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Viewing 14 posts - 1 through 14 (of 14 total)
  • Profile photo of BomberRouiBomberRoui
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    @bomberroui
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    February 12, 2014 - 10:53 pm

    Morning Crest,

    They are rates for NAB.  I think for their variable rate (interest only) is 5.03% possibly?

    Cheers,

    BomberRoui

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    February 8, 2014 - 11:36 pm

    Excellent thanks Catalyst.

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    February 4, 2014 - 8:11 am

    Thanks Mark.

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    February 4, 2014 - 8:10 am

    Thanks Terry.

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    February 2, 2014 - 8:33 pm

    Morning,

    I'm wondering now whether setting up an 100% offset is perhaps the best path?

    Would the benefit be in paying all my income into the variable loan and then using a 40 day interest free credit card for daily purchases.

    Then from the offset account paying the credit card?

    or paying all income into the offset, and then paying for the PI variable loan and credit card from the offset when it falls due?

    This is for PPOR.

    Profile photo of BomberRouiBomberRoui
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    February 2, 2014 - 8:22 pm

    Morning Terry,

    When you speak of adverse tax implications what could be the issues?

    Is it the actually use of LOC from a PPOR for Business purposes, does it complicate things?

    Or does the issue arise if we needed to sell the PPOR and the implications of having used the LOC for the Business?

    I understand that going into specifics is difficult and would require an understanding of the individual's situation.

    Thanks.

    Profile photo of BomberRouiBomberRoui
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    February 2, 2014 - 10:54 am

    Thanks Terry,

    I agree, at least with what you have outlined I still have flexibility and options and can come back to the LOC option when and if required.

    I appreciate you insight.  Cheers.

    Profile photo of BomberRouiBomberRoui
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    February 2, 2014 - 9:31 am

    I agree entirely we.  We have the extra 5% covered.  

    Due to our current employment situation, I.e casual we are only being offered the 80%.  This situation may change and I'm with you I'd rather use the banks money.

    With the Equity Home Loan, I imagine if I have less than 20% equity this type of loan would not be available?  I think it's an interesting option as long as the Line of Credit has a zero balance and I use the account as outlined in this link.

    http://m.wikihow.com/Follow-the-Mortgage-Accelerator-Plus-Program

    However the jury is still out for me and I'll possibly look at an offset arrangement.

    Thanks again Shahin.

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    February 2, 2014 - 8:44 am

    Thanks for your feedback Jamie, it's really appreciated.

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    February 2, 2014 - 5:25 am

    Afternoon Shahin,

    No these numbers are for a property we would like to buy, we are currently renting and have no outstanding mortgages.

    I have posted a reply to Jamie's questions, which contain other details as well.

    Appreciate your time.

    Profile photo of BomberRouiBomberRoui
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    February 2, 2014 - 5:21 am

    Hi Jamie,

    Thanks for your reply.

    1.  We don't own a property.

    2.  We are looking to purchase a PPOR valued at 400k, we would put in a 20% deposit.

    3.  We are not currently with a lender have just spoken to Bendigo Bank about their Home Equity Loan.

    The reason this product may have been suggested to us is that we would like to start another business in the not too distant future, and the line of credit would be a better option then attempting to apply for a Business Loan at Business Loan rates.

    Thanks again.

    Profile photo of BomberRouiBomberRoui
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    April 1, 2011 - 6:42 am
    Jamie M wrote:
    angelinsydney wrote:
    Agree with Angelina, you don't have to accept any offers. If the first agents strategy doesn't pan out – try another one. Best of luck with the sale. Jamie

    Thanks Jamie, got the fingers crossed for sure.

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    April 1, 2011 - 6:41 am
    angelinsydney wrote:
    (I was cranky after your post, I had to take a deep breath). Take care. and tell the other agent to shove it. Angelina

    You have re-created beautifully our exact response.  I was gob smacked.  It really made our blood boil.  Our experience with both agencies is one that we will never forget!  Hence I thought I'd see what our position was with regards to this situation in this forum.

    Thanks for your reply Angelina, greatly appreciated.

    Profile photo of BomberRouiBomberRoui
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    April 1, 2011 - 6:33 am

    Thanks to you both.  I agree entirely with both opinions, especially with regards to the first offer not being able to obtain finance.  Just a matter of wait and see.

    Greatly appreciate you input.

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