[WoodieMember@woodieJoin Date: 2010Post Count: 13]

November 2, 2010 - 9:06 am

Hi DWolfe!

Thanks so much for your reply  – do you actually live on Warrigal Road? I agree – the suburb is awesome for facilities and location. For our first home, we want to make sure we make the right decision and not end up with a place we won't be able to sell if the market drops – also if it won't go up much in value as the rest of the suburb will obviously do b/c of its location!
You're right about it being about the house when it becomes a home! LOL! Such a hard choice to compromise when you're a first home buyer and also want the benefits to be able to use as an investment later on!
W

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 6:15 am

Cheers Dan.

So the other banks don't have minimum deposits and withdrawals etc? 
We have a MISA account for our investment property which im guessing is the account your referring to.
It would be nicer to have an account that is a bit more user friendly if we're using it as a main account.

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 1:53 am

Thanks, ill look into it.

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 1:39 am

What do you see as a deficiency in the CBA offset account?

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 1:31 am

Oh ok in what way.  Any other recommendations?

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 1:26 am

Thanks Terryw that example was really helpful.

We'll definitely ditch the LOC idea altogether.

The property we're looking at purchasing would be our PPOR with the potential for it to be used as an investment property in the future. Maybe in 2-3 years.  It would still be worth paying PI wouldnt it?

We're with CBA and looking at remaining with them so we'd have our investment loan and our PPOR loan.  Do you see any problems with that?

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 30, 2010 - 1:06 am

Ok that's good to know.  Thanks guys.

I did read that the way to use a LOC account is to pay for everything on your credit card (obviously within budget) and at the end of the month pay it off in one lump sum.  Thereby minimising the intereste payable on the loan as its daily reducing.  So the more in the account for longer the better.

If we werent to deposit the investment money into the account would that make a difference?
Or should we simply forget about using a LOC altogether?

Thanks

Woodie

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 28, 2010 - 9:14 am

Thanks heaps for your comments – we had another look, and it really doesn't look appealing – lots of through traffic and graffiti and doesn't feel that safe! Will be definitely staying away!

[WoodieMember@woodieJoin Date: 2010Post Count: 13]

June 23, 2010 - 3:44 am

I could be wrong but i thought you could only receive FHOG if the property was valued under $600k or something like that.