Friday, June 15

Your Mortgage and How to Pay it Off in Five Years – Anita Bell

Anita Bell and her husband Jim paid off their first mortgage in three years, and this book explains how the prepared reader can do the same thing – living sparingly, making a real effort to put as much money each week/fortnight into the mortgage, and making sure that the loan, conditions and property are good value.
If you’re thinking about entering the property market, or you’re young and thinking about saving for when you’re ready to buy, this book certainly has some helpful hints, particularly the section on early saving and compound interest.
Although a lot of the advice is useful, it is heavily geared to a two-income (preferably no kids) couple, and much of the advice isn’t that helpful if that’s not your situation. The most eye-opening aspect for me, though, was what as insight it gave me into how much the Australian property market has changed in the eight years since this was published – the average house price she refers to is $150,000, which won’t buy you much of anything anywhere now. – Alex

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