PurpleKiss wrote:

CommInsure (part of Commonwealth Bank) also do it and you can get quotes online as well

Yep, read your PDS people before committing.

I had Comminsure and went to make a claim after someone tried to burn one of my properties down and was building another house out the back so left the front property vacant until the project was complete. Drove by one day to check progress on the rear build and saw the damage to the front property, made a claim, and was then told it would not be honored as the PDS stated that 60+ days of vacancy voids it.

I lodged a complaint with AFCA and CBA called 2 weeks later and offered 4k of the 8k damage bill so half a win at least.

wan0151 wrote:

Would it make sense to pay down the entire mortgage with the money in the offset account and then access that equity with a LOC to invest in stocks

If you are intending to remain in the property as an owner-occupier then it makes sense as you are converting (recycling) non-deductable debt to deductible debt.

You don’t need a LOC as per the reasons mentioned above and a term loan will work as long as you pay the debt down and then redraw the funds back into offset.

As mentioned you need to seek professional guidance and not be afraid to pay for it, some good pointers above already.

I would consider keeping the Penrith property and borrow against it as @terryw suggested.

Speak with a broker who understands property investment loan structuring first up to see whats possible.

There are building brokers that use the same principle as mortgage brokers where they have a panel of builders to tender that will best suit your project.

Always bear in mind when choosing a professional service 60% are average,  20% are dangerous and 20% are experts, perhaps visit a few to get a feel for the right one.

I’m thinking in this current market they won’t be sold for an under-market price, could be wrong though?

Dandare wrote:

After researching, I intend to change my investment property loan from repayment to interest only, I am just wondering can anybody advise on the criteria for which this is approved or denied?

Pre APRA/ASIC was a simple process, now it requires a full-blown assessment equivalent to a brand new application.

Dandare wrote:

I have a ppr and an investment property both on repayment, I plan to re mortgage the ppr soon after I complete my renovations. Also self employed.

Ask a broker to complete a preliminary assessment to see what’s possible and at the very least they can guide you in the right direction if you are not qualifying just yet due to the downturn and being self-employed.

Plenty of sharp brokers to speak to on here.

TerryW is your man, assuming he is still taking on clients?

• This reply was modified 3 years, 6 months ago by  Colin Rice.

There are three basic investment vehicles;

1. Property
2. Shares
3. Term deposits

Best to start educating yourself around these vehicles and how to drive them.

Steven wrote:

4. NEVER (and I say with capital letters, NEVER) buy based on emotions. Don’t rush in just because everybody else is rushing in. Only buy if the purchase makes sense from a number point of view.

Sadly, most of us investors learn that one the hard way, it is possible to avoid altogether with the right guidance from a reputable mentor.

Soundpost for a newb to read, digest and apply.