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Summary: To own my own house What: To own my own house with no mortgage owing Purpose: To give us freedom Start Date: 2023 Target Date: 2026-12-31 Milestones:
- Balance of mortgage in an offset account
- Mortgage paid in full Measurement of Success: Mortgage paid in full Steps to Achieve: Save money and put against mortgage Resources Needed: Cash Potential Challenges: Lack of cash Solutions to Challenges: Find cash Review and Adjustments: As needed
Notes
- We have the balance of the mortgage sitting an offset account. This way, we have access to the cash should we need it (emergency) and the amount is offset against the mortgage when the monthly interest is charged. As the amount in the offset and the balance are almost equal, the monthly interest is only a couple of $ per month. In effect, the house is ours, but not counting it as done until the mortgage account is closed.