Hi, everyone
Thanks for the responses to my question about whether to sell or to rent.They were very helpful and seems to me that my best option is to sell my owned property and put the proceeds of that into my new property. I don't really get the advice to set up a trust and sell the property to myself. Not sure how that one works …
Now here's another question for you gurus out there:
When i sell my old property and put the proceeds of that into my new property where I will be residing, am I better off leaving it in my offset account attached to the mortgage for a year. If I do that, then I will only have to pay something like a $350 dollar penalty for early clearing of the mortgage. Otherwise, there would be a $3K or $4K penalty rate. (I am taking out a variable.)Suppose all I need to figure out is would I be paying more interest in keeping the loan going than paying out the penalty rate for early closure of the mortgage.
If there are any pitfalls I need to think about, do let me know.
Thanks
Carol
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