Discover - 7 - Steps - To - Paying - Off - Your - Mortgage - in - 10 - Years - or - Less

Hi There,
O ver the past few years I’ve managed to create wealth through building a property portfolio of 9
investment properties that has enabled me to spend more quality time with my family, allowed
us to move into our dream home and take those overseas holidays we’ve always dreamt about.
Now my purpose in life is to help as many people as I can to build wealth, so they can enjoy financial
freedom sooner…because life is too short to spend it doing “stuff” you don’t enjoy!
So I created the “Financial Freedom Friday” video series, where I produce a video every week with
instructions and helpful tips to assist you in taking the first steps to build wealth and secure your
financial future.
You can get access to all the videos just by

subscribing to our YouTube channel
and like us on Facebook
In the series, I share a whole lot of ideas,

education and motivational tips that helped me
to get to where I am today, in the hope that you’ll
get inspired to build a property portfolio and
become financially free.
The other thing I wanted to share with you that

as a founder of JR Prosperity Partners I get to
meet exciting people like you at the workshops
I conduct. You can find out about our latest
workshop at: https://jrprosperity.com.au/events/
We have helped over 600 families to get started

in their journey to building wealth. With over
100+ years of combined experience we have
been able to help people avoid costly mistakes
and if you would like to find out how we can
help you on your journey to financial freedom,
feel free to get in touch with me via email at:
team@jrprosperity.com.au or call us on 1300 522
562.
I look forward to meeting with you in person in

the near future.
Best Regards,
Jack Kumar
PS. Thank you for downloading this eBook – I hope you find it helpful 
2 Discover 7 Steps To Paying Off Your Mortgage in 10 Years Or Less | www.jrprosperity.com.au | © copyright 2018
Discover 7 Steps TO Paying Off Your
Mortgage In Just 10 Years Or Less
Can you imagine what your life would look like once you’ve paid off your mortgage and have
no more repayments to worry about! And think of what you would do with the extra cash
that you will have every month?
You are probably surrounded by people who are stuck with the traditional way of paying off
their home mortgage over 30 years or more.
However you have been searching for ways to pay off your home mortgage quicker and I
assume that’s how you have found this eBook.
May I ask why would you like to pay off your mortgage faster?
99 Perhaps you want to reduce your working hours, so you could spend more time with
your family?
99 Maybe you don’t like your boss! You want to quit your job, but you can’t because you
have a big mortgage to pay?
99 Potentially, you want that extra cash flow to claim your life back. Travel around the
world without having to worry about when you next pay check is going to come in?
If you answered YES to any of the above, then this eBook is for you!
Waking up without a mortgage will give you a feeling of security and contentment, and the
increase in your monthly savings means you will have more money to invest, build wealth and
retire financially free. In addition, you will be able to choose to say good bye to your boss &
spend more time with your family & friends.
On the other hand:

99 A survey has revealed that money worries are the number one reason for divorces.
Financial stress can destroy your relationships if you are not careful (1).
99 According to a 2016 report (2), if you are living in Sydney 39.2 percent of the family’s
income goes towards mortgage repayments.
99 Most people don’t want to work for the rest of their lives, but unless you pay off your
mortgage, it’s likely you’ll be working longer than you want.
Anyone who desires to live a stress-free life must discover the steps to pay off their home
mortgage in half the time. The more knowledge and structure you have to save interest on
mortgage repayments, the quicker you will be able to become debt free. Ultimately, giving
you the choice to go part time or stop work all together because no mortgage means you can
enjoy a stress free life where you are the master of your own time.
Living mortgage free in Just 10 years or less will help you:
99 Have more time to create better relationships with your family.
99 Have more time to spend with your family and friends.
99 Feel relaxed and less stressed
99 Boost your confidence knowing that you will have enough money for your future and
you’ll be prepared for any unexpected circumstances. You will have a financial buffer
to meet life’s unexpected events.
99 Have more choice to spend money as you wish and with the extra savings you will be
able to choose to build more wealth and enjoy financial freedom sooner.
99 With more free time and money for your hobbies.
99 Have more money for your holidays and travel.
99 Take control of your money from your creditors.
7 Steps TO
Paying Off
Your Home
Mortgage In 10
Years Or Less
Set Up A Goal To Pay Off
1 Your Mortgage in 10 Years
Setting Goals is the

