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  • Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
    Post Count: 8
    January 12, 2005 - 4:09 am

    Home – Bentleigh East, Victoria
    Temporarily – Mosman, Sydney

    Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
    Post Count: 8
    November 1, 2004 - 8:00 am

    Thanks guys!

    Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
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    October 28, 2004 - 3:09 am

    Thanks Steven,
    Will there be a charge (CBA) to change to an IO loan?
    You are right, there is a redraw charge.
    How about if I take the equivelent amount out of the offset account?

    Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
    Post Count: 8
    October 7, 2004 - 6:05 am

    Exactly what i had planned Terry, ING.
    I already have some money stached away there, so i guess i can add to it and get 5.25%.

    Thanks for the thorough analysis Steve.
    I might consider switching to interest only, not sure if the bank will like/allow it. First gotta wait a couple of months for the 3years loan term to pass i think, in order to avoid early payment etc. fees.

    I think I am in a good position to start seriously looking at purchasing an investment property. Hopefully I will be having a good look by early next year, and try to +CF it with a decent deposit.

    Thanks all

    Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
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    October 7, 2004 - 4:37 am

    Ahhh ok, i think its becoming clearer….

    Its amazing how some of us (me!) work so hard to pay the mortgage, and all the while understand so little about how it actually works!

    So from what i have gathered so far, i can keep paying my $750 minimum per month,, it will reduce the principle amount of the loan by $750 as no interest will be charged.

    Would I be wrong in thinking i should keep the MISA at ‘just enough’ to balance the loan amount, and take any extra cash out of the MISA to put into a better earning vehicle (fixed interest etc)? So each month I can take money out of the MISA, by the same amount as i pout into it….
    Or am i just confusing myself??

    Profile photo of GSSWGSSW
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    @gssw
    Join Date: 2004
    Post Count: 8
    October 7, 2004 - 2:40 am

    thanks for the reply Derek.
    The thing still puzzling me though is:
    My effective loan balance is now $zero, (actually ~-$4000), so where is the $750 going??? Can i get acces to all of this money again?
    I get the feeling i can’t, so i need to ‘rebalance’ or something so i stop throwing money away….
    Does anyone else know??

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