In an era of rising interest rates and mounting mortgage stress, Australian homeowners are constantly searching for innovative ways to chip away at their home loans.
While many focus on budgeting and big financial shifts, one Queensland first-time buyer has revealed a surprisingly simple, yet incredibly effective, tactic: collecting discarded cans and bottles.
Amy Coulston, a 26-year-old from the Sunshine Coast, recently purchased her first property with her partner.
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Like many new homeowners, she’s been meticulously exploring every avenue to accelerate their mortgage repayment journey.
Her secret weapon? The humble 10-cent container refund scheme, with every coin diligently deposited into her offset account.
First-time property owner Amy Coulston has embraced collecting cans on her daily dog walk to help cut down her mortgage. Source: @amycoul.money/Instagram
Amy, who shares her money-saving strategies on social media, noticed the abundance of discarded soft drink cans and water bottles during her daily dog walks.
A light bulb moment struck: these seemingly insignificant pieces of rubbish could translate into tangible mortgage savings.
“So far this year we’ve returned $40 of 10 cent cans,” Amy explained in a recent Instagram video, adding that it would equate to $161 off the life of her mortgage, after it’s added into the offset account.
“Our (monthly) repayments are around $4130. And $3220 is immediately taken by interest,” Amy highlighted.
“So something simple like collecting 10 cent cans on a daily walk is one of the many little things I’m doing to chip away at it.”
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Amy collects cans on her daily walk. Source: @amycoul.money/Instagram
Samantha Harvey, a Senior Mobile Broker with Aussie Home Loans, affirms the power of Amy’s approach.
She explained that using an offset account linked to a home loan can dramatically reduce overall interest paid over time.
“The balance in the offset account reduces the amount of your loan that interest is calculated on,” she told the Daily Mail.
“For example, if you have a $500,000 loan and $20,000 in offset, you’ll only be charged interest on $480,000.”
Amy explained how the $40 she’d collected so far this year would equate to ‘$161 off the life of our mortgage. Source: @amycoul.money/Instagram
Harvey applauds any homeowner, like Amy, who consistently makes additional contributions to their offset account, no matter how small.
“Interest is calculated daily, so every dollar sitting in an offset reduces interest,” she noted. “One-off contributions, no matter how small, increase the balance in the account, meaning less of the loan is accruing interest.”
Amy acknowledges that the cash earned from can collection might seem insignificant compared to the overall mortgage balance, but it cultivates a crucial financial mindset.
Amy regularly shares videos about her various money-saving side hustles on her @amycoul.money Instagram account
“On some walks we only find three cans – which is 30 cents – and other days we might collect enough to make a couple of dollars,” she said.
“Adding even that small amount of money into the offset account, it still means less interest paid over the life of our loan.”
To maximise her efficiency, Amy has even set up a dedicated sorting area, complete with a wall-mounted can crusher and a specialised organiser.
She does, however, caution others to check with their local collection service, as not all facilities accept crushed cans.
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