Step 7 – Set up your new mortgage strategy and banking arrangements

You may be itching to get started, but if you’re refinancing, it makes sense to finalise your mortgage strategy before setting everything up. Your mortgage strategy will interrelate with your Money Management System.

You’ll need to have finalised the following with your Strategic Mortgage Broker and/or Property Planner:
• Your preferred ‘Offset Strategy’.
• Your repayment strategy.

Once you have your mortgage strategy and banking in place, you can set up all your direct debits, salary credits to your ‘Grow’ offset and transfer the budgeted amount into the ‘Life’ and ‘Fun’ accounts and you’re ready to go! Good luck!

Offset Strategy

It may not always be practical to separate each of your accounts in your Money Management System for different reasons. The most common reason for not having all of your bank accounts as offset accounts is because the lender that you end up selecting only allows for one offset account to be linked to your variable rate home loan. In which case, you may elect to:

  1. Have only one account, which is your offset
  2. Have your ‘Grow’ account as your offset account and other spending accounts such as ‘Life’ and ‘Fun’ as regular transaction accounts

Repayment Strategy

Why your mortgage repayment strategy is critical to wealth creation


Contact us today to book in a free confidential property planning, strategic mortgage broking, money management or property select meeting.

Listen to Our Podcast

180+ 5tar Reviews, Over 400,000+ Downloads

Join Our Newsletter

Subscribe to “The Property Planner, Buyer and Professor” Newsletter

8 + 3 =

Email us your questions or any topics you would like to be covered off on in future episodes:
Follow the podcast on social media