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A group of protestors outside one of the Big 4 Banks
Did you know when you make your monthly mortgage repayment, barely any of it goes to paying off your home?
A typical repayment of a $360,000 mortgage is around $2,500 per month, and only around $350 of that is actually going towards paying off your home. The rest of that, or around 86% of your monthly repayment goes to the bank to profit from you. That is $2,150 every month going to the bank and not your home loan.
Looking at that over 20 years, the bank collects over $500,000 from you in interest, for just a $360,000 home. No wonder the banks are raking in billions of dollars, just take a look at how much they made last year:
There are ways you can pay off your home a lot faster, in some cases in just 3 to 5 years.
The interest savings alone are worth it, 15 years of interest is over $387,000 - that could be in your pocket instead of the banks.
If you are living in Sydney, there is a local company, called 1300WHATLOAN helping hundreds of people do just that - pay off their home, and save thousands of dollars. Now with that spare money each month, it is possible to grow a large property portfolio that you can one day use in retirement to fund your lifestyle. You can find out more today for free, by contacting us.
If you don't do anything, you will be handing over your hard earned money to help the banks make a profit, and losing out on one of the greatest opportunities to get ahead in life.
" What the Banks don't want you to know about slashing your 25 year mortgage to under 6 years"
Disclaimer: The figures used in this animation are based on the REIQ reported annual average growth of property of 10.4% since 1971, however Finance Advisers Australia have opted to use a more conservative figure of 7% average annual growth. To the extent that any information on this video constitutes advice, the advice is general advice only. The advice does not take into account your investment objectives, financial situation or needs. Before making any investment decision you should consider whether the advice is appropriate in light of your objectives, financial situation and needs or consult a professional adviser for specific advice.
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