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  • Profile photo of mulimuli
    Member
    @muli
    Join Date: 2004
    Post Count: 7
    June 22, 2005 - 1:54 am

    ok, i see.

    Also, with a LOC i’m told your money is “always working for you”

    i.e. you get paid say $5000 for the month into it ALL of this is then reducing the loan. Obvisouly you take bit by bit out for bills etc.. But the interest is calculated daily.

    But with the offset, you have to put money into the offset account, and only this is reducing the loan.

    correct?

    http://www.djmuli.com

    Profile photo of mulimuli
    Member
    @muli
    Join Date: 2004
    Post Count: 7
    June 22, 2005 - 1:21 am

    thanks for the responses so far.

    The information which you sent stated that a LOC loan has an average life of 4 years, I disagree
    the loan will be almost a lifetime arrangement to allow the user complete financial flexibility,
    as an example: holidays, upgrade furniture, loan family, new car, whatever, or simply have
    no debt but with the luxury of having funds at your disposal without having to apply at the
    Bank or Credit Union for funds.

    this is just a comment someone made to me when i showed them some things on this forum.

    the loan will be almost a lifetime arrangement to allow the user complete financial flexibility,
    as an example: holidays, upgrade furniture, loan family, new car, whatever, or simply have
    no debt but with the luxury of having funds at your disposal without having to apply at the
    Bank or Credit Union for funds.

    ^^ can i still do this with an offset account?

    from what our broker told us, yes we can, correct??

    Thanks for your help.

    http://www.djmuli.com

    Profile photo of mulimuli
    Member
    @muli
    Join Date: 2004
    Post Count: 7
    February 7, 2005 - 1:33 am

    Thanks for that junkers.

    How do i go about getting Sales data? That would be great to see what the propertys actually sell for compared to listing price.

    Cheers

    Dan

    http://www.djmuli.com

    Profile photo of mulimuli
    Member
    @muli
    Join Date: 2004
    Post Count: 7
    February 5, 2005 - 3:41 am

    Ok after a discussion with my girlfriend we will actually have a 20% deposit which makes things a lot easier!

    We will be borrowing around $300k for an apartment in the inner city, not right in the city but maximum 30mins out of the city as a lot of our life revolves around the city both work and weekends.

    I’m currently saving half my salary and living off the other half.

    The loan repayments wont mean we will be eating baked beans for dinner [blink] lol, we will be living off my GFs sallary plus there will still be some left over from mine once the repayments are made off. So there is a buffer there if rates rise.

    And there will be NO little muli’s coming around i can tell you that [cigar] [baaa]

    Now what Torachan said has me interested. We’re aiming to buy around August and no the market isn’t the best at the moment. But are you sayig you think it is going to get a lot worse??

    We are plannng to live it for approx 4/5 years before moving, and from advice from investors and financial planners (my dad is a finacial planner) it seems then it wouldn’t be a bad move to buy.

    Thanks for your comments, i’m all ears.

    Dan

    http://www.djmuli.com

    Profile photo of mulimuli
    Member
    @muli
    Join Date: 2004
    Post Count: 7
    February 1, 2004 - 11:39 am
    Originally posted by Dan:

    Hey All,

    Not sure if any one is actually out there, but hey.

    I am only a youngish fellar from Sydney who is extremely interested in getting into the game but am also worried there may not be properties like Steve discussed in his book that are rentable cash flow positive.

    Have I missed the whole play or is there life still in the market?

    I really have only a minimum deposit and am a little frightened as to how I get into the game. Obviously it is my journey but I just hope I have not missed it.

    DAN

    Hey Dan, im in the same boat also! 21 from Sydney and keen to get started after reading Steve’s book. But doing a quick search it looks like it’s not going to be easy, especially in NSW.

    Do many of you investors buy interstate? Because i think that may be my only option [8)]

    http://www.djmuli.com

Viewing 5 posts - 1 through 5 (of 5 total)