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  • Profile photo of HumpzHumpz
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    @humpz
    Join Date: 2009
    Post Count: 8
    February 1, 2011 - 10:28 am

    Looks like the NAB won't let me reshuffle the loan because it's under the Defence Home Owner Assistance Scheme or whatever – becuase it makes the property 'look like an investment property' even though it's still simply a residence.

    I'll have to crunch the numbers I guess. Being under DHOAS gives me a free $400/month off the principle..

    Nothings ever easy is it.

    Profile photo of HumpzHumpz
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    @humpz
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    February 1, 2011 - 8:42 am

    Thanks for the advice guys, I appreciate it.

    Thinking ahead some more, if I reduced the PPOR to interest only (if we needed to tighten out belts a bit), is there a capacity to do that generally? If so, can you still pay down the principle if there was extra cash laying around?

    It's comforting to know others are out there that have done the same thing duckster.

    In all honesty I am uncomfortable with leaving work – but in saying that it's much better for our long term prospects once I finish my degree, and bub will be approaching school age.. opens up a new chapter of earning and investing.

    If I didn't have the 50-60k overflow in the offset I probably wouldn't be able to pull it off.

    What are the pros and cons of the interest only approach? Being my PPOR I'm not overly concerned on gains at this time, just getting through in good shape :)

    Cheers guys!

    Damo

    Profile photo of HumpzHumpz
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    @humpz
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    November 26, 2010 - 4:42 pm

    Thanks for an alternative view Terry.

    Appreciated :)

    Profile photo of HumpzHumpz
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    @humpz
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    November 25, 2010 - 4:19 pm

    Thanks guys. Its all food for thought and I appreciate it.

    Ill just continue to pump the offset for now and once I get home sit down with a good advisor and/or broker and go from there. That'll be my next question in the coming months no doubt. Finding a decent one in the Hunter region.

    Cheers

    Profile photo of HumpzHumpz
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    @humpz
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    November 13, 2009 - 4:17 am

    Thanks for your views Duckster. It's certainly food for thought.

    I'm currently living out at Lemon Tree Passage (Port Stephens) and there are plenty of options at $250,000 and below. I am not all that confident in the area itself however.

    I wouldn't be entitled to the subsidy if I purchased the IP in Canberra as there is a requirement to live in it for the first twelve months I believe.

    Thanks again. It gives me more fuel to burn whilst brainstorming.

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