Only borrow money from pessimists, they don't expect it back.

If you pulled out of the house and land deal why can’t you still get fhog and stamp duty concession?
Sell the car and buy something cheaper to own and run. Sometimes you have to make sacrifices to get where you want to in life.
When you’ve got the house rent a room or two out to bring in some extra cash and try to live off that money leaving as much as possible in your offset account. In 12 months you could easily clear 10% of the value.
And find a motivated seller who you can pick up a 350k house from for 320k, bringing your costs down and giving you instant equity. It might not be quick or easy to find but will be quicker and easier than earning that 30k and you’ll be in a much better position financially than you are now.

Freckle, have you heard of something called confirmation bias?

http://en.wikipedia.org/wiki/Confirmation_bias

Hi TerryW,

Can you elaborate a bit on your points just in the process of planning a trust what should I include/avoid so assets can never be touched !?

Thanks..

The problem is you are lying to get a loan.

The bank won’t give you a normal home loan because you can’t afford the repayments on top of your husbands income / credit cards and any other debts.
They’ll give you an investment loan because you can afford to repay the loan when taking into account the extra rental income you’d receive from a tenant.

I think if you lie in your loan application and then your husband is out of work, or keeps spending on the credit cards, or interest rates rise or basically for whatever reason it turns out you can’t keep up the repayments and the banks then find out you always lived in the house and never had any intention of renting it out you could be up the creek without a paddle.

He needs to clear those credit cards..

In Perth too, any plans to hold a seminar over here?

Hi everyone,

Can someone please summarize the do’s and don’ts covered here for new people!? What should jaiterry have done to avoid all these problems, assuming in the beginning he was using ppor offset/redraw account to save deposit for investment property whilst paying a bit less interest at home, with the possibility of later renting out ppor?

How can you do that without reducing tax deductible interest later or is it ok as long as you don’t keep pulling it in and out in between?

For eg I buy a house and move in and start saving deposit for another inv property. I may rent ppor out later on too, where’s the best place to put savings in the meantime?

Not finding it confusing at all..!