--- title: First home buyers attacking their debt description: I’ve been working with a couple of first home buyers, who have both just purchased houses. They are focused on attacking their debt and we have put similar plans in place that project some good results. image: https://blog.nzhl.co.nz/hubfs/mortgage-approved-1-656x350.jpg --- [0800 030 646](tel:0800030646) - Search - [Contact Us](https://nzhl.co.nz/contact-us/) - [Find Us](https://nzhl.co.nz/find-us/) - [Client Login](https://nzhl.co.nz/login/) [![NZHL](https://blog.nzhl.co.nz/hubfs/Nzhl_January2019%20Theme/Images/logo-footer-nzhl.png)](https://nzhl.co.nz/) - [Home Loans](https://nzhl.co.nz/home-loans) - - [Change to NZHL](https://nzhl.co.nz/home-loans/switch-to-nzhl/) - [Buying your first home](https://nzhl.co.nz/home-loans/first-home/) - [Buying your next home](https://nzhl.co.nz/home-loans/next-home/) - [Interest rates](https://nzhl.co.nz/home-loans/interest-rates/) - [Home Loan calculators](https://nzhl.co.nz/home-loans/tools-calculators/) - [FAQ](https://nzhl.co.nz/about-nzhl/faq/) - - [How much could I borrow?](https://nzhl.co.nz/home-loans/tools-calculators/) - [Where's my nearest office?](https://nzhl.co.nz/find-us/) - [How much deposit do I need?](https://nzhl.co.nz/home-loans/first-home/getting-a-deposit/) - [Insurance](https://nzhl.co.nz/insurance) - - [Your Life](https://nzhl.co.nz/insurance/your-life/) - [Your Health](https://nzhl.co.nz/insurance/your-health/) - [Your Home and Car](https://nzhl.co.nz/insurance/your-home/) - [Your Income](https://nzhl.co.nz/insurance/your-income/) - [Request a quote](https://nzhl.co.nz/insurance/request-a-quote/) - [FAQ](https://nzhl.co.nz/about-nzhl/faq/) - - [NEW! 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They are focused on attacking their debt and we have put similar plans in place that project some good results. Both first home buyers are projected to pay off their debt within 10 years and they share a number of similarities that are worth noting: ## Both purchases are easily within the buyers’ means The mortgages will not financially stretch them and being in this position means they are able to make additional repayments above the minimum requirements. ## Both are looking to have flatmates This will help with some of their costs such as power and internet plus they can use the weekly rent they receive as extra loan repayments. One of my clients is potentially looking at paying off their mortgage in 8.5 years (10.5 years if they did not bother with a flat mate). On a $240,000 mortgage, instead of making minimum payments on a thirty year loan which would equate to $250,000 in interest, they could pay around $61,000 extra saving $189,000 in interest. This strategy may not suit everyone but it is certainly a very effective way to significantly change your finances for the better. *The information contained in this article is of a general nature and should not be taken as advice. 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