Forum Replies Created
Hi Terry,
Thank you for the great input and explanation. I understood that parking the money in the offset account is not good. I cannot change bank as did a stupid thing to fix the 70% loan for 5 years in 2014. Yes I can for the IP.
My PROP (I am living in) has equity and can use this for a 20% deposit + stamp duty + other fee, for a IP. Are you saying when I find the IP get a IO loan from the bank in a separate account using the equity? Then use another bank for the 80% loan for the IP.
Thanks a lot
SanThank you Terry.
The argument my mortgage broker gave was, if the money sits in offset account you do not pay interest until you use it. It will be quick to use it. What is destructibility of interest?Doe setting up line if credit come at a price or additional interest rate?
Thanks a lot
SanHi Corey / Benny / TheNewGuy,
Thank you for the useful insights. I understand that its all about the property you are assessing to buy and not about the time. Even in a good time you could end up with a bad property. So its all about detailed analysis of the value and growth of the property.
I respect the wealth of knowledge of the people in the industry and decided to hire a buyers agent to identify a property. What are your thoughts about Right Property Group based in Sydney?
Do you need to set-up a company or trust to invest when you are going for your first investment property?
Thanks in advance
SanThank You for the responses
