Engadine mum shares the secrets of paying off mortgage in under ten years

Mortgage free: Heidi Farrelly's mission is to show home-owners how to beat the bank. Picture: Chris Lane
Mortgage free: Heidi Farrelly's mission is to show home-owners how to beat the bank. Picture: Chris Lane

Engadine mum Heidi Farrelly is almost mortgage-free and now she wants to help others to beat the banks and free themselves of debt.

Mrs Farrelly, 34,husband Clinton, an aircraft engineer, and daughter Molly, eight,  are on track to pay off their mortgage in under 10 years.

“Even as a stay-at-home mum without two incomes coming in we are on track to reach our goal,” she said.

“I have no financial background, it is just being careful with money.”

The Farrellys bought their house in 2008 and and should have it paid-off in just under two years.

She decided to share their experience and tips on how to reduce a mortgage with others by writing a book.

The result is  ‘Mortgage Free - How to pay off a mortgage in under 10 years - without become a drug dealer.”

Mrs Farrelly self-published on Kindle last December and within the first three days it became a number one bestseller and she unexpectedly found herself in the top 100 authors in the business and investing category on Amazon.

The print edition has just been published by Amazon and has sold 3000 copies.

“When my husband and I bought our house we were determined to have it paid-off in ten years,’’ she said.

“When we told people our plan, the most common reactions were scepticism and disbelief.”

This prompted her to write her book.

“If I can help people beat the banks and free themselves of debt I will be a very happy camper.”

Mrs Farrelly said this is achievable through her “small changes, big effects” strategy.

‘’For example, not buying a coffee every day can add up to a couple of grand a year which can save you thousands of dollars on interest payments.

“Set yourself a goal and don’t let yourself down.

“Check in on how you are going. Be proud of your achievements.”

This does not mean living like a monk.

“Spending is also important, otherwise you give up. It is like having a diet. If you don’t have the occasional treat then you eventually give up on the diet altogether.”

Mrs Farrelly said saving did not come naturally to her.

“I was terrible with money growing up,’’ she said. “It wasn’t until I went to work in England as a nanny that I got to pay off my student loan using the favourable exchange rate.’’

When she bought her house she decided that she did not want to have a mortgage into her middle age.

“I wanted to be able to travel the world and spend time doing the things I love with those I love.’’

She is planning to publish a series of books under the collective title ‘Small Change, Big Rewards.”

The next, due out in five weeks time, on budgeting. This followed by books on debt, saving, spending, investing and retiring.

She described her books as short and sharp and funny.

“I want my books to be fun to read and one of my readers said it was like sitting down in a cafe with a friend and talking about finance.’’

You can download MORTGAGE FREE - How to pay off a mortgage in under 10 years here: http://amzn.to/1NBMTKQ

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