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Banking The Difference deposit

January 27th, 2015 at 02:12 am

Tomorrow the mortgage gets paid and as the new monthly repayment (as of last November) is $149 lower, I have paid the difference of $149 towards the mortgage.

Banking The Difference total is now $269.
If all goes well the end of year total saved will be $5,512 plus $269 = $5,781.00.

4 Responses to “Banking The Difference deposit”

  1. PauletteGoddard Says:

    How are AU mortgages different from fixed-rate? Do they have five-year reamortization schedules like in Canada?
    $5781 expected banked total is impressive!

  2. VS_ozgirl Says:

    We have fixed rate too, ours came off fixed rate last October so due to the interest rate drop our monthly repayment changed & dropped by $149 which started November. No we don't have five-year reamortization schedules, the average mortgage term is 30 years and it is up to the borrower to make the best loan choice they can. So when your loan comes off a fixed rate it automatically switches to variable as ours has done. We are thinking of possibly moving so don't want to renegotiate a loan until we know for sure.

    Thanks, hoping to bank that total, crossing my fingers! (As it's only the first month of the year)

  3. chloe Says:

    Nice! Will you be able to bank that $149 every month?

  4. VS_ozgirl Says:

    Hi Chloe, sorry for the late reply back.. I hope to be able to bank the $149 every month, crossing my fingers Smile

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