Hi Dom,
I found Margaret Lomas’ books helpful in explaining lines of credit and property investing.
Can’t remember which one though…something like “how to make your money last as long as you do” or it may actually be an earlier one than the above with a similar title.
A little vague, I know, but I hope it helps,
Sue [biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
There is a really good book which I bought years ago. But I have jsut lent it to a client and forget the title. It was something like
“How to pay your mortgage off years sooner..”
the author was from WA from memory.
Thanks everyone for that information i will try and find those books you mentioned. I am asking this question because i beleive a LOC would be better than a visa card(Less Interest).
But i would also like to find creative ways of investing so i can pay my everyday bills whithout using my own money.In otherwords use money to make money?
Maybe i could study shares or something in that order.
Dom[biggrin]
Dom, the big ‘push’ in using your LOC to pay your home off sooner is by spending everything on your 55 day interest free credit card, and then paying the card off on the due date by using money that has been sitting in the LOC.
By having the money in the LOC for as long as possible, you are ‘saving’ the interest you would have been charged by otherwise making the purchases with cash….
This question is probably for the mortgage brokers but someone else might know.
If you have $100,000 (7.50%) as a LOC can that money act as an offset account for one of your property loans(6.20%) whithout actually whithdrawing it. I doubt that is possible but just trying to find creative ideas.
If you have to transfer the $100,000 to your property loan for 1 day and put it back into your LOC would it be viable? If you could find a fixed term deposit account or managed fund around 8% would this money be better of in one of these accont instead of your LOC.
Thanks Melbear great idea,thanks Redwing,diclem,and great link mrsuccessful.
Dom[biggrin]
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