Book Review – Your Mortgage by Anita Bell

Save Money on Home Mortgage Rates, Fees and Interest

Mar 8, 2009

Australian finance author Anita Bell shares tips on home loans, mortgage refinancing, saving money on mortgage fees and getting value for money in property investment.

The current economic situation has many families and individuals concerned about meeting their mortgage payment commitments or worried that purchasing their own home is out of their reach financially. Anita Bell argues that property ownership is possible, with careful planning, research and a commitment to following a strict budget plan.

Originally published in 1999, the tenth anniversary edition of Your Mortgage: The Savings Edition (Random House, 2009) offers Australian property buyers advice and tips for saving money at every stage of the home loan process, from assessing the value of a property, negotiating reductions in fees and charges and avoiding common home loan pitfalls.

The underlying focus of Bell’s advice is in decreasing interest charges on a home loan as much as possible. Your Mortgage recommends several strategies for achieving this, from reducing the original mortgage amount through savings and reduced fees and charges to making additional payments to reduce interest payments.

Bell plainly states that significant mortgage savings are achievable, but they require a commitment from the individuals involved to stick to a budget, plan and research thoroughly, and avoid tempting financial traps such as mortgage redraw facilities.

More to Saving Money Than Finding a Cheap Home Loan

Your Mortgage offers practical money management advice on assessing the value of a property and choosing a home loan. There is detailed advice on how to prepare a budget that allows for increased mortgage payments and explanations of a variety of mortgage-related terms and concepts including debt amortisation, mortgage protection insurance, mortgage indemnity insurance, offset accounts and revolving credit loans.

Charts and templates include loan repayment calculators, home loan comparison tables, and budget templates. Budgeting advice includes how to set up a budget and tips for reducing spending and economising in a variety of everyday areas. Property assessment tips include assessing the location and condition of the property.

There is no index provided, although the contents page lists subheadings for each chapter and information is organised in an easy to follow format.

Anita Bell Profile

Ironically, despite her enduring success as a finance writer, Anita Bell is not qualified as a financial advisor. Her practical property investment strategies and tips are based on her own experiences in purchasing property.

Anita and her husband Jim paid off their first property in only 38 months with only average incomes. Within nine years, they had purchased and paid off four investment properties without having to sell one property to pay for the next or jeopardise their previous purchases in any way.

In addition to her best-selling finance books, Bell has also written several fiction titles for children and teens.

Save Money When Buying a Home or Investment Property

Your Mortgage is not intended as a guide for those seeking to earn an income from property investment. For those interested in Bell’s advice for making money through property investment, Your Investment Property (Random House, 2008) has recently been revised and updated.

Presented in a very readable, easy to understand format, Your Mortgage targets everyday home owners and property investors looking to save money by finalising their mortgage in the shortest possible time. It does not replace the advice of qualified financial advisors but rather equips readers with the knowledge they need to ask informed questions, ensure that they are getting the best possible mortgage deal and avoid unnecessary expenses.

Particularly useful and best suited to those just entering the property market or looking for advice on mortgage refinancing to save money, Bell’s tips and advice are sure to continue to help Australian homeowners save money on property investments as they have for the past decade.

The copyright of the article Book Review – Your Mortgage by Anita Bell in Reference Books is owned by Susan Whelan. Permission to republish Book Review – Your Mortgage by Anita Bell in print or online must be granted by the author in writing.