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Andrew Morello: Golden Rules for Paying Off Your Loan

In this article:

An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, the winner of the first series of Celebrity Apprentice Australia, provides his comprehensive personal approach to buying real estate and building a property portfolio.

To get your free copy of the full Morello Matrix eBook visit  www.ybr.com.au/morellomatrix

Add extra repayments 

Pay more into the mortgage, by starting with adding $500 per month.

Fortnightly repayments

Make the change to fortnightly repayments, rather than monthly.

Pay every bonus into the mortgage
Pay every additional payment your receive such as tax refunds and work bonuses straight into the mortgage.

Take the first step

Don’t be tempted
Avoid buying new cars (or any cars) with the loan. Over time, these savings mean you’ll be able to buy nicer cars all the time or more importantly build up wealth from property much, much faster.

Add everything
Once you have your first property, it is time to supercharge the growth in equity to leverage into a second property.

Me?
I throw everything but the kitchen sink into these strategies. I put every spare penny into the mortgage. I find a mortgage broker to find me the best refinancing deal, including a lender hungry for my business or who is a believer in the area

I’ve bought in.

Feature articles

The Importance of a Mortgage Broker This article will shed light on the Royal Commission's recommendations and briefly highlight some of the benefits of using a mortgage broker.

Renovation Budget Blowout: How to Avoid Find out how to stop money disappearing on a renovation project.

7 Refinancing Mistakes You Don’t Want to Make Take a look at some of the ways homeowners come unstuck when refinancing their loan.

Buying Off the Plan – This Is How to Manage the Risk Prepare for unpleasant surprises when buying property off the plan.

How Your Home Can Be Equity Rich Will falling house prices affect the equity wealth of your property?

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