first step in turning the
invisible into the visible
Tony Robbins
Have you set a clear, written goal to pay off your mortgage in 10 years and have
you made plans to achieve this?
In fact, a Harvard MBA study (3) conducted on students in the Harvard MBA
program centred on asking students, about goal setting.
Only three percent of the graduates had written goals and plans; 14 percent
had goals, but they were not in writing; and a whopping 83 percent had no
specific goals at all.
Ten years later, the members of the class were interviewed again, and the
findings, were astonishing.
The 13% of the class who had goals were earning, on average, twice as much
as the 83% who had no goals at all.
And the 3% who had clear, written goals - they were earning, on average,
ten times as much as the other 97% put together.
This Harvard study (3) highlights the importance of

99 Firstly, having goals
99 Secondly, the power of committing them to writing.
Source:
1. 2011 CUA: https://www.relationships.org.au/what-we-do/research/australian-relationships-indicators/relationships-indicator-2011
2. 2016 Mortgage Report : https://www.finder.com.au/income-spent-on-mortgage
3. Harvard Study: http://www.peer.ca/Singles/MM255.pdf
Create Your Budget and Shop
2 for Lower Interest Rates
The future depends on

what you do today.
Mahatma Ghandi
Create and review your budget to see if there are any expenses you can reduce
to make extra repayments on your loan. You may realise that you can save some
money by eliminating unnecessary expenses like lunches, magazines or online
subscriptions.
Shop for a lower interest rate because there are often better rates available
that you might not be aware of. Don’t just trust one bank. Compare all the
different financial institutions through online comparison websites or talk to
your mortgage broker who has access to multiple lenders.
Take Advantage Of
3 Low Interest Rates
Just by paying a
little bit extra every
month you can pay
off your home loan
years in advance.
The saying 'make hay while the sun shines' holds true when managing your
home loan interest rates.
If you make extra repayments while rates are low you will reduce your loan
balance, save on interest and build a buffer to minimise the impact of future
rate rises.
If you are not sure by how much you might increase your repayments, you could:
99 Increase your repayments as if rates were already 2% higher
99 Round up your repayments to the nearest hundred dollars
99 Just pay any extra you can afford.
Adjust Your Repayments to
4 fortnightly to Shorten the Length
of your Mortgage
Paying fortnightly
allows you to squeeze
in the equivalent of
one extra repayment
per year
Jerry Hopkins
This will help you more than you realise. Many of you are thinking, 'How is that
any different than just paying my mortgage at the end of the month? And yet it is
very different. If you make a payment at the end of each month, you are making
12 payments a year but if you pay fortnightly you are paying 26 payments a year
(52 weeks in a year divided by two). So, you are actually making the equivalent
of 13 monthly repayments every year.
Over time this will take years off your mortgage. And it is often very convenient
for the family budget, because it is a smaller amount to pay each fortnight, as
opposed to a larger monthly payment. In addition to the extra payment each
year, by paying every fortnight you are actually paying some of the interest
earlier and therefore reducing the overall amount of interest you pay on your
mortgage.
Have An Offset Account And
5
Use Credit For Living Expenses
A penny saved is
a penny earned.
Benjamin Franklin
Ok, now on to the fifth step - how to pay off your mortgage faster by using your
offset account. Many of you will already have one of these accounts as part of
your home loan package, however most people don’t really understand how it
all works.
The banks will not explain it to you properly because it is not in their best
interest for you to pay off your mortgage early. An offset account is a transaction
account that is linked to your mortgage. The positive balance of your account
is offset daily against the money you owe on your home loan. This reduces the
amount of interest you have to pay on your home loan, for example, if your loan
is $400,000 and you have $100,000 in savings, using an offset account will
mean you only pay interest on the outstanding home loan balance of $300,000.
it will make a big difference in the long term.
Buy An Investment
6 Property Using Equity
Well, real estate is

