Debt Elimination Strategies
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Transcript of Debt Elimination Strategies
Wize Up to Your Best Financial Decision!www.loanwize.com.au
How Much do You really know about Jon?
Disclaimer• The following information is of a general nature and does not take
into account your individual circumstances.
• We recommend obtaining independent financial advice for anyone considering investment.
• I am happy to meet you for a discussion on reducing your home loan sooner, and reviewing your existing loan to see if we can save you further.
Debt Elimination Strategies
20 year vs 30 Year loan20 year loanInterest rate 6.4%Loan Amount $350,000Repayments $596 pwTotal repayments $620,718Total Interest $270,718
30 year loanInterest rate 6.0%Loan Amount $350,000Repayments $483 pwTotal repayments $754,916Total Interest $404,916
Savings of $134,198 / Cost $113
How hard is it?
Easier than you think!
Details
• $350,000 over 30 years / repayments of $483 pw• Total interest would be $404,906• Additional $300 per week / reduce interest by $262,788 • Save almost 18 years off the loan.
Worth doing for that benefit alone!
What then?
What if you continued to save your repayment for the rest of the term?
• Continue paying $783 pw (or more)• Remaining 18 years • At say 5% interest rate
Results are staggering!
You turn the interest saving of $262,788 into
$1,174,392If you saw Mike, you could probably make it more!
Here is another look with a different loan amount
Seek Professional Advice!
• You don't talk to a plumber about your curtains do you?
• Seek quality advice from specialists, not friends and family!
Sounds Easy?
Where do I come up with an additional $300 pw?Check out the Fact Sheet on your desk.
Wize Up to your Best Financial Decision!