I assume you wrote the loan directly with the bank? You may be able get a broker on your team by providing written advice to the bank that they are going to represent you. Not sure they can do much in this case though.

Definitely speak to a broker. It sounds like your dad is om deep with company X, I assume they have their own finance arm or recommended broker.

It always worth getting a second opinion and mortgage brokers have a cheap hourly rate!

I know some of the brokers at Crown and at it’s a very good product.

I’ve seen people pay down their OO loans incredibly fast, it’s definitely worth a look if paying down debt is important to you. It’s not just the lower interest rate though, there’s also a component of money management in there which is beneficial for people who require that sort of assistance.

Jamie Moore wrote:

I’m not a fan of OTP at all.
You generally pay a premium – and have to keep your fingers crossed that the valuation will actually match the purchase price upon completion.
I can’t speak for the Perth market – I haven’t seen a great deal of OTP from the west coast. However – Melb OTP gave us headaches in 2016. Had a few valuations come in much lower than purchase price :-( We were able to implement a Plan B on each occasion but it was quite a stressful time for all involved.
Cheers
Jamie

Yes, Perth we definitely had a few headaches with OTP last year :-/ definitely not my favoured investment choice.

2019 is a long way off though, we could all be citizens of New Trumpetonia by then.

Agreed about the Jv, it’s fraught with danger. A developer I know put it this way: you need to care more about the relationship than the money if you go into a jv, because if/when it hits the fan the money will probably evaporate and the relationship will be strained. Of course, if everything goes well then hallelujah, but you need to prepare for the worst and hope for the best. Not a good way to do business if you only have one chunk of cash.

Why don’t you have any borrowing power?

A piece of advice my folks always gave me was to lock any windfall cash such as you have into some sort of 3-12 month deposit so that a) I wouldn’t be tempted to spend it on frivolous things and b) I would have time to properly explore my options without the pressure of “what do I do with all this cash? It’s not earning anything so I’d better do something…anything…”

Speak to a broker, speak to anyone in your life who is successful and speak to a financial adviser (of sorts). Just be wary that any advice you receive will be coming from someone likely with a vested interest in a particular asset class.

This is general advice only, not financial advice. Speak to your specialist before taking action.