Mortgage can be a headache! Sometimes mortgage can be such a huge liability if it lingers on and your cash flow is affected by any means.
Our experts discuss different strategies in this episode to help you pay off mortgagee faster. Different unconventional methods were discussed that go beyond decreasing interest rates or changing payment schedules.
Strategies such as making extra repayments, renovating and selling, flipping properties, and accessing equity to invest are preferred for fast mortgage repayment. The benefits of creating a guest suite for rental income and leveraging investment properties to pay down debt cannot be ignored. Similarly, the use of SMSF (Self-Managed Super Fund) is a way to accelerate debt repayment and build a strong property portfolio.
You should consider making extra repayments to reduce the principal and save on interest. Accessing equity and investing in cash flow-generating assets can help pay down debt as well as leveraging
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Episode Highlights:
- 00:00 Welcome to Help Me Buy Podcast
- 03:43 Renovating, Selling, and Repeating
- 07:31 Long-Term Renovation Strategy
- 14:02 Renting Out Rooms as Airbnb
- 19:27 Using SMSF to Accelerate Debt Repayment
- 23:17 Consolidating Debt into PPOR
