PropertyInvesting.com | MelbPropertyOwner | Activity

MelbPropertyOwner replied to the topic Buy or Rent in the forum Help Needed!

Mon, 28 Apr 2014 21:37:53 +0000

Shame – I’m pretty sure my bank told me offset and redraw same, only difference I was told about was that offset is like you everyday account ie get your pay paid into it, whereas redraw you deliberately t/f $ into it. I had no idea about implications of moving money about – unfortunately I have been doing this. Maybe I misunderstood.
I’m with a…[Read more]

MelbPropertyOwner replied to the topic Buy or Rent in the forum Help Needed!

Mon, 28 Apr 2014 20:13:23 +0000

Thanks – all the advice certainly puts me in a better position when I go talk to the bank. I think best thing is to out any decisions on hold until I figure out best approach and set everything up properly!
If I can ask one last question it would be very helpful….
Is offset account the same as redraw in terms of If I go interest only loan but…[Read more]

MelbPropertyOwner replied to the topic Buy or Rent in the forum Help Needed!

Mon, 28 Apr 2014 11:39:31 +0000

Wow what a speedy reply, thanks for your interest. The investment property is solely in my name but new property would be mine and partners.
Re keeping the loans separate; wasn’t sure this was option. When approached bank for pre-approval to see how much could borrow they described as testing my borrowing power which would cover both loans and…[Read more]

MelbPropertyOwner started the topic Buy or Rent in the forum Help Needed!

Mon, 28 Apr 2014 10:59:34 +0000

HI all – I’m new to this site, recommended by a friend who has found the interaction very helpful.
I own an investment property in Melbourne – current loan ~187k, market value ~300k. I am looking to buy another property to live in valued at approximately 650k, say 690 including stamp duty. If I combined the loans, this would total 690k+187k =…[Read more]

MelbPropertyOwner became a registered member

Mon, 28 Apr 2014 10:44:06 +0000