Sounds interesting. I will take a look into it and see if I can find some second hand books to read. Thank you

Hi Derek

Yes I have been lurking around the forums for awhile now, doing heaps of reading, there is so much to be learnt here!

I did have a think about the PAYG form but I still have my heart set on selling my IP in the next couple of months so didn't think I would worry about it, seeing as I have nothing else to claim other than my house.

I…[Read more]

Thanks for the kind words freckle  

$110 a week better off and a grand in the bank is alot to someone like me, and especially seeing as my IP has been empty for a month I am quite proud of myself for managing to save even that amount. – it will be rented out as of next week though luckily!

Hi all,

Just thought I would give you a bit of an update on my situation.

Thanks to everyone in here who gave me advice in particular The Freckle, Shahin and Derek as it has helped me alot. I have managed to reduce my weekly expenditure by around $110 a week doing a few of the things suggested to me..
– Changing my loan to IO (save approx $40 a…[Read more]

Thank you The Freckle, I do feel better and, like you said, more empowered, after talking to you all. I will most definitely continue to hang around the forum. Hopefully I will update you all on my situation in a couple of months and after a few suggestions here taken on board and a better budget it will be looking a bit…[Read more]

Hi Derek,

Yes some huge mistakes have been made on my part. I jumped in way too quickly with little thought and guidance unfortunately. But that's the way things are I guess and I have to live with it. 

Yes in the meantime I will change my loan to IO, as well as try to save to make up some of the difference when I sell. 

Like I said to Shahin…[Read more]

Thanks Shahin, and everyone else who replied, for all your help. This forum is fantastic and a credit to all you great people who take time out of your day to help people like me. 

Thank you

Nah no credit cards, luckily this is something I have never allowed myself. 

Unfortunately the $133,000 is fixed at 6.1% for another 18 months. The $44,000 part is variable though and sits about 5.8% I think.

Do you also think going IO is the way to go?

If I was to sell, how do I possibly make up the difference between what I would get for the…[Read more]

Haha I ask myself the same thing! I wish I had of been denied the loan!

It may have been because my dad went guarantor and if I default I think he can have his house taken. Well about $44,000 of it anyway.
The loan is split so that my share is $133,000 and mine and dads together (the part that he is guarantor for) is $44,000, so I think I…[Read more]

Actually sorry Shahin I forgot that the $7,000 FHOG was used to pay out my personal loan, so then I was left with $175,000 for the mortgage and all other fees like  stamp duty, conveyancing, broker fees etc. 

I purchased it for $168,000. I have been told by the real estate that it is probably worth no more or less than 18 months ago when I bought it. The reason my loan is more than the purchase price was to cover fees and pay out a personal loan

cheers

kirsty

Hi Shahin, 

i would think somewhere between $165,000 and $170,000 and yes I still owe $175,000

cheers

kirsty

Yes $6,000 to have the surgery he needed to have to save him (well a 50/50 chance he would survive), plus another $900 every 12 hours while he was in the vet hospital after that.
Unfortunately had to come home without the dog and with a $880 bill

Hi Derek,

1. OK thanks, I will look into that straight away.

2. I bought the property with my father going guarantor, which was why I was able to purchase so much with no deposit. I have no idea why the person on the other end of the phone at Suncorp said my LVR was 80%, he was just looking very quickly though and I just think he has made a…[Read more]

Thank you Freckle. Yeah I realise that I am not making things very easy for myself and probably making more mistakes all the time. Given my time again I certainly would have chosen a different option than buying my house.

I appreciate everyone's help, it's probably a good wake up call for me.

Kirsty

Hi Shahin,

The reasoning behind the car loan was just that mine probably won't last any longer than another 6 months, I realise that it isn't ideal to add more debt, I just don't know how else I will be able to afford a car once the time comes that mine gives up. I don't have 10 cents to rub together really, even had to borrow $700 from a friend…[Read more]

Hi Ross 

yes I think there would be a couple of things, I would like to repaintt (it's a horrible light pink in some rooms and light blue in the others!!) but wanted to wait until the tenant was out. At this stage it looks likely she is staying on. An air con also would be a good idea for the future. Probably new carpet and curtains wouldn't hurt…[Read more]

Hi Shahin,

thanks for your reply. One option the bank discussed with me was taking out a car loan (I do need a new one) of say $25,000, buying a car worth $10,000 and using the rest to pay out the home loan.  They said this would then be a secured loan and at the lower rate of 8%. Have you ever heard of this?

cheers,

kirsty

I just spoke to my loan bank suncorp about interest only and again I hear that the LVR has to be less than 90%. However he then went on to tell me mine was 80%. Not sure how he got that when I owe $175,000 on a $168,000 house!! Anyway I have the forms to fill in to apply to change so we will see how that goes.

I may also do what you suggested  in…[Read more]

Hi Derek,

Thanks for all the advice. I will get in contact with my broker and see what they say regarding going interest only on my loan. I believe my interest rate is 6.3% so not far off the 6 you budgeted on. 

But like you said, whether or not it is all actually worthwhile is another question. Sometimes I think I would rather just cut my…[Read more]