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  • Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    January 11, 2011 - 12:10 am

    thanks duckster

    so i'm really better off with a split loan as i'll be saving cost.

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    April 14, 2010 - 12:32 am

    Thanks all for your valuable advice. Jason is right…I am thinking about my own comfort. The bathroom will need work be done before we rent it out as there's a small leak somewhere in the water pipe of the toilet. I don't think the tiles were done properly by the previous owner. Water must be sipping through as the paint on the outside walls of the bathroom started to peel. I don't mind people doing improvements on the house themselves but do it properly!

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    April 11, 2010 - 9:32 pm

    It certainly makes sense. Thanks heaps DD.

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    March 9, 2010 - 8:36 am

    Thanks for all your help.

    I contacted Washington Brown and asked for an estimate. Certainly worthwhile.

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    September 28, 2009 - 5:40 am

    What is the difference between using the equity and increasing the loan amount if it makes any sense?

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    September 28, 2009 - 5:37 am

    Hi Terry,

    Thanks for that. Should I withdraw any extra repayments and put that into an offset account when I change to IO laon? Can you recommend any lenders?

    Thanks
    Lucia

    Profile photo of omiyomiy
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    @omiy
    Join Date: 2009
    Post Count: 13
    September 26, 2009 - 9:00 am
    Qlds007 wrote:
    Hi Darren

    Flexibility is the key and therefore why would you want to pay off the principal when you might 1 day rent the property out.

    If you redraw the principal payments you have made back during the time when you are living in the property the interest becomes non tax deductible so to me i can see NO reason why you would do so.

    St George Spring special looks good on paper but there are a lot of negatives. Most borrowers merely look at the bottom line interest rate and clearty have no understanding on the other fees and charges. The other thing is the Banks underwriting terms at the moment are clearly not the best.

    There is no set lender as each client is different and would need a little more hard data to make any recommendation.

    I'm living in a townhouse which I bought a couple of years ago using a principal & interest loan. I'm looking at renting it out as an investment property down the track and will be buying another house to live in. Can you please explain more about why the interest becomes non-tax deductible if you redraw the principal payments? Should I change the loan to an interest only loan? Which lenders can you recommend?

Viewing 7 posts - 1 through 7 (of 7 total)