Slash & Burn your Mortgage

Your Curated Journey to a Rapid Mortgage Payoff

Welcome to your personalised guide to achieving a rapid mortgage payoff! In this journey, we will help you pay off your mortgage as quickly as possible. It’s time to take control of your finances and become debt-free. Let’s get started on your path to financial freedom!

Get ready for an absolute ripper of an article! Inspired by Case Study 3 from our best-selling book, “Make Money Simple Again,” this article is packed with captivating graphs, charts, tables, and real-life scenarios. Discover life-changing tips and strategies that will revolutionise your finances. Don’t miss the chance to download the book for FREE and embark on a journey to financial freedom!

Money Back Story

You are living in Australia, determined to be debt-free, particularly when it comes to your mortgage. You bought your owner occupier property for some time ago, and although it has seen some growth, the current mortgage debt is still there. Your goal is to destroy this non-deductible debt as quickly as possible while interest rates are relatively low.

Assessing Your Current Financial Situation

To achieve this dream, you’ll explore different scenarios using the Money SMARTS system. Here’s a high-level snapshot of your current financial situation:

You have a handy monthly surplus due to your reasonable spending habits.

  • There’s potential to cut back on discretionary spending and trap surplus money.
  • Your credit card management is good, with no outstanding balances.
  • Your debts include the mortgage and a car loan.

To embark on your journey to pay off the mortgage, let’s implement the Money SMARTS system’s 7-step process!

Building Your Money SMARTS System in Moorr - 7 Step Process

Step 1 & 2 – Gather & Sort:

Gather your financial documents, including payslips, bank statements, and credit card statements. Familiarise yourself on where to look for those information cause you’ll need it soon. Is it on an online banking platform? What’s your log in to it? Or is it a paper trail? Do you know where you’ve stored them? Or perhaps, is it in your email inbox?

If you are in a relationship and have multiple separate bank accounts, consider combining your finances by setting up a joint bank account. This will allow your combined money to work harder for you, improving your overall outcome. If you prefer separate accounts, you can still use the Money SMARTS system with virtual Jars to track your surplus amounts.

For the Sort stage, record your income, savings, assets, and outstanding debts. This will give you a clear view of your financial situation and help you identify areas where you can cut back on spending to increase your surplus income.

And don’t lose sight of your Motivation! Keep your goal of becoming debt-free in mind. Create a motivational message and put it on your fridge as a reminder of your bigger picture.

How can Moorr Help?: Create your free account in Moorr, log in, and follow the prompts. You’ll be asked to enter some numbers. Don’t worry if you don’t know it off the top of your head. Just put in a rough figure, and you can update it once you know for certain.

Once you have the financial documents, update each section on Moorr, particularly the income, assets, and borrowings sections. We’ll work on the expenses next. 


Step 3 & 4 – Calculate & Banking:

Use the Money SMARTS virtual Flour Jar categories to calculate your income and expenditure. Identify discretionary spending and areas where you can cut back to increase your surplus income.

Categorize your regular spending, credit card expenses, direct payments, loans, and planned provisions spending. Analyze each category to determine where you can save more and increase your trapped surplus money.

  • Living and Lifestyle Expenses: Try an identify non-essential expense items in this category. By cutting back on these, you could save extra per week, which could be used towards your goal.
  • Credit Card Expenses: Keep your bill spending down and shop for better deals! A common one is consider negotiating phone bills to get better deals in the telco sector.
  • Bank Fees and Accounts: Though your bank fees might seem higher, professional packages often include valuable benefits. Shop around using a Mortgage Broker is advisable and consider various factors such as interest rates, borrowing power, credit policy, and more.
  • Loans: If you have a mortgage and a car loan, consider consolidating your car loan into your mortgage, but only if it provides financial benefits like interest savings or releasing surplus money for investments with better returns.
  • Planned Provisions Spending: If you have some flexibility in planned provisions spending, target specific areas especially for holiday and presents & gifts items. Make sure your spending is really optimise in these provisions.
  • Primary Account: You have a money surplus, and the trapped surplus money will continue to build up in your 100% offset Primary Account, reducing interest costs. Consider paying down debt more aggressively if you want to tighten your budget further but make sure not to stretched yourself too much.
  • Banking: Convert all accounts into 100% offset accounts linked to your mortgage, or transfer the money out and close those accounts. Your Living & Lifestyle Account can be set up as an additional offset account, and you can apply for two debit cards linked to this account. Decide which credit card will be your active card, and keep the second one only for emergencies without fees if you pay it off every month.

How can Moorr Help?: Let’s track your spending!  

  1. Get a copy of your bank statement for the last 12 months
  2. And start categorising and get your calculator ready! If you’re wondering how to categorize from a statement, it might be best to have it in an Excel spreadsheet first, and then transfer it to Moorr.
    • Regular spending – Ideally it’s best to go back and look over bank statements and credit card statements from the past 12 months to get a clear picture of where all your money goes. (Getting your numbers as accurate as you can might take a bit of effort now, but you will be glad when you’ve done it, because it will mean a lot less work when you have Money SMARTS up and running.) Note the monthly average in your excel sheet. We’ll transfer it to Moorr soon. 
    • Provisioning spending – Think about the big things you plan to spend your money on over the next year. Some of you could be planning on replacing your couch. Others could be spending big on gifts. You need to document what these planned expenses are for the coming year.
  3. Go to the Bills & Spending section on Moorr and enter those regular spendings that you have recorded.
  4. Next, go to the MoneySMARTS Dashboard and enter the provisions.

