Hi
Mr BB and I had money sitting in our everyday online account that we thought would be better served in our mortgage instead. We also received our Solar Power Feed-in money for 2 quarters and have moved that money into our mortgage account as well. This money we have earmarked for our holiday account but we are leaving it in the prepaid amount for the mortgage so that we benefit from the reduced interest.
The Figures
Mortgage - Jan 2012 = $141,532
Added extra $ 5,000
Solar Rebate $ 242
BALANCE 6 Jan $136,290 With $33,665 prepaid account
And we received a letter from our bank yesterday telling us that in February the last interest rate cut will be passed on and we will need to pay a minimum of $268.35 per week. As we are paying what we think is the rental value(between $370 - $410) of a similar house in our area of $380 we will soon be adding $111.65/week extra. Here's hoping for another rate cut that our Big 4 bank will pass on.
Holiday Account
It has been boosted by $242 so far. Only 97.58% to go!
Mrs BB
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