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Hi and thanks Mel for your response, yes I was considering going back to an interest only loan.
I was made redundant in Sept 2001 and as a result I was forced to sell one of my properties (I had two then) and converted to P&I as I was out of work for almost 2 years. I will be considering refinancing very soon.
Thanks againHi everyone and my apologies for some misinformation in my previous post. Firstly thanks for taking the time to respond to my questions. There are several glitches in my request. The loan repayments I referred to ($215/month) were the top up amounts after deducting the rent. ie Loan repayment/ month= $938.00 – $723.00 (rent minus agents commission)=$215.00.
The big booboo was the fact that this figure did not include rates,insurance etc, as I previously suggested,this is another $162.00/month. ie total cost per month $377.00 out of my pocket.
So Loan is $11,256.00 and rent is $8,676.00 plus rates etc are $1,944.00. This property is not positively geared, hence the reason I wondered about wrapping. As I mentioned before I do have the tenants from heaven.
Once again sorry for the incorrect details last post, I can only blame it on too many nightshifts, I hope someone can point me in the right direction.
