Savings on Mortgage

Interest rate cut was passed on to us! You know you’re an adult when you get excited on these stuff. Continuing our current repayment, this gave us 2 years off of our mortgage. Paying it off in 28 years instead of 30.

We are currently on 3 year introductory variable rate with our bank at 4.64%. Some people might have lower rates, but for our situation this is the best rate we could get. If you’re on variable rate and have higher interest than 5%, consider talking to your bank and refinance.

We woke up one day with more debt

Blogmas is an internet meme to post every day in December leading up to Christmas. Obviously, we haven’t done that properly so this is a catching up.

Yesterday, the bank processed the payment for the base stage as they already received our FHOG. And as expected we woke up today with more debt I never imagined I can have. Not saying it’s really bad – that is usually the case with owning a house. It will only go upward from here til handover. But the goal now is to stay in control of the finances and out of any debt other than the house.

As an update on the construction, our frames and roof trusses are up. The exterior of the house is also now covered with the thermal covering (that’s what I was talking about the previous post re: waterproofing). Our site supervisor updated us that windows and gutters will be in today and is ready for another inspection. Then it will be pre-plaster stage.

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Grown up with grown up expenses

Since the temporary fences are up on our land, I still can’t process the fact that construction of our home has finally started. We’ve waited for the title for a year and all these was all plans in my head. Now it’s time to execute those plans and it feels weird.

But this week helped me realize that all is really happening as our council rate came in the mail, our accounts have been debited for interest incurred on the mortgage and builder sent us claims for payment. You can’t get any more real than that!

Along with the additional workload with work, year end review and month end coming (as a finance person) this week has been overwhelming! But we all know this is all worth it 🙂

So for now, look at how the construction is progressing!

Click on the photo to see our timeline.
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