Qlds007 wrote:
Then i would get the current PPOR revalued cancel the advance repayments and set up a totally separate interest only loan as deposit for the new IP.

Richard ,Can you please explain this how will it work if i were to make a payment of $20,000 in my existing prop and then redraw for IP. Could you please explain this with some…[Read more]

Jamie M wrote:

Rory Breaker wrote:
Hi Losty,An option is to pay down the PPOR as soon as possible then redraw with a LOC to be used as a deposit for an IP.  It will take time however.   

Another way to acheive the same outcome would be to convert this loan to interest only with an offset attached – place any extra repayments into your off…[Read more]

Jamie,Thanks for your quick reply.That means $41,000 – $15000 = $26,000 That will increase the LMI by a certain amount. So, what it comes down to then is we have to have $26,000 in cash if we want to buy an investment property worth $300,000.

Only one reply ….i expected this will become a single post which would list every single possible thing that need to go in the categories. Hope to hear from more of property experts here thanks in advance

Any other comments/Suggestion please!

The savings are meant to be used for deposit on an IP we intend to buy. But reading through responses here, everyone is suggesting it to use for debt reduction. Not sure where the hard earned money is best to use for. Needs to evaluate it carefully !

DWolfe wrote:
Nup, not the bank. I was wondering if this was money that was there for some…[Read more]

Thanks DWolfe for your kind encouraging words. BTW when you say $30k for taxman, what do you mean? Our bank do not charge any tax on this, AS FAR AS I AM AWARE. Might have to look into it?

DWolfe wrote:
Hi, Have to say I feel the same about my super 'bonus'. That $16k (yes that's right!) is going to get me what when I hit 65? I don't see having…[Read more]

Kim, Thanks for you calculations. These calculations hold true if we both are working to the retirement age or i happen to earn $200 k and my wife stops working after that. I guess with increasing family commitment, the numbers you have crunched may not be realistic unless i am missing something. Nevertheless it does prove the point of extra money…[Read more]

Kum,Thanks for your inputs and calculations. If i understand it correctly, your calculation demonstrate putting money can save tax. I dont fully understand your calculations ( i am sure they are simple to understand, but i lack basic knowledge). I will review them  and try to make sense. In the mean time i hope to see some healthy debate on this…[Read more]

Danviv1, Once again a very valid point …!! That's why i am on this forum to learn where we stand and where to head in coming months. Thanks again for your valued input. Thanks, Losty

Hmm….thanks for the feedback guys….something which we must do now…will look into it …Is using a financial adviser is a good idea to plan our budget/ sort out loans n stuff? If so, can anyone recommend a decent financial planner in perth. Thanks, Losty

JacM,Thanks for your kind reply. See my answers below.

JacM wrote:
Hi!Firstly about this personal loan for the car.  What is the interest rate on that compared to the homeloan interest rate?  In other words, would it be better to pull money out of the homeloan offset account, or redraw on the homeloan, to pay out the car?  If this is possible an…[Read more]