How to Categorize Mortgage Transactions

Welcome! Let’s walk through how to manage your home loan / mortgage transactions in Billroo so your budget stays accurate (and nothing gets double-counted).

First up — your regular mortgage repayments. These should be added under Expenses, so they're included in your normal spending totals and reflect your actual financial commitments.

• Money going from your account to your mortgage account should be marked as an Expense. You can customize the expense category to whatever makes sense, e.g. Expense - Mortgage, Expense - Home Loan, Expense - Investment Property depending on your preferences in terms of managing your overall budget.

• If you have multiple investment properties you might want to create a separate expense category for each property, or you could keep them all under one category and use Tags to track expenses for each property.

These should be categorized as Transfer to ensure they don’t affect your budget totals. You've already "paid" the interest as part of the mortgage repayment expense, so adding the interest charge as an extra budget expense will be duplication. The interest charge is money your banking is adding to your mortgage balance, it's not an addition to your outgoing expenses.

Money coming into mortgage account, such as redraws or balance adjustments, should be categorized as a Transfer. This classification keeps them out of your budget calculations and prevents any duplication.

If something doesn't make sense please don't hesitate to reach out!