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is there any restrictions when negotiating for a renewal? obviously credit history would be present but its not an issue for me, but do banks only allow a limited number of renewals?
i suppose if there wasnt a chance of renewal i could always sell and make a small profit from capital gains – closing costs, nonetheless it would be more benefitial for a renewal, especially if the area is booming. that and i could always re-finance with a different bank
(forgive the typing if things are typoefd – im quite pissed – uni o week @ crown!@#@ pissed!@# woohoo@#$@)
so if im to understand correctly, most people do this as standard practice? i thought a b+h with p+i was standard practice as they will eventually own the home after the term of the lease, increasing their CF+ after the term of the loan. if say for example i have PI’s as IO loans and they appreciate over 5 years (they reach their climax and boom back down), if I sell that property, do I have to pay anything extra back to the bank, or do I stand to reap the rewards of the capital gain made? in which case, its simply a matter of “why wait 25 years to gain a tiny bit extra than what you can now with an IO loan on all your IP’s?”
too easy, isn;tm it all?
any side issues i should realise?haha nice tip resiwealth:
“be prepared to lose your house if you stuff up!”
GOLD!
i live in eastern suburbs, about to purchase my first property – just turned 18. id be in for that; knowledge is power!
