Schnake replied to the topic Interest Rate in the forum Finance 5 years, 9 months ago
Thanks Richard. This allows me to calculate a few things for myself.
Schnake started the topic Interest Rate in the forum Finance 5 years, 9 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]
Schnake replied to the topic 105% loans possible? Or any other ideas to in the forum Finance 7 years, 7 months ago
LOL!!! Go with opton C.’Gift’ Its the done thing apparently…see here
Schnake replied to the topic 105% loans possible? Or any other ideas to in the forum Finance 7 years, 7 months ago
LOL!!! Go with opton C.’Gift’
Schnake replied to the topic Don't pollute my PPOR loan… in the forum Finance 7 years, 7 months 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 7 years, 7 months 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 7 years, 7 months 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 7 years, 7 months 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]
Schnake started the topic Don't pollute my PPOR loan… in the forum Finance 7 years, 7 months ago
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]
Schnake replied to the topic Setting things up for the future in the forum Help Needed! 10 years, 1 month ago
Terryw – No I don't use the LOC for personal expenses…. Strictly for IP related expenses, council rates, etc.
Schnake replied to the topic Setting things up for the future in the forum Help Needed! 10 years, 1 month ago
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.
Schnake replied to the topic Setting things up for the future in the forum Thanks Jamie. You are correct 10 years, 1 month ago
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…