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26 Jan 2018

Extra money off the mortgage.

Well the week has flown by and today is a public holiday here for Australia Day. My pay this week had extra money so this morning, after paying the bills, I was able to pay an extra $400 on the mortgage & an extra $1000 on the redraw.  Once I get the redraw paid back then that will free up more money for the mortgage.

The balances are now:
mortgage - $165,475
redraw-  -$5,962

I also set up salary sacrifice this week, $200 a week. This, combined with employer contributions, will get me close to the $25,000 max I can contribute pre-tax each year to my retirement savings.

Yesterday when I called in at the shop for milk I saw these packs of bananas on sale for 99cents - 19 bananas in total. So its banana bread & muffins on the cooking list!



We've had temperatures here this week in the mid 30's every day. I have a few pot plants that have been doing it tough in the heat and I almost lost my basil plant, but with a bit of TLC its come back nice and strong.



Well my plans for today are some housework and more decluttering in the lounge room. Its almost finished, mainly old games, CDs, papers and ornaments to go through. And the ongoing paper shredding!

2 comments:

slugmama said...

I just have to ask, not being an Aussie, what's a "redraw"?

Jan said...

A redraw is like a line of credit against the mortgage, but its a separate loan to the mortgage. So our redraw is $80,000 which we can use for any reason and pay back at the same interest rate as the mortgage. We used it for the deposits on our investment properties and I am looking forward to having it all paid back!