Most first home buyers think a mortgage is just a loan but understanding how it actually works can help you use it as a tool for long-term flexibility and freedom.In this episode, Jack Elliott breaks down how your mortgage works behind the scenes, from principal and interest to loan terms, repayment options, and how banks calculate interest daily. You’ll learn what really happens after settlement, how repayments are structured, and what influences the total cost of your loan over time.If you’ve ever wondered where your money actually goes each month or how lenders calculate your repayments, this episode explains it all in clear, simple terms.In this episode: 🔑 What a mortgage actually is 🔑 Principal, interest, and how repayments are calculated 🔑 How interest is charged daily and what that means for you 🔑 Loan terms explained and how they shape total repayments🎧 Listen now and understand exactly how your mortgage works with clarity and confidence.Timestamps 00:00 - Introduction to how your Mortgage Actually Works 01:28 - What is a Mortgage?  02:06 - Key Parts of a Mortgage02:59 - Understanding Interest & How it is Calculated 03:24 - How Much Do You Really Pay Back? 04:55 - Understanding Interest Rates 05:34 - Variable Interest Rates 06:58 - Fixed Interest Rate08:07 - Rates Will Change Over Time & Assessment Buffers 08:59 - How Repayments Work 10:23 - Loan Terms & Flexibility 11:54 - Loan Fees & Features 12:16 - Wrap Up on Understanding Mortgages & Key TakeawayUnlock your Free Resources Unlocking How Your Mortgage Actually Works Resource Episode 1 | Unlocking Your Property Vision as a First Home Buyer Episode 3 | Unlocking the Real Cost of Buying Your First Home Episode 6 | Unlocking Asset Quality: How to Choose the Right Property as a First Home BuyerWant to keep the conversation going?  👉 Join the First Home Unlocked Facebook Community 📅 Book a chat with Jack for tailored support 📱Follow Us on social media: Instagram, TikTok, Youtubefirsthomeunlocked.com.au

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