always good, as far
as I’m concerned.
Donald Trump
One of the great things about investing in property is that you can use the equity
from existing properties to purchase new properties and grow your portfolio.
But first, let’s understand what equity is.
Equity is the difference between the value of your property and the mortgage or
loan that you have on the property. Let’s say that the property is worth $500,000
and you have a $300,000 mortgage on that property. There would be $200,000
that you don’t owe on that property that exists in value. That $200,000 is what
we consider equity.
However, you can’t necessarily access the entire $200,000 in equity. That is
because the bank will only generally loan you up to 80% of the value of the
property if you want to avoid lenders mortgage insurance. So, with our $500,000
property we would be able to borrow up to $400,000 (if we want to maintain
that 80% loan to value ratio). We would have $200,000 in equity but we would
have $100,000 in available equity with which to purchase another investment
property.
Equity is Explained in one of the “Financial Freedom Friday”

Video Series episodes. Clink on the link below to Watch
https://youtu.be/QgNTIpluEMI
Pay Off the Balance of Your
7
Home Mortgage Using Equity
90% of all millionaires

become so through owning
real estate.
Andrew Carnegie
According to historical price data, residential property doubles in value in

Australia every 7 to 10 years (4).
If you have owned a home for more than 10 years you would have noticed that
your property has most likely doubled in value.
Imagine if you had also bought the property next-door to you at the same time!
You could have sold one property and paid off your home mortgage by now.
It’s never too late too start!
Let's say you buy an investment property for $500,000. Based on historical
performance, the property will be worth $1,000,000 if sold after 10 years.
There will be selling costs and Capital Gains Tax of $147,000. Your net equity
will be $333,000. You can use the equity to pay off the balance of your home
mortgage.
Source:
4. Australia’s Median House Prices: https://about.homely.com.au/blog/2017/3/23/what-we-can-learn-from-australias-median-house-
price-from-1970-2016
Case Study
Mike And Anna Will Be Mortgage
Free In 9.8 Years
M ike and Anna bought their first home 4 years ago. They borrowed $528,000
and have 26 years left on their mortgage and they have paid down their
loan to $460,000. In the next 26 years if they keep doing what they are doing
now they will pay $232,697 just in interest, and principal of $460,000. The
total amount they pay back to the bank is $692,697. They also pay $30,847
each year in tax.
Mike and Anna’s Objective was to pay off their mortgage as soon as possible,
save tax and build wealth. Their biggest concern was that they were feeling
stuck with their mortgage and wanted to find a way to be financially free. They
are comfortable with the repayments now but worry about how they would
cope if interest rates were to rise.
We helped them acquire one
investment property with their
existing borrowing capacity. Tim
and Anna prepared a budget
and realised they were wasting
money on things like lunches,
magazines and eating out. They
decided to direct some of this
money to their mortgage to build
a buffer against interest rate
rises.
These small changes and the

investment property will give
them a monthly cashflow surplus
of $3,138. They use $2,500 to
pay off their mortgage and are
still left with a buffer of over
$600 per month.
Mike and Anna will be mortgage free in less than 10 years
saving them tens of thousands of dollars in interest.
You too can pay off your home mortgage faster and build
wealth like Mike & Anna.
Find Out How

To Save Tens of
Thousands of Dollars
Of Your Hard-Earned
Money!
Contact Us Now to Book For A FREE
Complementary Session
Call:
1300 522 562
Email:
team@jrprosperity.com.au
To Your Future,
Jack Kumar

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Hi There,

You can get access to all the videos just by

and like us on Facebook

In the series, I share a whole lot of ideas,

The other thing I wanted to share with you that

We have helped over 600 families to get started

I look forward to meeting with you in person in

On the other hand:

Setting Goals is the

This Harvard study (3) highlights the importance of

The future depends on

Well, real estate is

Equity is Explained in one of the “Financial Freedom Friday”

90% of all millionaires

According to historical price data, residential property doubles in value in

It’s never too late too start!

These small changes and the

Find Out How

You might also like