Lancehater wrote:
Does anyone use p and I loans for their ip

Hello Lancehater,

Currently it is how I've structured three IP's with the decision to do so predominantly based on the assumption that reducing mortgages in the traditional manner was the best way forward. Having said that though, in my circumstances it does not allow any…[Read more]

Hello Jacqui,

Thank you. I completely agree with your comment and can understand how frustrating it would be, the main reason why I haven’t sent an unsolicited PM and will not do so. I am waiting until it is okayed by one of the guys that responded. 

Kind regards,

Will

No problems, obviously I am no expert, but flick me a PM if you ever need any information on what is going on up here. Great to hear that you still doing ok with your project.

Regards,

Will

Hi Jamie,

I have read the linked blog entry and it definitely sounds as if interest only will allow the flexibility for us to keep moving forward, I crunched the numbers last night and if we continue to pay the principal into the offset account, we should be able build up capital much quicker than what we are achieving now.

Would you mind if I…[Read more]

Hello Alistair,

This is purely anecdotal based on my observation and interaction with others, but the market seems to have eased off a bit, there are a few developments occurring at present (residential and commercial) and the shopping centre in South Hedland has undergone some expansion. As for the current rental market, it seems to be inclined…[Read more]

Hi Jamie,

For the foreseeable future we will not be owner occupying. The current plan is to purchase another IP as soon as we can build up another deposit, however the three P&I mortgages seem to be a bit it restrictive, I am thinking that I approach the bank and explore the option of refinancing two of the mortgages into interest only and keep…[Read more]

Thank you all for the responses, I understand that everyone’s time is valuable, but would any of you guys be able to assist further if I sent you a PM with additional and more specific information regarding my circumstances?

Hi Jamie,

Thank you for the information. The only nondeductible debt we have is a small personal loan, we will stop paying extra into the mortgages until it is finalised. Right now I believe that I need to seek some structuring advice in order to keep moving forward.

Cheers,

Will

Hi Richard,

We do have an offset account linked to one of the mortgages, as well as paying an extra few dollars into each of the loans. We also intend to keep building on our investments, however I do not think that the current P&I structure is as effective as it could be. 

Apologies if it sounded as though I made a generalisation about brokers,…[Read more]

Hello Catalyst,

I do believe that I will need a mortgage broker in the near future, but right now I need to chat with someone about the best way for me to move forward without any hard sell, I have been way too passive in my planning and want to get on top of it so I can keep moving forward. 

I am located in Port Hedland and I do need to be more…[Read more]

Hello Terryw,

I want to explore the options of refinancing the mortgages to interest only and to ascertain if there are better rates out there that will suit my circumstances. I don’t believe that I am going about my financing as effectively as I should be which is also applicable to my taxation strategy.

I am thinking that I need to consult…[Read more]

Thanks for the insight SNM. Turns out that settlement in the new financial year suits the vendor more.