How Melbourne couple paid off their mortgage in five years

When Flora and Antonino Fonti took out a loan to build their Wheelers Hill home back in 1988 they had a simple view of the debt: pay that first.

The result was that they had finished off their mortgage in about five years. The bank had them slated for 25, and by getting ahead of that they saved themselves

Over the years that followed they’ve renovated and upgraded everything from their kitchen to their bathrooms, added a lift to their home, bought a boat, a holiday home and travelled — but never pulled entirely away from the frugal lifestyle that got them there.

They’ve grown their own fruits and vegetables on site for years, swearing their capers are among the best you can get in Melbourne.

They’ve also used a back room with its own kitchen on their home’s lower level to make home made salamis and sauces.

The workshop and cellar have also meant they could tackle most jobs around the home themselves, and avoid the temptation to go out for a drink when they had a fantastic view at home to enjoy with a glass.

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Flora and Tony have lived at their Wheelers Hill house for 36 years. Picture: Jason Edwards

Friends used to make light of Ms Fonti’s thrifty choices, and they were very conscious that few of their peers did as they did — but the result has been a happy life with virtually no time spent thinking about loans and debt.

“Whenever there’s something to be paid, I’m not waiting for the due date — you don’t know what’s going to happen,” Ms Fonti said.

“And I’m not going to pay extra money for something like a loan. I’d rather save and have it just be mine.

“That’s the way we have done it all the time.”

These days the 390sq m of interior space is more than they need, so they’re preparing to sell the 9 Merran Court, Wheelers Hill, home.

And while acknowledging that prices are far higher today, they’re hoping the next owners follow their approach so they can save themselves a lot of money and peace of mind by paying off the mortgage first.

The couple finished off their mortgage in about five years. Picture: Jason Edwards

“The kids these days just don’t think that way,” Ms Fonti said.

“They could have a great job, but they spend it all.”
Ray White’s Daniel Galea is selling the pair’s home and said barely 5 per cent of owners he’d encountered had attacked their loan with such dedication.

“Most buyers probably do what they can to scramble the deposit and get themselves in, then the discretionary spending starts creeping back in a little while later,” Mr Galea said.

“Unfortunately we get roped into a lifestyle and the fear of missing out kicks in socially.”

He said the result is that increasingly, he felt there would be more people who wind up paying close to double what they thought they would for their home.

“And what will happen for people having a mortgage debt into their 60s or 70s?” Mr Galea said.

“That’s a scary thought.”

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