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  • Profile photo of TommygunTommygun
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    @tommygun
    Join Date: 2009
    Post Count: 11
    June 17, 2009 - 12:44 pm

    Thanks Richard.

    Appreciate your comments. Came down to melbourne today from Brisbane to check out a property and I'm booked in with a bank tomorrow. But as I won't be buying this property because it was nothing like it was described on the internet  ( along with a bunch of Dodgy photographs!) I will probably have time to find a broker.

    Profile photo of TommygunTommygun
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    @tommygun
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    June 17, 2009 - 12:11 pm

    What about borrowing 100% of the purchase price, but using equity on the original PPOR as collateral? So as not to pay LMI…. Will any of the major banks come at that?

    Profile photo of TommygunTommygun
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    @tommygun
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    June 16, 2009 - 11:45 am

    Thanks Maree,
    Will require 80% of the loan…

    Profile photo of TommygunTommygun
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    @tommygun
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    June 8, 2009 - 7:34 am

    Mr leumy,

    Would the Bendigo bank provide a 100% offset account on an IO loan with an 80%LVR??

    Profile photo of TommygunTommygun
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    @tommygun
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    June 8, 2009 - 7:13 am

    So you agree to make both loans IO and have an off set account for the new mortgage? And pay the minimum on the Melbourne Property? (Making this an IO loan aswell… )
    Sorry, I just wanted to Clarify.

    Profile photo of TommygunTommygun
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    @tommygun
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    June 8, 2009 - 1:39 am

    Phlang,

    I moved from Emerald about 6 months ago due to mining cutbacks. I believe there were up 600 people that lost their Jobs from Emerald around that time (all mining). It may have picked up again and as you say it is quite a diverse town.

    They have been talking about bunnings for quite some time now – I'm not sure when exactly it will go ahead or how this will effect growth.

    Just from living in the area and as far as risk factor goes I'd lean toward Adelaide. Please don't my opinion sway your decision, just thought i'd give you some feedback.

    Profile photo of TommygunTommygun
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    @tommygun
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    June 8, 2009 - 1:15 am

    Thanks, I Can  see the benifits of using an offset account linked with an IO loan on both properties. Is this possible with fixed aswell as variable interest rate?

    It would be alright now @ 5-6%, but what about when they come up again?
     
    If I was to keep the IP for say 10 years, would you ever look at paying the principle off?

    Profile photo of TommygunTommygun
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    @tommygun
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    June 7, 2009 - 9:34 pm

    Thank you both for your comments,

    Unfortunately no I do not qualify for the FHOG as the first property is in my wifes name. (Unless I could get around this :-)
     
    Can someone explain the benifits of using an IO loan? I realise you are paying more tax when you pay the loan down but atleast you are getting somewhere with the property as far as gaining equity when paying P&I

    Or is the idea to save as much cash as you can for your next IP?

    Cheers

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