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Hey Derek,
Yeah house has only just been finished (yesterday) and is available from monday…. Just had meeting with the bank and their figures were pretty consistent with Duckster’s so yeah – sighs of relief all round…..
I agree about consolidating because of higher interest rate on OD, but on the other hand if I keep business OD separate it may give me access to more equity to be able to purchase 2nd IP….????
Saying that though, nothing will happen till next financial year, just learning, learning learning……as I have found out with the build, there’s a lot that people won’t tell you that you have to find out for yourself – sometimes the hard way…!!!!
cheers….
Thanks for the reply, accountant based it on 8% (forgot to mention that first post.) Also plan to get quantity surveyor in.
Just got freaked out at having to potentially pay $1160/mth after rent coming in and deductions coming out…. Our plan is to hold on for the long term – especially in this market as rural/residential sales in our area seem to be quite slow…..
It is a green home made from polyurethane sandwich panels, on tank water, biolytix wastewater (although they are now bust) with plenty of fruit trees with solar coming soon…. trying to create a potentially sustainable green rental which is an avenue we want to pursue…… anyway,
Are we better to keep business overdraft separate and just refinance from construction loan ($400k) at 80% to give us approx $40k available ($440k loan) to try and get 2nd IP? and pay off business overdraft slower @ higher interest rate..???
Any more advice would be much appreciated….
I work in the Warner area and see some pretty interesting things… There are some houses/streets which are pretty Ghetto so be aware of what demographic you lease too.
Don’t want to put you off the area by any means just be aware that there is the potential to end up as the motorbike in the lounge room story that property presenters talk about……
Hope this helps….??
