Friday, 8 February 2013

Book review: Your Mortgage – How to Save $50,000 to $250,000 per Property

Your Mortgage – How to Save $50,000 to $250,000 per Property by Anita Bell is one of the classic Australian mortgage-related savings books.  It was originally released more than 10 years ago, and there have been several editions since.

Anita has a simple savings philosophy:
  • First, decide if you want to save money – depending on your circumstances right now, the effort and stress may not be worth it
  • Next, read through the book and see which advice applies to you, and which options you may not previously have considered
  • Then, just do it
Her advice ranges from the run-of-the-mill savings strategies you’ll see in other books to the extreme.

Chapter 1 – Blast-Cleaning Your Preconceptions includes around 15 pages of definitions, then poses a number of questions to test your motivations to save money.  If you make it through the questions, she believes you are well on the way to saving $250,000 plus over the term of your loan.

Chapter 2 – The Deposit provides a few tips on saving for your home deposit and other purchase costs, as well as an overview of the national First Home Owner Grant, First Home Saver Accounts, and other state schemes.  Anita also discusses potential traps and the fine print around signing real estate contracts.