Good Evening guys,
Has anyone on here purchased property through IBA (Indigenous Business Australia) ?
Because they are not a bank you cannot setup an offset account with them, so am I losing in anyway by not having one and therefore should I refinance with a bank? Introductory commencing interest rate 3% for 12months, Incremental rate 0.50% from thereafter.Cheers
David Parrington
Never Heard of them,
in regards to the mathematics side of it.
Well if its 3% stacked against lets say 4% thats 1% so lets say thats 1000 a year in savings over having an offset, so then the question is how much would the offset, offset haha.So say you had 20,000 in offset for a year that only saves you 800, so having the lower rate beats it by $200, the specific numbers matter to determine exactly.
but I am going to guess its likely better to either go with this company for a year or two (unless you got stacks in your offset already) then refinance.
but can’t say without exact information mate.
All the best
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Thank you Jaxon for the reply.
A question I do have directly for you is, for people who have a real passion for property investing, what career path would you recommend for someone like that. Like I am a mechanic trying to learn this stuff in my spare time but if I wanted to make a career change what occupation/position would you recommend in order to learn as much as they can about property investing during work and then becoming successful at it? Like what do you do if you don’t mind me asking?You opinion would be much appreciated.
David
All good, my pleasure mate.
Really depends exactly what you would like to do, for instance I was in a very similar boat as you by the sounds, I went from mining to transitioning into the business/property sector.
I mean there are people doing developments with little studying but they have built themselves to that spot or had a helping hand.
I think it really falls down with what your happy and decide you want to do mate.
But I would suggest you just study how to manage properties and try do a really good job at that, it can be hugely profitable and open doors that could let you not have to work as a mechanic and work when you decide.
If you would like to have a chat PM me your number and ill text you to arrange a time and can answer any questions and maybe even help you play out the ideas of what you would do.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
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