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  • Profile photo of denny500denny500
    Member
    @denny500
    Join Date: 2009
    Post Count: 4
    October 12, 2009 - 1:51 am
    Qlds007 wrote:
    Wow denny 6.21% is a shocking rate of interest even with the loan amount you currently have.

    yes, I know. I meant, before discount.

    Is there any broker from Melbourne CBD?

    Profile photo of denny500denny500
    Member
    @denny500
    Join Date: 2009
    Post Count: 4
    October 11, 2009 - 10:23 pm
    Terryw wrote:
    It is called the equity access loan
    http://westpac.com.au/internet/publish.nsf/Content/PBHLRF+Home+Loans+Fees+and+Charges

    Thanks Terryw. If I setup a seperate loan for the invertment, will I pay the interest rate as LOC or the same as home loan?

    Currently the home loan is 6.06% and LOC is 6.21%, a 0.15% difference.

    Profile photo of denny500denny500
    Member
    @denny500
    Join Date: 2009
    Post Count: 4
    October 11, 2009 - 8:23 pm
    Terryw wrote:
    Also you don't really need a LOC, you could just have another separate loan for the new portion. make sure it is IO though. ANd, yes Westpac for have one too. If you are borrowing to invest, then the interest should be deductible on this borrowing. It doesn't matter what the security is.

    Thanks Richard and Terry. I didn't find the LOC or spilt loan on their website. I will go to a branch to find out what is the best sulotion.

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