Thanks for the responses guys. Richard I will send you an email. Kinnon, as I mentioned in an earlier message on this thread, I was initially with Rams, then it became RHG, then it became Anchorage, then it became Pepper. I have never held any equity in the property as I bought at the peak before the GFC, and have therefore found it difficult to…[Read more]

Thanks.
I spoke to Pepper Home Loans and they said they would drop my rate from 6.21% to 6.09%. As I’ve got zero equity in the property, I have to take it on the chin I guess, until I have the leverage to change banks.

Thanks for taking the time to read and reply Richard. The bank is ‘Pepper Home Loans’ which was previously ‘Anchorage’ which was previously ‘RHG’ which was previously ‘Rams’. That alone just spells shonky to me.
I will give them another call and demand that they investigate a refinancing situation for me.
Do you recommend any good buyers agents,…[Read more]

Thanks for your responses guys. I will take it all on board.

Whilst I have your attention, and off the topic of property investing, I was wondering if anyone had experience with investment bonds? I am saving for my 2 children, and currently have just over a $1k each in Bankwest  Bonus Saver accounts for them. But I'm now considering moving the…[Read more]

Because I bought on the Gold Coast in 2007, before the bottom fell out of the market. I pretty much either still owe what the unit is worth, or owe more than it is worth. I don't think other lenders would be keen to take that on. 

What do you recommend?

The lender is Anchorage Home Loans. 

Mikko. 

Yes it is for borrowing purposes. If I use my existing lender though, and I'm found to have negative equity, can't they by rights ask me to cough up more money to cover the shortfall?

Mikko. 

Great. Thanks for your help guys!

Mikko.

I went with RAMS in 2007, who then became RHG, who then became Anchorage!! I want out!!!!!

Just another thing, I salary sacrifice $120 into Super every week. Would you guys recommend continuing to do so? Or would it be more beneficial to me to save and invest the money elsewhere?

It's not the solution I was hoping for, as I was wanting to get into the investing game as soon as possible. But I think it is the sensible way.

Fair points JacM. I've taken it all on board. I'm thinking that eliminating all of the credit cards and personal loan first should be the way to go. 

Thanks,

Mikko.

Well, considering that our initial credit card debt was a staggering $32K, I think we are well on our way to recovery.

Terryw – I will definitely give that a try. I think it might be a bit tricky to pull off on my current income however.

Taxdiva – You don't see the Gold Coast beginning to recover anytime soon?

Shahin – I have been advised…[Read more]

Thanks for the responses guys!

Terryw – One of the credit cards is 2.9% for life (assuming I don't make any transactions), the other is 3.9% until October. 
Offer to pay 50% of the credit card in one hit, and the banks may wipe the rest? Is that possible?

Wakebrownb – Yes I agree, it makes sense to pay off the higher interest rate first, so that…[Read more]