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  • Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
    Post Count: 27
    March 2, 2004 - 6:44 am

    Ahhhh money.

    There is much talk of money here – why do you have to have money to be rich?

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
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    March 2, 2004 - 6:33 am

    I would encourage you to look at your current debt structure. If repayments are easily affordable, and you have no personal debt on your home, borrowing 100% may be better for you tax-wise. You should ask your accountant as well.

    [:)]

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
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    March 2, 2004 - 6:29 am

    Further to Simon’s comments, you can imagine the potential problems if one of the parties gets into some sort of financial difficulty and ‘wants out’.

    All parties to the loan also reduce their own individual borrowing capacities.

    Matt Anderson

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
    Post Count: 27
    March 2, 2004 - 6:26 am

    Indeed. I know of one at 8.3 – 9.45% priced on risk.
    Max LVR 65%
    [:)]

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
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    March 2, 2004 - 6:22 am

    Steve,

    You know, in reality there are interest only facilities you can obtain where if your account conduct is fine, the facilities will be renewed every year.

    [:)]

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
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    March 2, 2004 - 6:18 am

    As Terry has eluded to, some banks will not just run your income through a formula but actually have a good look at your situation and what you can afford.

    There is not much room to move with owner occupied property – but you should get some leniency with investment.

    Matt Anderson

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    Profile photo of FYIFYI
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    @fyi
    Join Date: 2004
    Post Count: 27
    March 2, 2004 - 6:11 am

    G’day Alf,

    I wouldn’t necessarily take banks fixed rates as ‘predicitons’ or use these in any way to try and predict where rates are going.

    NAB, as well others, have for a while now been promoting a 3 year fixed rate that is lower than the two, and sometimes a 5 year fixed rate that is lower than the 4 year fixed rate for example. Banks use the fixed rates (priced off what they have paid for the funds in the case of the smaller funders) as a retention strategy as well – as there are penalties to pay them out early.

    I would agree that it certainly very hard to beat them at this game!

    Matt Anderson

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