Category Archives: mortgage

Another Mortgage Milestone!

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This morning I’ve finally reached another payoff milestone with the mortgage!

The balance is now $132,384 which takes us just below the end of Year 15 balance.

Next goal is to get into the $120’s.

I am waiting for backpay from my second job to come through which will all go off the mortgage so I hope that arrives in my bank account soon.

In the meantime I’m back at work and doing my best to stay positive, but its not easy. This week I had a significant part of my work taken away, without notice or discussion, another bit of my job description has been carved off and given to someone else – its frustrating!  But it is making me wonder if its part of a long term plan to reduce or get rid of my position. My goal is just to do my best to stick it out and see if I get redundancy next year, but honestly, its not easy turning up in this environment. I also think they are hoping people just leave so they don’t have to pay them out.

So, I’m very focused on reducing our budget right now and also on switching off from work when I get home. I’m thinking of setting myself a grocery challenge soon just to push myself a bit out of my comfort zone and I’m busy watching lots of movies on Austar before it ends as we have cancelled it.

Once I get my more detailed budget finished I might post some more specifics here on the weekend so I can track my progress better.

New Budgets & Mortgage payments

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Yesterday we received our first pay with DH’s reduced wages. So his income has dropped $200/week or $800 a month which is quite a lot. My income has gone down $250/week since I’ve reduced my second job hours. I have gone back to using YNAB and done up a new budget for the year, looking for where we can make some savings.

DD & I have banned ourselves from going to the shopping centre just one block away as we overspend there. Instead we have been doing the shopping online & collecting it each week and we’re spending less. I’m sure I can reduce our grocery spending further in coming months.

To reach our goal of paying $35,000 off the mortgage we will need to pay $673 per week plus approx. $100/week interest = $773/week. So my goal is $800 per week. I will pay all of my second job income off the mortgage which is $800-$1000 per month.

So today, after paying some bills and doing the grocery shopping I transferred an extra $350 off the mortgage, taking the balance to $133,521


I can’t wait till I see that number go under $100,000 some time in 2019!

Redraw is paid off!!

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One of my goals this year was to get the redraw paid off completely. Throughout the year the balance has gone up as high as #20,000 as we’ve dipped into it for various expenses.

I’ve been so close to getting it down to $0 I really wanted it done before the end of the year. So this morning I spent some time working out how I could raid a few other accounts and not buy any groceries for a bit to find the money I needed to pay it off.

I’ve just transferred the money and my redraw is now officially paid off completely – balance $0.  Yay!! It feels so good to have it gone and to reach that goal.

In the New Year I’ll contact the bank about cancelling the redraw for good. In the meantime I’m working out the budget and our goals for 2019 and doing heaps of decluttering – but thats another post…