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How I paid off my mortgage in 10 years

Samantha Menzies
·Contributing editor
Photo of $100 bills and Australian property: Australians are under mortgage stress, but there are ways to escape the trap.
A significant percentage of Aussies are under mortgage stress. (Source: Getty)

With the Australian property market declining and prices falling across the country, it’s no wonder such a huge percentage of Aussies are under mortgage stress.

Australia’s household debt level is the fourth highest in the world, according to a recent Finder.com.au survey.

In fact, as a percentage of net income, we owe an eye-watering 212 per cent in household debt.

And according to Digital Finance Analytics (DFA), more than 1 million households – or 31 per cent of owner occupied households – across Australia struggle with mortgage stress.

Pumped on Property’s Ben Everingham, who runs a highly experienced buyers agents based in Queensland managed to pay off his mortgage in a short 10 years, and here’s his advice for anyone looking escape the mortgage trap.

“I wish I could say that paying off my own home in 10 years was easy and I had a magic bullet that could help you do the same,” he said.

“Unfortunately, I don’t.”

“That said there were some lessons I learned along the way that may help you speed up your journey to home ownership.”

Find out how by watching here:

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