We bought our home in July 2009, We're aiming to have our mortgage paid off in 7 years from starting out, which would make it July 2016.
With our 1st year of mortgage done, we are allowed 1 'renegotiation' of our mortgage (allowed every year), so we locked away the redraw, and transferred a lump sum from our savings/offset, to get our minimum payment recalculated. It's gone from $310 p/week to $244 p/week.
This has a couple of benefits, each week we're paying an extra $66 off the principal, plus our minimum is now alot lower, if we needed to we could more easily manage the minimum repayment off one wage (fingers crossed for next 12 months this happens!).
Start of mortgage - 13 July 2009
As at today (16 August 2010) - mortgage reduced by $112,682
% of home owned - 53.13%
% of home owned - 53.13%
We're making good progress on our aim of being mortgage free in under 7 years, let's hope we can keep on keeping on!
Other debt
Our total non mortgage debt includes a car loan (as part of mortgage package, at same interest rate), and a VISA we've since closed.
Start of car loan - 10 May 2010
As at today (16 Aug 2010) - reduced by $932.54
% of car owned - 5.61%
% of car owned - 5.61%
Start of VISA - 1 Dec 2009
As at today (16 Aug 2010) - reduced by $3,983
% of VISA paid - 80.95%
% of VISA paid - 80.95%
Total non mortgage debt (May 2010) - $15,633
As at today (16 Aug 2010) - reduced by $4,915.54
% of debt paid - 31.44%
As at today (16 Aug 2010) - reduced by $4,915.54
% of debt paid - 31.44%
Weight
My weight covers a few areas, getting healthy & fit, getting my body in the right place to conceive (and fit in a near 'normal' wedding dress!!). I am easily distracted from weightloss, so hoping this blog can keep me on the straight & narrow!! We've been talking wedding options over the past few weeks (even though Mr Mel hasn't proposed yet!!!! don't get me started!), so have to keep on keeping on!!
Not much change, up and down month, laziness, work & a bit of stress to blame, but mostly laziness! Slack slack slack.
A new goal is Xmas, Mr Mel & I are venturing to my old hometown for the first time since I
moved to Melbourne (1992) and I want to move some pudge before heading home. So the timeframe is set!!
My goal is:
Lose 15kg by 20th December, that gives me 18 weeks, that SHOULD be do-able, the only thing stopping me, is me!! C'mon me!
Business
Things have picked up over the past 6 weeks, Mr Mel's contacts are handballing more and more work to him, which is great, probably creeping up to .7 of a 'normal' wage now. All good, main thing Mr Mel is happy doing it :)
Till next time,
Mel, you are doing so well with your debt, you both should be commended. As for the weight, you can do it, I lost 15kg last year by cutting out all bread(almost), pasta, rice and potato. The only bread product I did eat was mountain bread, once a day at lunch filled with salad, sometimes egg or pink salmon. I mainly ate vegies and fruit. Best of Luck, Joy.
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