Forum Replies Created
I think I have some rejection issues to work through
LOL Judi
I would like an answer to the same question!!!
Where is it and how much does it cost?
Les[
]Hi
My partner and I both read the book a couple of weeks ago. Looking at buying at least one and hopefully a couple of IP’s this year. (If we can find any bargains!)
Les[]Hi Derek,
Once again, thank you so much for your input. It is greatly appreciated.
Les []Hmmmm,
This is all very confusing – or I’m really THICK, LOL!
So, hypothetically, if i have an IO loan for say 2 years and want to swap to a P&I loan after this time, all of that money that was paid towards the interest just becomes “dead money”?
So, the whole idea of getting an IO loan is to just have it for a short time and then sell the property for CG?Sorry Derek! This will all just FALL INTO PLACE for me one of those days. Until then, I’ll just keep reading and asking questions.
Thank you for your patience.
Les []Thank you all for the information in these postings. They have all been very helpful and informative.
Les[]Hi Derek
TY for your reply. So, can an IO loan be changed to a P&I loan after a certain time. If so, all money already paid towards the IO will also be taken into consideration and deducted?
Les []What I don’t understand about IO loans is why people would choose only to pay off the interest and none off the Principal??? Is it because they are only looking at paying off the interest for a certain amount of time and they are actually looking at selling for CG in a few years time?
It’s all very confusing when we are only “LEARNERS”! LOL
Les []What is the name of the author – Nothing Down?
Kind Regards
Les[]Hi Simon
So, you are saying that if we own our PPOR we are best to go with P&I?
Kind Regards
Les[]Yes, I have also read many of the books that state that the more we earn, the more we spend. But I also believe that there is also the other end of the spectrum where there simply isn’t any left to have those “little” luxuries, let alone save a cent. It is all spent on “existing” to live.
Les []CONGRATS MEL!!!!! AWWWWWWWW, all that for such a “boring” answer. I thought it would be much more exciting than that and I agree that many of the answers that “we” all gave were much more “fun”. This has been a fun riddle though.
Thanks Aussierogue
Les[]Most of the people who I am talking about have two or three kids as well (also a lifestyle choice, some may say!), and only one ft wage and some casual hours. Another example is a family who has two adults and one child. This week they brought home around $450 for the week. They are renting a unit for $130 per week,(quite cheap in todays “rent” talk) food approx $120 pw, Car Loan $100pw, General bills $50 pw, say misc. $50. That leaves $0. So, I can’t see how they will save for a deposit (until they get rid of the car loan – which, by then they may have to extend as they may well need a “better car”- as everything else is a “living expense”.) This estimate isn’t even including money for their car services (or breakdowns, or general expenditure on those everyday “things” that need repairing, replacing, etc. See, my point is aimed at those people who are obviously on the other end of the “income scale” We are on a higher wage than this, pay no rent and no mortgage – AND STILL SEEM TO STRUGGLE!
[]Les[]Thats it Mel. There’s ALWAYS someone who has to ask “What was in the bag”
Well, MIND YOUR OWN BLOODY BUSINESS!!
[
]WOW!!
These people must be on MASSIVE wages to be able to afford this kind of rent. I’m probably talking more then, about the people on an “average” or should I say “Low” wage. Many people only bring in around $400 pw as a wage!
Les[]Hi James,
Yes, well that certainly is a question worth asking. But my actual point is that many people seem to be struggling just to pay rent. So, this makes me wonder how they will ever get a loan to own their own property, let alone an IP. I guess I can see that Wraps are going to become very popular.
Les []
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