Could someone please direct me to a book which explains Lines of credit. I did see one on this forum but i can not see it anywhere.
Thanks DomHi Dom,
I found Margaret Lomas’ books helpful in explaining lines of credit and property investing.
Can’t remember which one though…something like “how to make your money last as long as you do” or it may actually be an earlier one than the above with a similar title.
A little vague, I know, but I hope it helps,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
here is a link to some useful info on revolving lines of credit
hope its helpful. Stevestephen love
hm i guess it would help if I left you the link hehe
http://www.moneybagsclub.com/credit.htmlstephen love
Dom..
Noel Whittaker has a small pocket sized book, available at bookstores, explaining most forms of loans..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThere is a really good book which I bought years ago. But I have jsut lent it to a client and forget the title. It was something like
“How to pay your mortgage off years sooner..”
the author was from WA from memory.Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks everyone for that information i will try and find those books you mentioned. I am asking this question because i beleive a LOC would be better than a visa card(Less Interest).
But i would also like to find creative ways of investing so i can pay my everyday bills whithout using my own money.In otherwords use money to make money?Maybe i could study shares or something in that order.
Dom[biggrin]Terry.. author was Harj Gill of Mortgage Free Australia i believe.
Books about $20.00
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorDom, the big ‘push’ in using your LOC to pay your home off sooner is by spending everything on your 55 day interest free credit card, and then paying the card off on the due date by using money that has been sitting in the LOC.
By having the money in the LOC for as long as possible, you are ‘saving’ the interest you would have been charged by otherwise making the purchases with cash….
Cheers
Mel>> But I have just lent it to a client and forget the title.”<<
Well it could have been worse. [tongue]
You could have forgotten whom you lent it to.
[wink]Pisces
Dom..
With LOC you have to be a good budgeter, you don’t want to go backwards..
On PPOR loan we used LOC and fixed a portion ( $100k )of loan also and reducing the remainder quicky
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi again,
This question is probably for the mortgage brokers but someone else might know.
If you have $100,000 (7.50%) as a LOC can that money act as an offset account for one of your property loans(6.20%) whithout actually whithdrawing it. I doubt that is possible but just trying to find creative ideas.
If you have to transfer the $100,000 to your property loan for 1 day and put it back into your LOC would it be viable? If you could find a fixed term deposit account or managed fund around 8% would this money be better of in one of these accont instead of your LOC.Thanks Melbear great idea,thanks Redwing,diclem,and great link mrsuccessful.
Dom[biggrin]
hope its helpful. Steve
You must be logged in to reply to this topic. If you don't have an account, you can register here.
