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  • Profile photo of newupstartnewupstart
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    @newupstart
    Join Date: 2014
    Post Count: 4
    April 8, 2014 - 12:49 am

    Will do. Thanks Jamie.

    All the best for the rest of your week.

    Mitch.

    Profile photo of newupstartnewupstart
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    @newupstart
    Join Date: 2014
    Post Count: 4
    April 7, 2014 - 11:41 pm

    Thanks Jamie. I have read some of your blogs on your website which are really really good for people from non finance backgrounds to understand and digest.

    Yes i did pay LMI so i was assuming there would be a small adjustment due to the new $$ made available.

    I think i will get the offset feature set up anyway as I would assume the saving it would create on the interest charged would be better than earning 3.95% p.a. anyway in the Goal Saver it is currently stored.

    Just to be sure, i would transfer the "$25k" into my home loan so when they do the release that would just be "robbing peter to pay paul" as apposed to doing it in two different transactions (one being cash and one being equity release..?)

    Thanks again,

    Mitch.

    Profile photo of newupstartnewupstart
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    @newupstart
    Join Date: 2014
    Post Count: 4
    April 7, 2014 - 4:39 am

    Thanks Richard for the welcome. I hope these questions aren't too basic for these forums.

    So first step would be to turn the "main loan" my PPOR into an offset account.

    Secondly, deposit the $25k of cash savings into this account as available funds but also to lower the % of interest i pay weekly.

    Thirdly, if my property is valued at $480,000 and i owe $410,00, based on 80% lending would that leave me with $26k of equity to use towards a deposit as well..?

    Then is it a LOC that i open with the Savings/Equity on the property..?

    Thanks,

    Mitch

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