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Hi Benny,
I have money in offset against this, so the interest I am paying is already comparatively low. The issue is that when the interest only period finished, the payments kicked up to paying the principal back in 2/3 of the time. Lesson learnt.
The way my current lender handle offset accounts on P&I loans is that the repayment does not reduce, just the ratio of the payment allocated to principle vs interest. As a result, even through the monthly payment is high, I am paying the principle down at a rapid rate.
As an update to this thread, I ended up selling it for $460k after a cosmetic reno and staging it.
Daily Driver: 2007 Toyota Aurion. Got it from the auctions for a great price. Leased it over 4 years, salary sacrificed it and converted it to LPG. All told, very cheap to own and run.
Pride and joy: 1978 Mercedes Benz 450SEL 6.9. Low k's, documented history and in very good condition. A rare car that will not depreciate in value.
Fun Machine: 2004 Suzuki GSX1400. Got it back in 2006 for below market value therefore it's current value is not much less than what it cost me. The only downside is that I don't get time to ride it enough.
Have tried to balance the above with investing (just finished building 3rd IP). I have tried to either get a tax advantage and/or buy well in the first place.
Hi there.
I’m new around these forums, and have been browsong around here for about an hour now. What a great bunch of like minded people, and what a great place for good information.
Because I live near Maitland, this thread got my attention. Just wondering, what a “Cashflow Game” is ? Other than having a good time, I gather it’s about doing some mock investments on paper and of course learning as you go ?!
