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Canne's Aussie Mortgage Free Diary

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  • canne_2
    canne_2 Posts: 124 Forumite
    I finally have some news to report: Interest rates in Australia went up by quarter of a percent...so from this Friday our mortgage rate will be 6.35%. They are expecting it to go up a lot further in the next few months...

    Also I have just worked out what the balance of the mortgage will be on the 25th March, it will be 100134 so we will not quite break the 100 000 barrier like I was hoping... I have had to make quite a few trips to Sydney which have been quite expensive...
    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
    canne wrote: »
    I finally have some news to report: Interest rates in Australia went up by quarter of a percent...so from this Friday our mortgage rate will be 6.35%. They are expecting it to go up a lot further in the next few months...

    :eek: eek :eek:

    Sorry you didn't break 100k, but now you have a whole month to look forward to it :T (am in a glass half full mode ;))
    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"
  • canne_2
    canne_2 Posts: 124 Forumite
    Thanks Gallygirl! Yes my new date for getting under 100 000 happens to be the 1st April! What a date! LOL

    Pensions are increasing in Australia from the 20 March due to indexation to keep up with the cost of living and our pensions are going up by $73 a fortnight. I was quite pleased when I found out as previously they had only gone up by about $40 combined. I think they calculate it differently now which accounts for the more generous increase...
    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 mortgage at the moment is 99 755.15. I have updated my first entry in this thread...

    Cracked the 100 000 barrier for a few days until interest goes on...

    Also with the Mfit Take 2 Challenge (I'm #58) I missed out on getting into the green zone by $243! I should be able to make this up by the next chart...

    March has been our best month ever in terms of mortgage paydown...April should be even better as it is a 3 payday month!

    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
  • THRIFTY_GIRL
    THRIFTY_GIRL Posts: 304 Forumite
    canne wrote: »
    Cracked the 100 000 barrier for a few days until interest goes on...

    March has been our best month ever in terms of mortgage paydown...April should be even better as it is a 3 payday month!

    ...

    Well done on breaking through $100k:T

    Fortnightly paid??? Not very British but it is quite sensible. We Brits are generally quite bad at budgeting (thank goodness for MSE!!) and monthly or weekly paid can be a challenge!!
    MFiT - T2 # 64start date: 1.7.09 MFW end date: 31.10.17
    Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
    Current balance: £177,977.07 (updated 18.12.10)
    Target 12.12.12: From £194,000 to £140,000:p
    MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
  • canne_2
    canne_2 Posts: 124 Forumite
    Fortnightly pay periods are very common in Australia...

    I have just uploaded my overpayment spreadsheet...

    http://spreadsheets.google.com/ccc?key=0Ar8xYIS7-oYodEV2T3lwMmZONm5QSW0xSDFIejBqNmc&hl=en
    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
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    yippee20happy20rabit20dancing5.gif well done on getting sub $100k :T:T
  • canne_2
    canne_2 Posts: 124 Forumite
    I am finally under 100 000 for real now - The mortgage is 99 749!

    My son left to go overseas yesterday to Palestine with his Dad so its just me and my parents now...he'll be gone until late June...

    Very weird just having myself to look after!

    March has been an excellent month - We have paid $2558 to the mortgage so not a bad effort!
    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
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Great OP :T:T
  • canne_2
    canne_2 Posts: 124 Forumite
    We had a bit of a setback last week, we needed to buy a new washing machine. So for the next 2 paydays we will be unable to put any extra to the mortgage...
    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
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