Page 106 - The-Mortgage-Maximiser-Method-by-Thomas-Ilinkovski

/Ĩ LJŽƵ ĂƌĞ Ă ŐŽŽĚ ƐĂǀĞƌ͕ ƚŚŝƐ ƚLJƉĞ ŽĨ ůŽĂŶ ǁŝůů ƐĞƌǀĞ LJŽƵ ǁĞůů ĂŶĚ ŐŝǀĞ LJŽƵ ƚŚĞ
ĨƌĞĞĚŽŵ ƚŽ ƵƐĞ ƚŚĞ ŵŽŶĞLJ ŝŶ LJŽƵƌ ŽīƐĞƚ ĂĐĐŽƵŶƚ ŚŽǁĞǀĞƌ LJŽƵ ƉůĞĂƐĞ͘

Loan with redraw facility

^ŽŵĞ ůĞŶĚĞƌƐ ĂůůŽǁ LJŽƵ ƚŽ ƚĂŬĞ ďĂĐŬ ĂŶĚ ƵƐĞ ĂŶLJ ƉĂLJŵĞŶƚƐ LJŽƵ ŵĂŬĞ ƚŽ LJŽƵƌ

loan that are over your minimum monthly payments.

Ȃ. / *0)/ - 2 ! $'$/4
How it dŚĞ ŵŽŶĞLJ ŝŶ ĂŶ ŽīƐĞƚ ĂĐĐŽƵŶƚ This simply means you can
works ;Ă ƐĞƉĂƌĂƚĞ ĂĐĐŽƵŶƚ ůŝŶŬĞĚ ƚŽ LJŽƵƌ ͚ƌĞĚƌĂǁ͛ ĂŶLJ ĞdžƚƌĂ ƉĂLJŵĞŶƚƐ
home loan) acts like a repayment but you’ve made to your loan
isn’t locked up in your mortgage. ƚŽ ƐƉĞŶĚ ĨŽƌ ƌĞŶŽǀĂƟŽŶƐ Žƌ
ŝŵƉƌŽǀĞŵĞŶƚƐ Žƌ ǁŚĂƚĞǀĞƌ
you need.

ĞŶĞĮƚ zŽƵ ĞīĞĐƟǀĞůLJ ƌĞĚƵĐĞ ƚŚĞ ŝŶƚĞƌĞƐƚ zŽƵ ǁŝůů ƉĂLJ ůĞƐƐ ŝŶƚĞƌĞƐƚ
on your home loan but can use the but you can use the money
money if you need it. ǁŚĞŶ LJŽƵ ŶĞĞĚ ŝƚ͘

Drawbacks zŽƵ ǁŽŶ͛ƚ ĞĂƌŶ ͞ŝŶƚĞƌĞƐƚ͟ ŽŶ ƚŚĞ >ĞŶĚĞƌƐ ĚŝīĞƌ ŝŶ ŚŽǁ ƚŚĞLJ
ŵŽŶĞLJ ŝŶ LJŽƵƌ ŽīƐĞƚ ĂĐĐŽƵŶƚ ʹ ďƵƚ ƚƌĞĂƚ ƌĞĚƌĂǁ͘ ^ŽŵĞ ůĞŶĚĞƌƐ
ƚŚŝƐ ŝƐŶ͛ƚ Ă ĚƌĂǁďĂĐŬ Ăƚ Ăůů ĂƐ LJŽƵ ĂƌĞ specify a minimum amount
saving interest on your loan. LJŽƵ ĐĂŶ ƌĞĚƌĂǁ͘ KƚŚĞƌ
ůĞŶĚĞƌƐ ƌĞĚƵĐĞ LJŽƵƌ ƌĞĚƌĂǁ
amount as the loan period
progresses.

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