I consider an offset account miles ahead of a LOC. It is cheaper and offers more opportunities.

TMA

I am glad you are not convinced. You have an excellent interest rate when comparing to the current rates. A Line of Credit would not even be my choice if I was forced to make one. A loan with offset account would serve you much better.

If you want to pay your loan off quicker while in a fixed rate period, check your loan documents to see what additional payments you can make without incurring any penalty. At the rate you are currently paying, I don’t think you would pay any penalties even if you refinanced.

After the fixed rate period, look at changing the structure to an offset.

You fixed very well!!! ))

TMA

Don’t get too excited yet. The scenario I outlined was dependent on the properties NOT being cross-collateralised.

Your only option, if your current lender will not let you borrow more than 80% LVR, is to seek out another lender who will let you borrow 90% or even 95%. You will definately be up for LMI but you don’t mind. I didn’t miss that.

Many of the brokers here can refinance you out of the current situation into a higher LVR across your two existing and your third property. Just make sure your structuring is correct so you don’t encounter the same problem.

PS: I hate BankWest!

TMA

I hope you are not paying for that advice. Many individuals here can give you that advise for FREE!

TMA

I think you need to walk before you can run. Do a lot more reading and research. Why do you need an office if your business is mobile?

TMA

The 1% to 99% split between husband and wife has always had me baffled. Regardless whether you or his name is on each other’s title, you still own half or more. While your name is on title, you will be liable for the debt on the property.

To get a low doc loan, you would need to lie about how much income you earn. The only other alternative is no doc loans which require in most cases a 35% deposit or more but you do not need to lie on the application regarding your income. You do not need to state any income figure.

TMA

No-one can answer your question. How much is the property price you are looking at? What type of property is it? Where is it located? What is your financial situation? Do you have any savings? What is your work history and income?

Some people do not need any deposit while others need 35% of the purchase price.

First Home Buyer information is available at http://www.fhog.info. Other information is available by doing searches in this site. You should read a lot more before making any decisions so you get an idea of what is required.

TMA

I don’t think they “prefer” the first option. I just think they pay the first option not knowing there is a second option or thinking they are getting the second option ‘price’.

TMA

How long is a piece of string???

TMA