The smartest way to prepare for a mortgage #finance

One of the best savings strategies I’ve seen came from a client who didn’t have a mortgage yet and had no major debts. They jumped onto a bank’s mortgage repayment calculator, plugged in their ideal purchase price and deposit, and looked at what the repayments would be.

Then they pretended those repayments already existed.

Every fortnight or month, they transferred that exact amount into a separate savings account as if the mortgage was already in place. After a year or two, they had a much larger deposit, plus they’d already built the habit and cash flow needed to comfortably manage repayments once they bought a home.

When settlement day finally came, nothing about their lifestyle changed. The money was already accounted for, and the transition into real mortgage repayments was easy.

It’s a simple trick, but it works. Save like the mortgage already exists, and you’ll be far more prepared when it actually does.

#finance #australianfinance #wealthplanning #financialadvice #homebuying

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