So, most people know by now that we are giving away $50,000 cash, but how do you spend it? Here is my list I prepared earlier. I also thought it was best to share the love so I called in some major players from the west and east coasts of Australia who shared with me how they would spend the cash.
Stop - how do you win $50,000 cash?
Firstly, let me say upfront, the odds are better than winning division 1 lotto. Here at Mortgage Choice, we’re giving you the chance to win $50,000 cash~! Simply settle a home loan worth at least $150,000 with us between 31/08/15 and 31/01/16 for your chance to win. It's a perfect storm really as interest rates are at historic lows and our home loan health check is free, so it's the right time to see if you can save money by refinancing your existing loan or if you are looking to buy a new property to go into the draw to potentially win $50,000.
Top 25 ways to spend $50,000
1. Pay off some of the mortgage - this was the number one way most people would spend their windfall. The consensus was to spend a portion on the home loan and the rest on something a little more exciting, most of those things are listed below. If you were good and had your sensible hat on, putting all of the $50k on a $450,000 home loan as an upfront payment would save $112,000 in interest repayments, and shorten your loan by 6 years. You could also take a repayment holiday of 22 months with this prize.
2. Buy a new car - very popular answer. Car types ranged from a DeLorean (yes Back to the Future fan), Audi, BMW M Series, Mustang or simply - just a brand new one please!
3. Pay bills - "I've just been around the world so I don't need another trip, ohh actually I would pay the trip I just had off". Pay off credit cards - yep, we hear you!
4. Holiday - overwhelmingly people wanted to take a break and relax. Some wanted to go on a cruise in the Caribbean or in the Kimberly's, take a round the world trip, jet off to Alaska, loop around Europe staying in 5 star hotels. Others wanted to go on a shopping trip in NYC and several people wanted to find a beach somewhere in Asia with a group of buddies.
5. Party - or rather should I say ostentatious party! Now there was one person amongst the crowd who was very creative and specific for their party needs. They would host a party that will have amazing wine and a massive skate ramp with a loop the loop that lands into a pool. Ok, that's the kind of party that we want to attend.
6. Kick-start new business venture - the entrepreneurial spirit is very alive with several folk keen to no longer work for the man. I like the technology bent with developing an app (which of course is going to make millions) or a new business that is "really, really cool and not passe".
7. School fees - private school fees, university fund for children or even paying off your own personal uni debts. You won't get any change with private school fees these days, so perhaps send one kid to private school and the other to public. Ok, I'm joking!
8. Plastic surgery - yep, you know what I'm sayin'. We are going to call it 'enhancements' so you look rested and fresh but not so you're a candidate for Botched.
9. Deposit - build up a deposit to go towards a new home or investment property.
10. Jewellery - a sizeable diamond ring (sorry, let me quote that "a big fat rock"), a black fusion Georg Jensen ring, a Canturri bracelet, diamond stud earrings. There was a list, a long list...
11. Live in another country experience - 6-12 months to live in Croatia, Spain, chill in Byron Bay doing nothing, New York, Ireland (hopefully marry an Irish farmer) or drive across America for 12 months.
12. Philanthropic - I loved getting these responses. Portable horse floats that can be set up as portable bathrooms and laundry so the homeless can have basic dignity. Partner with up with a soup kitchen or a street doctor. Donate it to my parents, as they are ex-farmers with no superannuation.
13. Renovation - After putting money on the mortgage, undertaking home improvements was the next most popular item. The three big ticket items where a new kitchen, bathroom or outdoor living area. This didn't surprise us from what we saw in our recent blog about what the typical Aussie home.
14. Leisure machines - this ranged from motorbikes to jetski's to boats.
15. New appliances - right throughout the house, or it was very specific such as a Falcon stove. I googled Falcon stove, and now it's on my own personal list.
16. IVF - heart.
17. Lifetime subscription to triple R - well, Plato did say "music gives a soul to the universe, wings to the mind, flight to the imagination and life to everything".
18. Sporting trips - travel to all the grand slams around the world or go to an NBA game live in the States with family.
19. Entertainment system - with drop down TV and in built speakers. I think why not make it a new cinema room.
20. Sharemaket - invest in the stock exchange to create future wealth.
21. Furniture - furniture throughout the house including an outdoor entertainment area.
22. Wine - this included both the wine and the new wine cellar. I'm thinking a few bottles of Grange. One of the world's most expensive bottles is a Henri Jayer Richebourg Grand Cru at a cool $20k.
23. Childcare - this ranged from having a nanny for a year to getting someone's Mother to quit her job so she can help out with our daughter.
24. Artwork - ahhhh, this is a personal favourite. Dabbling in some artwork - it could be abstract paintings, sculpture or photographs.
25. Random Fun - yes and when having random fun it's good to have a pocket full of change for this.