All Topics / Help Needed! / Am I on the right track?

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  • Profile photo of furnzfurnz
    Member
    @furnz
    Join Date: 2005
    Post Count: 11
    October 9, 2005 - 9:01 am

    Hi,
    I have a house($280000) and a set of duplexes($380000). Gross rent is $645 a week and I owe $440000. Currently I have a P and I loan and I am going to refinance to Interest only. I would roughly break even. I am thinking of investing in more property. Advice please

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    October 9, 2005 - 11:25 am

    Do you have a PPOR loan?

    I think that going to IO will free up cashflow if you wish to buy more IP’s.

    You may not need to refinance – see if your current lender can change over for you – it will be cheaper.

    If you do decide to refinance then you should speak to a broker and determine which lender will allow you to borrow the most and hence allow you the flexibility to buy as many IPs as you choose to. Often running out of serviceability it what puts the brakes on.

    All the best

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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