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  • Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    November 24, 2010 - 1:27 am

    Thank you TerryW, makes perfect sense to me now

    Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    November 23, 2010 - 5:47 am
    Jamie M wrote:
    keren_mx5 wrote:
    Getting 100 percent offset but still can't see why IO is beneficial. Isn't better to pay off as much and as soon? 

    Hi Keren

    Yep, it's good to pay it down quickly. You can do this with your offset account. Basically, the money in your offset account will reduce the amount of interest you pay in your loan. If you have a $500k loan and $100k in your offset, your effectively only paying interest on $400k.

    If this place is going to be an IP in the future, it's important to structure it right from the start. There is no point paying down the principle on an investment loan (particularly if your planning on having a PPOR in the future). From the example above, when you do convert this into an IP, you can take that $100k from the offset, use it as a deposit on your PPOR and leave the large $500k deductable debt on your IP. Hope that makes sense :)

    Jamie

    Cheers

    Jamie

    Hi all,
    I have been enjoying this thread and have taken away some really important info as I am just a ‘newbie’

    I just have one question
    Is it then preferred to convert the PPOR into the IP after the 6 year rule and then begin paying down the $500k deductable debt?

    I think its the fear of not paying down the loan at some stage even with rental income which is a worry for me.

    Thank you to all who provide a wealth of knowledge and inspiration

    Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    November 23, 2010 - 1:32 am

    Hi there guys,
    I didn’t commit the year before because I read some negative information on the net posted by someone who had never even completed the course. I was making decisions based on other peoples opinions!

    This year I decided to take action and extensively researched all courses available. Putting them side by side helped me eliminate the ones which wouldn’t benefit me or help me to achieve my goals.

    I have previously spoken with both people who have completed Results Mentoring and also currently completing it with really positive feedback.

    I have signed up and paid for Results Mentoring in 2011 and cant wait to get started. In the end I figured for the sake of the money spent on the course it would easily be outweighed if I made the wrong investment decision.

    p.s illuminati I have been following your journey and am enjoying the ride, cheers!

    Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    August 16, 2010 - 3:02 am
    rishi78 wrote:
    Hi guys,

    I am also from Melbourne living in Werribee.

    Have got few IP under my belt. Love to catch up with people who have interest in IP to share ideas and learn from each other.

    Please send me an email on [email protected], if anyone wants to catch up.

    cheers,
    Rishi

    Hi All,

    I am a newbie who is keen to catch up with like minded people from Melbourne to discuss ideas and share info. Also just wondering if a group has already been formed from this thread?

    Cheers Renee

    p.s Hi Rishi, I am now working in the Werribee area and would be keen to catch up

    Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    August 11, 2010 - 7:46 am

    Thankyou Linar, inspiring read.

    This is just what I needed. I am quite new to this site, but have never posted. I have been viewing many threads (thankyou to all – your knowledge is invaluable) and reading all the literature that I can get my hands on, but sometimes hearing an 'I did it' story is all you need to motivate and provide you with hope that you too 'can do it'.

    Retiring at 40 is not one of my goals, but achieving financial freedom soon after is. I have been busily saving for my first IP and I am nearly bursting out of my skin just to be a part of it. I'm now 36 and have to say to myself daily 'it's never too late to start!'     

    Cheers again to all those I am learning from

    Profile photo of redwards26redwards26
    Member
    @redwards26
    Join Date: 2010
    Post Count: 6
    June 28, 2010 - 6:45 am

    Scored 123 and although I havent any debt I dont have any investments either. I really want to buy an investment property but all the research I've done leads me to believe I should just keep saving more of a deposit.
    I have saved $10,000 and would really appreciate any feedback as to where to begin.
    I am not entitled to the first home buyers grant.
    Kind regards R

Viewing 6 posts - 1 through 6 (of 6 total)