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Canne's Aussie Mortgage Free Diary

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  • arkaussiecat
    arkaussiecat Posts: 36 Forumite
    Part of the Furniture
    i have read your posts and find them inspiring, good luck with the future payments and more importantly with your son being away, may i ask are you also know as cross stitch addict on another site? impressed with what you have achieved.:T
  • canne_2
    canne_2 Posts: 124 Forumite
    Yes I'm CSA on another site...you have found me :D

    I have run out of downloads on my internet plan until Saturday when the billing cycle starts again! The internet is VERY slow and I can't do my facebook games!

    It's killing me not being able to make extra repayments...I've got to wait until the end of this month to see if I can make any...
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • canne_2
    canne_2 Posts: 124 Forumite
    The regular mortgage payment of $339 was paid yesterday.

    Balance now: $99356.48
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • canne_2
    canne_2 Posts: 124 Forumite
    Well, I am officially jealous of the interest rates you guys in the UK are paying! You know how much the interest on my mortgage is as of Friday this week? On a basic loan!

    6.85%!!!!

    The Australian economy is overheating and we have a mining boom so up go the rates! The base rate is now 4.5%. Also inflation is rising as well, unemployment is falling... I don't understand economics but apparently all these things means rates go up...

    My mortgage balance should be $98 300 by next Thursday... and under 95000 by the end of June...

    Cheers

    canne
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • canne_2
    canne_2 Posts: 124 Forumite
    I just watched Jessica Watson sail through Sydney Heads. What a fantastic finish to her round the world journey...she's only 16 years old...

    It's funny, now customs have to stamp her passport and inspect her boat...

    Well done Jessica Watson!
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • canne_2
    canne_2 Posts: 124 Forumite
    I keep track of quite a few diaries on MSE, I love following people's journeys...

    I keep hearing people talk about restrictions on their mortgages, like they are only able to pay 500 in overpayments a month. And also when they make an overpayment they have to make the choice to either reduce the term or reduce the monthly repayment.

    With my mortgage I'm allowed to overpay as much as I want, I just pay minimum payment and overpay heaps as well. I don't have to worry about the term or the monthly repayment, that doesn't usually change. On the account information screen it tells you how long the mortgage will last if just the minimum payment is made. So I don't really get why mortgages in the UK are more complicated...hmmm...oh the only restriction on my mortgage is that it costs $50 to access the money in the redraw so we just keep money in a savings account so we don't have to access the mortgage funds, we haven't had to access it yet!

    Cheers

    canne
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • abouttimetoo
    abouttimetoo Posts: 1,860 Forumite
    Part of the Furniture Combo Breaker
    canne wrote: »
    My mortgage balance should be $98 300 by next Thursday... and under 95000 by the end of June...

    Cheers

    canne

    Hi Canne, you are doing great and wow - under 95000 by June, you are sooo under the 100 barrier now.

    Keep up the great work
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • canne_2
    canne_2 Posts: 124 Forumite
    Thanks abouttimetoo! It IS getting exciting...the mortgage is coming down quickly it seems. I get such a rush from clicking the buttons on internet banking to do an overpayment - its like a drug and I wish I could do it every day! LOL

    My son is coming back from overseas on the 23rd June. He has been living with his Dad for the last 3 months. I will be getting family payment for him when he gets back but I am going to have expenses. I have size 10 things here and apparently he is size 12 or even 14 depending on the make. So I am going to have to buy socks, underwear, tracksuits (its winter here in OZ), and his school uniform as well. Also his scooter broke just before he went away so I will have to buy a new one...

    He will be staying with me for a couple of months until the end of August and then he will be going back overseas with his Dad until June next year...

    Financially we do better when DS isn't here, so my OP's will probably be less in July and August but we will see how we go...

    Cheers

    canne
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • canne_2
    canne_2 Posts: 124 Forumite
    Well, the MFin3-T2 challenge Chart 2 has come out and I'm in the green zone! I had to get under 96340 and the mortgage balance is 96131, so I made it by over $200! Ideally I'd really like to do much better than that but doesn't everyone...

    My son comes back from overseas Wednesday week so I am looking forward to that...can't wait to see him, I have to travel about a hour and a half by train to pick him up...I can't believe its been 3 months since I saw him last! (besides seeing him on webcam of course)

    Overall I'm pleased how the mortgage payoff is going... it might slow down a little with my son's expenses but we will see how we go...
    The Mortgage Free in Three - Take 2 Challenge (MFiT-T2): #58 - Goal: Get to AU$50 000 by 12/12/12
    Current balance: $84 693
    2011 MF Wannabes: #102 - Goal: Overpay mortgage by AU$15 000
    Total paid for 2011: $2253.16
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Well done :j & enjoy time with your son.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
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