Reducing loan payments ?

Viewing 3 posts - 1 through 3 (of 3 total)

Bez
Participant
@bez
Join Date: 2006
Post Count: 21
January 30, 2007 - 3:11 am
Hi guys, I was just wonder how you go about reducing your loan repayments as you pay the loan off…
Like say you borrow $100,000 over 30 years and pay $180 a week, are you stuck paying that $180 a week for the 30 years ?
Or say when you get the loan down to $80,000 can you drop the repayments down to $150 or so ? (just an example)
Im looking at a property that is not quite CF+ive, would it be able to turn CF+ive after about 12months given you have payed enough off the loan ?
I hope im making sence lol
Thanks guys..
vyaw2003
Participant
@vyaw2003
Join Date: 2006
Post Count: 188
January 30, 2007 - 3:25 am
yes, i want to know the answer to this question too.
if i buy say a $100k house pay $30k deposit.
then that makes a 70k loan that is then running at +ve CF is that all ok for me to not pay anymore let the rent take care of it, and forget about this and start saving for my next deposit to do this again.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 30, 2007 - 7:32 am
Yes certainly with most lenders you are able to renegotiate the term or the payments.
Switch from P & I to Int only or even have a payment holiday.
Depending on with whom the loan is with will determine whether there is a charge for doing so.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
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