Age: 52
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: 65,000 (4 day week)
Annual gross income of spouse: 81,000
Monthly take-home pay approx. 7000 ( AVC’s and Income continuance have been deducted at source)
Type of employment: e.g. Civil Servant
In general are you:
(a) spending more than you earn; Yes
(b) saving: AVC’s
Rough estimate of value of home 300,000
Amount outstanding on your mortgage: 180,000 (2,300 per month with 6 and 1/2 years remaining)
What interest rate are you paying? 4.5% ( currently looking at switching)
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 80, 000 state savings for children’s education
Do you have a pension scheme? Yes; my husband did not join pension scheme until he was 40 and I have very broken service due to career breaks and job sharing for child rearing. He has AVC’s up to value of about 70,000
Do you own any investment or other property? Yes rental property valued at 140,000 with renal income of 550 and just mortgage free this month.
Ages of children: 16, 15, 12, 10
Life insurance: No but both have salary protection at a cost of approx 70 each per month
What specific question do you have or what issues are of concern to you?
Mortgage repayments are over 2, 300 per month and find we are always having to be really careful with money. We both drive approx. 45 km to work. We would like to retain investment property in order to prop up pensions upon retirement. We wonder if we should pay off as much of mortgage as possible using children’s education fund and building this back up again thereby reducing the amount of mortgage interest we pay. We are also in consultation with another bank re switching.
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: 65,000 (4 day week)
Annual gross income of spouse: 81,000
Monthly take-home pay approx. 7000 ( AVC’s and Income continuance have been deducted at source)
Type of employment: e.g. Civil Servant
In general are you:
(a) spending more than you earn; Yes
(b) saving: AVC’s
Rough estimate of value of home 300,000
Amount outstanding on your mortgage: 180,000 (2,300 per month with 6 and 1/2 years remaining)
What interest rate are you paying? 4.5% ( currently looking at switching)
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 80, 000 state savings for children’s education
Do you have a pension scheme? Yes; my husband did not join pension scheme until he was 40 and I have very broken service due to career breaks and job sharing for child rearing. He has AVC’s up to value of about 70,000
Do you own any investment or other property? Yes rental property valued at 140,000 with renal income of 550 and just mortgage free this month.
Ages of children: 16, 15, 12, 10
Life insurance: No but both have salary protection at a cost of approx 70 each per month
What specific question do you have or what issues are of concern to you?
Mortgage repayments are over 2, 300 per month and find we are always having to be really careful with money. We both drive approx. 45 km to work. We would like to retain investment property in order to prop up pensions upon retirement. We wonder if we should pay off as much of mortgage as possible using children’s education fund and building this back up again thereby reducing the amount of mortgage interest we pay. We are also in consultation with another bank re switching.