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Best mortgage strategy for FIRE: Pay down or use offset?
Dividends and Tax
Hi there, I’ve recently bought my starter home but am trying to balance living in the present with my long-term goals: 1. Eventually reaching FIRE while keeping my mortgage manageable 2. Upgrading my PPoR down the track I have an offset account, but my mortgage allows me to pay down only $10k extra per year. For those already on the FIRE path with a mortgage, what’s the best strategy? Should I focus on paying down my current mortgage before refinancing to lower it, or would using my offset account as a deposit work just as well? I’m not interested in investment properties or taking on a second mortgage. Thanks in advance!
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Alex Kim
Asked on 8 October 2024