OP . I am stashing away in a a/c to sort of offset the low interest owed on the mtge but hubby is really eyeing up that a/c lol.
    sealed pot chellenger no992Total for 2011= 198
    mfw= 2011 overpayment =
    Mfw 2012 no#25=OP target 2000
    The road to success is always under construction.
  • liuhut
    Thank you for your kind comments. Had a busy few weeks with all the hoiusehold being sick at one time or another...great!
    I FINALLY got the mortgage statement to the end of Sept and it stood at 60641.21...so I was only out by 4, I have now found a better spreadsheet which will be more accurate so going on that the mortgage figure at the moment $59911.55....finally under the 60k mark whoooohoooo!!!
    According to the ss the 50k mark will be June 2012 so going to try to move that a bit further forward!
    On the neg side, OH might not be paid for two weeks at christmas so got to allow for that and erm....ive not done a lot of xmas shopping yet...normally by now I'm finished but for some reason this year I just am not in the mood for it...better get my !!! in gear!
    Hope everyone else is getting on well
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • AnnaBeth
    I found you! Your diary is extra interesting with living abroad as well.
    Mortgage OPs seem really good definitely good goal to get to lower number like out of the 60,000 bracket. Congratulations with that!
  • liuhut
    I found you! Your diary is extra interesting with living abroad as well.
    Mortgage OPs seem really good definitely good goal to get to lower number like out of the 60,000 bracket. Congratulations with that!
    Originally posted by AnnaBeth
    Thank you! Nice of you to pop in, I didnt realise how long its been since I've posted tbh.

    Well the mortgage is now 59,431.48, which I'm really pleased thats its now in the 50k. Had a very busy few weeks, work has been busy, we have five people coming to stay ready for the Ashes, the first ones arrive this weekend so have been busy 'trying' to make the house look like I clean it! Going to be going to the MCG to watch it so excitied about that...

    Xmas shopping is all done, last bits are being collected on Tuesday and then just need to wrap them. Where I work, they give you three house 'shopping time' so I'm taking that next week to wrap all the pressies. I have bought everyone that is visiting a boomerang!!

    On the neg side, I was in agony last week and have found out I have galstones, I am on a low fat diet but I LOVE my food and am sooo upset about it all, however I have managed to fit into a pair of trousers this morning that I last wore...three years ago, I'm amazed I can get in them so I think that this will keep me motivated, that and not wanting to be in agony again!! Just hoping I can avoid having an op.

    The kids break up for their summer hols next week...still need to get my head round that one! We are going to go to Sydney for a few days so just the standard OP from me this month I think.
    If I dont get chance to post again, I hope everyone has a wonderful Christmas and New Year.

    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
  • liuhut
    Hello. just nipping in to post my new figure of 58,949 Slowly going down!
    I have been playing round with figures and I 'think' that I should be able to start overpaying by another 400 a month from march, OH is getting a 4% payrise and I will can switch my phone and internet around then ( they are so expensive here its just scary)
    Also from the spreadsheet that I kept last year I have been able to plan for spending's each month and have altered my SOA to save for annual events on a monthly basis, this has increased my Soa somewhat..I hate having loads of things I have to pay for on it however I think its now realistic and I will get interest on the savings as well.
    I've booked the dentist for the end of the month..last time it cost $400 so we are all frantically brushing and flossing in the hope we will get a clean bill of health.
    we have had a lot of visitors over the six weeks, which although its been lovely has really stretched the finances...BBQ for 12 xmas day when I was expecting 7 although I couldn't turn backpackers from home away, hate to think of people on there own at xmas! Hopefully now the last few are about to leave we can get the family back to some kind of normality....have to say though maybe commune living isnt a bad idea, I've loved having one person cook, two more wash and dry and me...erm supervising!!

    Hope everyone is ticking along nicely to being MF
    L x
    WIN 2008 in 2008 1836.31 2009 wins - 91!!! 2010 wins in Oz $ 6170.... wins 2011 aprox $2000
    MFIT - number 37. Reduce my mortgage from 63,500 to 48,000. now at 54,000...
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