Paying off the mortgage in five years, despite three kids

<p><strong>Each week BusinessDesk and the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's how one family plans to annihilate their mortgage. Hosted by Frances Cook.</strong></p> <p>It's hard enough to scrape together a house deposit and buy a place, but then comes the challenge of paying it off over 20 or 30 years. </p> <p>But what if you could pay it off faster than that, and get all the freedom that comes after you've got rid of one of your biggest expenses? </p> <p>People often spend anywhere from 30 to 50% of their income, sometimes even more, on keeping a roof over their head. </p> <p>So today I'm joined by a New Zealander who wants to kill their mortgage in the next five years. </p> <p>There is a small catch though. They're about to have their third child, and one of the ways they keep the mortgage small is by living in a small house. </p> <p>So the question now is, whether to stick with the five year mortgage plan, or risk the future plans by moving to a bigger home? </p> <p>For the latest podcast I talked to Janet Young. </p> <p>If you have a question about this podcast, or a question you'd like answered in the next one, come and talk to me about it. I'm on <a href="https://www.facebook.com/FrancesCookNZ/">Facebook here</a>, <a href="https://www.instagram.com/francescooknz/">Instagram here,</a> and <a href="https://twitter.com/FrancesCook">Twitter here</a>.</p><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>