Forum Replies Created
- Terryw wrote:
How would I be doing this? Please explain. Obviously I don't know as much as you guys so please help me out.
My situation is as follows:
1. Getting married in May (redraw helps with any expenses that may come up)
2. The property is an IP until May when we move in and it becomes our PPOR
3. We went to a mortgage broker, not a bank and he recommended this loan highly
4. The main thing we said to him is that we want to make voluntary payments as we expect to pay this loan off in 7-10 years
Thanks so much for the responses! Makes sense regarding calendar days!
The thing I still don't understand is how the interest for September is lower than the interest for November?
i.e both are 30 day months, and when you get to November the loan balance has decreased by 10k yet still has higher interest.
Should I be taking my 5k and splitting it into 2.5k fortnightly payments?
To answer the other questions, yes currently renting but only for a year. It will become our PPOR in May.
The redraw facility acts as an offset account, as all our income will go to this one account. If all our money is in this loan, then less interest to pay etc
It's a different strategy, but achieves the same thing yes?
Interesting, great advice regarding median prices and what they represent. Will keep this in mind! Thanks Scott
Does anyone have answers to my other questions?
