Hello Everyone, seeking a bit of a Financial advice here from our fellow OZB Finance Gurus and experts :D
So, basically Me and my wife built a house back in 2014 and now after 7 years of hard work, staying on budget and lots of cost saving we are at a stage where we have enough in the offset account to pay off the mortgage early.
We also thought about buying an investment property to increase our asset portfolio but then gave up on the idea since the house prices have sky rocketed at the moment. We are just happy to pay off this house (we're living in) and start saving up again to see if we can build a decent (around 5%) deposit again for another property in future.
Should we pay off our mortgage early? Is there a benefit in paying off the house early or should we keep this amount in our offset account for any potential expense in the future?
We have a 3 year old at the moment and we think we are doing okay with the expenses for now. I am sure there will be increased cost once the kid starts the school etc.
What is the process of paying off the mortgage early? Do we need to hire a conveyancer to have this process done for us? How do we remove the bank's mortgage from our property? Is there a set process we need to follow?
Appreciate if someone has gone through the same process and can guide us with this.
Edit - I am in Melbourne, I have 3 year old kid, no car loan at the moment, no personal loan, no credit cards. I have a 100% offset account with no annual package fee on the loan.
I've just created a basic poll for now.