Once you’ve completed all this, check out your Dashboard on Moorr! This is the coolest part because it tells you how much surplus you have and more. It’s like a profit and loss statement. If the dashboard shows that you should have a surplus in place, but you don’t, it means you may have overestimated your income or underestimated your expenses/repayments. Make sure to check and update accordingly.

This could be a reality check, but use this opportunity to motivate yourself!

For Step 4, you might remember that we mentioned about combining your finances by setting up a joint bank account. Additionally, leveraging our years of experience in money management and insights from the thousands of users we’ve served, we’ve incorporated our account structure recommendations for each category of bills and spending. Please note that this is a general recommendation based on all our users and MoneySMARTS, and it may not be customized to your unique spending habits. So, feel free to tweak it as you see fit.

Once you’ve reorganised your banking structure, make sure to update it in Moorr!

Step 5, 6 & 7 – Check-Up, Tweaks & Rollover:

Regularly review your progress and make tweaks to your spending to stay on track. You’re doing great so far, but you can always do better. We’re going to be upfront with you… The first few months of MoneySMARTS are the hardest. From our data, most users tend to understate their expenses. That’s mainly because we’re simply not aware of ALL the transactions.   

As you progress on your financial journey, you will need to make adjustments to your plan. Be open to tweaks and improvements that will help you reach your goals faster. Focus on reducing discretionary spending and increasing your trapped surplus money to build the deposit more quickly.

Rollover any surplus money each month to accelerate your savings.

How can Moorr Help?: 

Monthly check-ups allow you to track and understand your money and cashflow position in a shorter timeframe to give you some clearer insights into how well you are progressing and controlling your money. In short, you are assessing the cashflow for the month – money in and money out – and tracking it against your yearly targets.  

The great news here is, when set-up and it’s running smoothly, this check-up should take less than 10 minutes a month to do! To see the full reporting and insights, you only need to input three figures in Moorr:  

  1. The balance of the Primary Bank account
  2. The balance of the Credit Card account
  3. Your total provision spending for the month. (Tip: You can add this On-The-Go via the app! That way, you don’t have to note it down and best yet, you can see how much provision is left before making that buying decision.)

And while doing your monthly rollover, if you noticed either of these scenarios: 

  • You constantly ran out of money on your 7-day float.
  • You have a lot left on your 7-day float
  • You’re spending on something that is not provisioned for
  • You’ve got a lot of provision left

Review it, ask yourself if you can optimise this and get fitter with the spending and update Moorr. Stay grounded in reality, but never lose sight of the ultimate goal—to pay down your debt and achieve financial freedom. Moorr is here to support you every step of the way, providing the tools and resources you need to succeed.

For the annual rollover, we’ve made it super easy for you on Moorr! Simply head to the rollover section on the MoneySMARTS page and follow the prompts.  

By calculating your finances, pinpointing discretionary spending, and setting up your banking for accelerated mortgage payments, you are well on your way to achieving your goal of owning your property outright sooner. The Money SMARTS system and scenarios provided are tailored to support and guide you throughout this journey. Remember to stay focused, disciplined, and motivated, and with dedication, you will see your mortgage decreasing rapidly, turning your dream of a debt-free home into a reality in no time! Keep up the great work!


Your Future 'Potential' Money Outcomes

Let’s explore different scenarios to see how quickly you can pay off your mortgage. This section below is based on the numbers and scenarios in  Case Study 3 of our best selling book, Make Money Simple Again. There are heaps more graphs, charts, tables and examples so make sure you check it out. It’s free to download!


Scenario 1 – Slow and Slower Approach

Only making minimum repayments on your mortgage will lead to significantly higher repayments over the full term.

In the case study, the couple paid over $1 million in repayments over the full term.


Scenario 2 – High Low Debt Approach

Using Money SMARTS., you can pay off your mortgage faster and save on interest because you are trapping that set targeted surplus to firstly wipe out the Car loan and tackle the Mortgage beast!


Scenario 3 – High Low with extra p/w

Every dollar counts! By adding $50 or $100 extra per week using Money SMARTS, you can accelerate your payoff even more.


Scenario 4 – Debt Consolidate Approach

Consider consolidating your car loan into your mortgage, but only if it benefits you financially.


Scenario 5 – Debt Consolidate with extra p/w:

If you consolidate your car loan and add an extra $100 per week, it will make quite a significant difference in your payoff timeline.

Make sure to download the free chapter below to find out the difference in time saved, interest paid and interest saved in each of the scenario!


Free Download

If you’ve been enjoying what you’ve read so far, we’re thrilled to offer you a free copy of “Make Money Simple Again.” Inside, you’ll find some nifty charts, graphs, and tables that make financial concepts crystal clear.

Whether you’re an owner-occupier or aiming to become debt-free, this guide has something valuable for you. Just pick your path below, share your first name and email, and it’ll land in your inbox within the next 5 minutes. Let’s make money matters stress-free!

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You’ve got great potential for you to achieve your dream of being mortgage-free. By implementing and sticking to your Money SMARTS system and staying disciplined, you can make a huge impact on your mortgage payoff timeline. Imagine the freedom of being debt-free and the opportunities that await you.

Your future home is within reach, and with the right financial strategy, you can get there even faster. Stay committed to your goal, and success will be yours! Let’s get started on your journey to a rapid mortgage payoff!

Try Moorr For Free Today

Spend money on the things you want without guilt and save for the future with confidence. You can have the best of both worlds. Achieve more, with Moorr

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