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  • Profile photo of appless007appless007
    Participant
    @appless007
    Join Date: 2005
    Post Count: 3
    August 10, 2005 - 10:42 am

    Hi All again and special thank you to Foundation for your return visit.
    Like all financial decisions they are never easy so I really appreciate everyone’s input and different perspectives on my situation.
    In particular the question from Oshen made me realise there are fundamental questions that I need to address as well.
    For now, I had decided to rent out my property and live elsewhere and pay a lower rent than what I am receiving and share living expenses with a housemate. I will inject this additional cash directly into the loan principle and reduce the -ive gearing position.
    This is a long term view but I now realise that I do have equity in this unit that can be leveraged rather than trying to cash up.
    I will also spend more time researching investment options and controlling my spending habits.
    Again thank you all for your time and support. Appless007

    Profile photo of appless007appless007
    Participant
    @appless007
    Join Date: 2005
    Post Count: 3
    August 8, 2005 - 9:42 am

    Hi Everyone and thanks heaps for your input. You have certainly given me some more to think about. I agree patience is important and I certainly dont want to rush into anything but I have to agree with Foundation re. dead money.
    Renting is about 50% cheaper which means I can either save 50% (plus more if you add all the expenses of owning a property) or pay 50% less (not really if you again consider all the expenses of owning a property) on my mortgage payments. The latter option is pretty ugly -ive gearing for a property with little potential for capital growth.
    Argh, if I had only read those books 2 years ago…
    Still open to more comments :)
    Appless007
    p.s. Glad to meet another 007 on the forum :)

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