Recording this video goes against everything I've said in my 14 years as a Mortgage Broker but I think it's a fair question worth asking.
I've always been a fan of repaying debt as it sets you up to take more opportunities in future and give you financial security.
However, with interest rates being so low the question has to be asked about whether you could be investing in more property or other investments to give you a return which is greater than what you're paying in interest.
To borrow $100,000 at current interest rates for 12 months would cost you $2,290. Could you generate more income with that money than it will cost you in interest?
Everyone's situation is different and there are a number of other factors to consider and seek advice on over and above the simple maths I've suggested above but it is definitely food for thought.
We're always keen to discuss options for doing better with your money and have a team of other professionals we can advise you to discuss various investments with if you wish.
We look forward to discussing these options with you
Adam and the My Mortgage Team