All Topics / Help Needed! / Advice Please

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  • Profile photo of furnzfurnz
    Member
    @furnz
    Join Date: 2005
    Post Count: 11
    December 4, 2005 - 11:33 am

    I have 2 properties worth approx $700000. Both titles are held as security. I owe $440000. Would it be possible to separate the titles and convert onewhich I am going to live in to P&I and pay off say $130000 and the duplex to Interest only and pay $300000. Can anyone see a problem with this?

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    December 4, 2005 - 12:04 pm

    Hi Furnz,

    Splitting the loan would not be a problem given the amount of equity you have. You need advice from a good accountant re making sure you legally maximise the percentage of the debt that is aplied to your IP. I’m happy to refer you to a great accountant if you need one.

    Regards
    Alistair

    Profile photo of furnzfurnz
    Member
    @furnz
    Join Date: 2005
    Post Count: 11
    December 4, 2005 - 12:12 pm

    Alistair,
    I would appreciate it if you recommended me a good accountant. I am in Newcastle but Sydney is not a problem.

    Thanks

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    December 4, 2005 - 12:26 pm

    Where in Newcastle are you? I am in New Lambton.

    If you ever find yourself nearby give me a call and pop in for a coffee!

    Cheers,

    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.

Viewing 4 posts - 1 through 4 (of 4 total)

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