Hi Guys,
Just wondering if anyone has any good advice, tips or traps for portfolio loans? I'm looking at a portfolio loan with St George, rates, etc are competitive and the loan is set-up using a line of credit. I understand that using a line of credit take good budget planning, which I have no problem with.
Does anyone have any advice they can offer or issues they have come across?
Cheers
Dan
you may want to look at paying a once a year fee for the portfolio loan rather than being slugged each month.
One trap is that it is easy to borrow more money so if you top up a line of credit loan for some reason it can build up to quite an amount.
You most likely will get also a credit card with that product so be careful not to clock up the visa card too much.I have two portfolio line of credit loans with the happy dragon.
I use the amortization template for Excel to work out how much to repay on the loans to pay them off in whatever time frame I want.
Not a good idea i think, unless you use it for releasing equity.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
That is the good thing about st george you can get the free credit cards linked your account and get up to 8 weeks interest free credit . free travel insurance ,earn points and get free travel, acess your money virtually anywhere in the world.12 months extended warranty on purchases. purchases covered for theft loss or damage.
This is a wonderful product if used well, it takes a little explaining. This is very good for wealth creation…….
ANZ also have an attractive product – on face value they are the same, but ultimately they have notable differences.
Drop me a line, or visit if you are in sydney… Nil charge of course…..
You must be logged in to reply to this topic. If you don't have an account, you can register here.
