Hi guys, given i'm in an investors forum…. lolI'm sure there is a wealth of experience with costs involved with Investment Properties.for a 330,000 investment property, after taxes and rent (assume $350 a week/Canberra), how much out of my own pocket a fortnight would I be paying on an IO loan for 330,000 over 30 years @ 8% fixed?The miss's…[Read more]

brc wrote:
Given you can't get out of the current mortgage, and you aren't planning on doing anything for 3 years anyway, I"d consider paying the maximum amount off your mortgage.   Many mortgages now allow a small number of redraws per year of built up principal above and beyond the payment schedule, so you could always pull it back out if n…[Read more]

BANK says I can't change it to and IO Loan.  So i'm locked for 2.5 years, given I don't want to fork out for LMI again.So am I better off paying down the loan with the extra money I have (<10kr, 10k a year limit on additional repayments) or paying absolute minimum on the loan and saving the rest in an interest bearing account.Thanks guys

deadlast wrote:
As a sidenote, are there any pros/cons for the Investors Club??

Hi guys, totally forgot about this information, are there any success/failure stories concerning the Investors Club?Also, how does the offset work on an IO loan?  do you pay less per fortnight because of the offset?Thanks againDEAD

Qlds007 wrote:
Hi deadOn the basis that it is a IO loan you are being charged less interest with a 100% offset account.Other consideration in refinancing is the cost of the LMI again. Unlikely you will get more than a 40% refund from ING

Well based on that, I may keep it as it is, pay minimum payment till the end of the loan, which puts the l…[Read more]

Good Morning guys, thanks for the info.Do you think its worth 1500 at this point to refinance? (loan break fee)In addition, how does the offset work with an IO Loan, i understant 100,000 loan, 5 grand if offset, pay interest on 95,000.Does this pay off the principal if you are paying less interest? not sureThanks

Terryw wrote:
I would say since you are going to be moving out and renting it, you should make it IO immediately. Try to get a 100% offset account lined and put all spare cash in there – this will be the same as putting it in the loan in terms of interest savings.

Hi Terry, thanks for the prompt response.Currently with ING, is it worth the…[Read more]