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I have my loan with Homeside and it is a Plain & Simple loan which dosnt alow me to have a 100% offset account, and to swap over to a 100% offset account type loan i need a loan of $120,000+ which im just under But ill defently be looking at a 100% offset loan with my next purchase..

I have my loan with Homeside and it is a Plain & Simple loan which dosnt alow me to have a 100% offset account, and to swap over to a 100% offset account type loan i need a loan of $120,000+ which im just under But ill defently be looking at a 100% offset loan with my next purchase..

Thank you

Thanks dannads,The loan payments are principal & interest, I will look into how much repayments would be if it was interest only..The house is about 30 years old.Thanks for the advice

Hey guys, thanks for the advice.
I am buying the property for an investment so im not able to use the FHOG, iv decided on putting my $10,000 onto the loan and borrowing the $7k for fess’s off my parents..

In 6 to 10 months time I can have the $7k paid back to my parents but in 6 to 10 months I wouldnt be able to pay $10k off the home loan.

Im not sure if you understood Simon,
If I go in with a $17k deposit then im still going to need money for fees which I dont have… Stamp duty, morgage insurance etc

I went to the bank last week and we talked about this…
You are correct, You can still get your FHOG aslong as you havent lived in any of your investment propertys…

Thanks guys,
I have $12,000 saved up at the moment and I have no other debts to pay… I should also be able to get the FHOG aswell to help a bit..

Iv been looking at properties around $200,000 or less…

Thanks for the reply Marc

Another thing i keep on thinking is…
Say u have a propery that after loan payments you make a positive $10 a week…
You put down $10,000 deposit on the property to begin with, wouldnt it take you 20years just to get your deposit back befor you “realy” start making any money on it…

I need to keep looking but im…[Read more]