1 in 5 Aussies in trouble, page-80

Well revisiting this thread for an update.

In the start of this thread it was said that we (misses & I) wanted to pay the loan off within 2yrs 364 days.... unfortunately that date would of been 2nd Feb '18. That day came and went but it wasn't to be. Oh well not all goals are achieved I suppose.

I spoke with the bank last week and told them of our situation. With our current mortgage/offset account we have a 1.6% discount on the variable rate, no fee mortgage account, annual fee free credit card and all the bonuses (insurances / rewards etc..) that come with the credit card. If we are to pay out the mortgage we lose all the perks that come with the account, or still keep them but at the normal costs. So my suggestion of just keeping the account active with $1.00 still owing wasn't liked but there is that option if I wished to do it. So that is exactly what we are going to do. Also if we need to borrow money at another stage down the track we can always do a redraw (if we don't have enough savings) rather than going to the bank and do all the paperwork all over again as well as have a cheaper interest rate I suppose.

So today, the 2nd last payment on the mortgage was paid, leaving a balance of $1.00, which will be paid in 26+yrs time. We might not have got our goal, but close enough.

@acorn you did mention in the thread, that when you pay it off it is a great feeling... today has certainly been a good day (feelings wise).