Option 3 Take out a 105% standalone loan with a 15% personal loan and 90% traditional loan.
Thanks for the help so far everyone, I'm keeping all options open. Wouldn't the above option not be possible because when you apply for a home loan you need to declare all debts? So if you can't use a loan to fund another loan? I thought…[Read more]
Since you have started saving a Deposit, keep on going. Is it in an Offset account? (I hope so). If not, that one little change could make a big difference within 12 months.
I note that you are paying 6.65% – is that a rather high IO? Or are you paying P&I? If the latter, look at changing to IO and save the Principal…[Read more]
Chickenhawk6451 replied to the topic First home loan structure; plan to invest in future in the forum Help Needed! 11 years, 3 months ago
Thanks for your reply.
Just a quick question with your plan though; When I move to my next residence would I then be able to claim the interest as a tax deduction or would I have to re-finance the loan? As I understand the deduction is based on the purpose of the loan, not the security so if the original purpose is a "place of…[Read more]