Page 171 - The-Mortgage-Maximiser-Method-by-Thomas-Ilinkovski
P. 171
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KīƐĞƚ ĂĐĐŽƵŶƚ͗ A savings account linked to a home loan. The interest earned
ŽŶ ƚŚĞ ĂĐĐŽƵŶƚ ŝƐ ĂƉƉůŝĞĚ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ŝŶƚĞƌĞƐƚ ƉĂŝĚ ŽŶ ƚŚĞ ůŽĂŶ͘ ϭϬϬй
ŽīƐĞƚ ŝƐ ǁŚĞƌĞ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ĞĂƌŶĞĚ ĂŶĚ ƉĂŝĚ ĂƌĞ ƚŚĞ ƐĂŵĞ͘ ƉĂƌƟĂů
ŽīƐĞƚ ĂĐĐŽƵŶƚ ŝƐ ǁŚĞƌĞ ƚŚĞ ŝŶƚĞƌĞƐƚ ĞĂƌŶĞĚ ŽŶ ƚŚĞ ŽīƐĞƚ ĂĐĐŽƵŶƚ ŝƐ ŽŶůLJ Ă
ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƌĂƚĞ ƉĂŝĚ ŽŶ ƚŚĞ ŚŽŵĞ ůŽĂŶ͘
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Passed in: ƉƌŽƉĞƌƚLJ ŝƐ ͚ƉĂƐƐĞĚ ŝŶ͛ ŝĨ ƚŚĞ ďŝĚĚŝŶŐ Ăƚ ĂŶ ĂƵĐƟŽŶ ĚŽĞƐ ŶŽƚ ƌĞĂĐŚ
Žƌ ƐƵƌƉĂƐƐ ƚŚĞ ǀĞŶĚŽƌ͛Ɛ ŵŝŶŝŵƵŵ ƉƌŝĐĞ ĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ǁŝůůŝŶŐ ƚŽ ƐĞůů͘
WŽƌƚĂďůĞ ŵŽƌƚŐĂŐĞ͗ tŚĞƌĞ Ă ŶĞǁ ƉƌŽƉĞƌƚLJ ŝƐ ĂďůĞ ƚŽ ďĞ ƐƵďƐƟƚƵƚĞĚ ĂƐ
ƐĞĐƵƌŝƚLJ ĨŽƌ ĂŶ ĞdžŝƐƟŶŐ ůŽĂŶ͘
Prepayment: Any amount paid to reduce the principal balance of the loan
ďĞĨŽƌĞ ƚŚĞ ĚƵĞ ĚĂƚĞ Žƌ ĂŶLJ ĂŵŽƵŶƚ ŝŶ ĂĚĚŝƟŽŶ ƚŽ ƚŚĞ ŵŝŶŝŵƵŵ ƌĞƉĂLJŵĞŶƚ͘
Principal: dŚĞ ĐĂƉŝƚĂů ƐƵŵ ďŽƌƌŽǁĞĚ ƵƉŽŶ ǁŚŝĐŚ ŝŶƚĞƌĞƐƚ ŝƐ ƉĂLJĂďůĞ͘
Principal and interest loan: ůŽĂŶ ǁŚĞƌĞ ƚŚĞ ƌĞƉĂLJŵĞŶƚ ŽďůŝŐĂƟŽŶƐ ŝŶĐůƵĚĞ
both principal and interest amounts.
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ZĞͲĂŵŽƌƟƐĞ͗ dŚŝƐ ŝƐ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ƌĞĐĂůĐƵůĂƟŶŐ ƚŚĞ ŵŝŶŝŵƵŵ ƌĞƉĂLJŵĞŶƚ
ŽďůŝŐĂƟŽŶƐ ŽĨ Ă ůŽĂŶ ƚŽ ƌĞƉĂLJ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞ ĨŽƌ ƚŚĞ ƌĞŵĂŝŶŝŶŐ
ƉĞƌŝŽĚ͘ dŚŝƐ ŐĞŶĞƌĂůůLJ ŽĐĐƵƌƐ ǁŚĞŶ Ă ůŽĂŶ ďĂůĂŶĐĞ ƐƵďƐƚĂŶƟĂůůLJ ŝŶĐƌĞĂƐĞƐ Žƌ
decreases from the original amount.
Real property: >ĂŶĚ͕ ǁŝƚŚ Žƌ ǁŝƚŚŽƵƚ ŝŵƉƌŽǀĞŵĞŶƚƐ ;Ğ͘Ő͕͘ Ă ŚŽƵƐĞͿ as dŝƐƟŶĐƚ
ĨƌŽŵ ƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚLJ ;Ğ͘Ő͕͘ Ă ĐĂƌͿ͘
Redraw facility: dŚĞ ĐŽŵƉŽŶĞŶƚ ŽĨ LJŽƵƌ ǀĂƌŝĂďůĞ ƌĂƚĞ ůŽĂŶ ŝŶƚŽ ǁŚŝĐŚ LJŽƵ
ĐĂŶ ŵĂŬĞ ĞdžƚƌĂ ƌĞƉĂLJŵĞŶƚƐ ǁŚĞŶ LJŽƵ ĐĂŶ ĂīŽƌĚ ƚŽ͕ ĂŶĚ ůĂƚĞƌ ĚƌĂǁ ŽŶ ƚŚĞƐĞ
funds if you need to.
ZĞĮŶĂŶĐĞ͗ dŽ ƉĂLJ Žī Ă ŵŽƌƚŐĂŐĞ ĂŶĚ ĂƌƌĂŶŐĞ ĨŽƌ Ă ŶĞǁ ŵŽƌƚŐĂŐĞ͕ ƐŽŵĞƟŵĞƐ
ǁŝƚŚ Ă ĚŝīĞƌĞŶƚ ůĞŶĚĞƌ͘
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