Total Members: 151,205

Schnake

  • Schnake replied to the topic Interest Rate in the forum Finance 2 years, 1 month ago

    Thanks Richard. This allows me to calculate a few things for myself.

  • Schnake started the topic Interest Rate in the forum Finance 2 years, 2 months ago

    Hi All,

    What do most banks/lenders use as their interest rate when assessing a customers ability to repay a loan against other expenses? It’s been a while since I have noodled in this space, so I’m wanting to get an idea to see how much things have changed as APRA have changed the rules.

    (For reference, the last time I enquired it was ~2% above…[Read more]

  • LOL!!! Go with opton C.’Gift’ Its the done thing apparently…see here

  • LOL!!! Go with opton C.’Gift’

  • Schnake replied to the topic Don't pollute my PPOR loan… in the forum Finance 4 years ago

    Thanks Corey. This is different again (I think). So in other words; refinance PPOR and secure new tax deductible loan/split against PPOR? Without actually increasing the amount owing against PPOR because I’m not re-drawing. I know it’s technically not, but kind of like a off set account? Why not do this against existing an investment property…[Read more]

  • Schnake replied to the topic Don't pollute my PPOR loan… in the forum Finance 4 years ago

    Thanks Terry et al. Makes complete sense… It seems the broker I have consulted is sending me up the wrong path by suggesting accessing PPOR equity via redraw for an IP purchase. (Or I am have misunderstood something… Despite you all having managed to explain it to me far more eloquently).

  • Schnake replied to the topic Don't pollute my PPOR loan… in the forum Finance 4 years ago

    Thanks Terry et al. Makes complete sense… It seems the broker I have consulted is sending me up the wrong path by suggesting accessing PPOR equity via redraw for an IP purchase. (Or I am have misunderstood something… Despite you all having managed to explain far more eloquently).

  • Schnake replied to the topic Don't pollute my PPOR loan… in the forum Finance 4 years ago

    Thanks for the

    I say not accessible, short of re-financing… I suppose what you have suggested is what I was thinking… but was interested in seeing if there was another way.

    …and here is the other way I was looking. Thanks for this suggestion.

    So in short, would it be fair to say I should not be touching my accessible (via re-draw)…[Read more]

  • Hi All,

    I’m after some clarity with respect to a potential future IP loan.

    At the moment I have 1 PPOR and 2 IPs.

    PPOR has accessible equity via re-draw facility – access to $250K. I also have an offset account against the PPOR with $50K.

    IP’s have equity, but lets call it non accessible via redraw (re-structured loan to IO a few years ago).…[Read more]

  • Terryw – No I don't use the LOC for personal expenses…. Strictly for IP related expenses, council rates, etc.  

  • Thank you to everyone for your responses.

    TerryW – I'm not quite sure how you came to the conclusion that  little or none of the interest on a LOC linked to an 2 IPs would not be tax deductible. The LOC is in no way linked to my PPOR loan. Maybe I have incorrectly explained my situation and it has been misunderstood. ;)

  • Thanks Jamie. You are correct, the LOC is covering two IPs and I have a standalone loan against the PPOR.

    If I untangle, how does one apportion the loan value of the 2 loans? 

    Is it a matter of saying when I bought IP2 I had 'x' remaining on IP1, therefore that's the loan for IP1 and what's left goes towards the loan for…

Schnake

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