Interest Only Loan

Viewing 6 posts - 1 through 6 (of 6 total)

PolarBear
Member
@polarbear
Join Date: 2003
Post Count: 0
November 15, 2003 - 9:32 am
Sorry about the name usage I’m a newbie and didn’t konw you existed polar_bear – the system let me in.
Question to all –
We have a small business in country victoria and are looking for finance – $85,000 interest only for 5 years, we are able to offer the business as security or 2nd mortgage on our small farm. We are happy to pay 7.5 – 8% or a little higher if we absolutely have to.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
November 15, 2003 - 11:46 am
Hi Polar Bear
Im not to sure about using the buisness as security,
How much equity do you have in the farm?
you will have to post some more details to receive any specific advice, if you would prefer not to disclose this on the forum you can send me an e-mail if you like.
Regards
Steven.
[email protected]
http://www.mobilemortgagemarket.com.au
Ph: 0402483216
Billfromoz
Participant
@billfromoz
Join Date: 2003
Post Count: 381
November 15, 2003 - 12:58 pm
G’day…
If you did get a loan against your biz the rates would be a killer.
Why not try and Refinance your Real Estate and just have a higher First Mortgage? This will be your cheapest option by far.
Cheers and hope you have another $85k in equity.
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
2muchmoney
Participant
@2muchmoney
Join Date: 2003
Post Count: 15
November 17, 2003 - 8:25 am
hey anybody
me and my partner are wanting to purchase our first investment property but are unsure what steps to take in order to purchase the investment. we currently have our own home and are thinking about using the equity in that. the problem lies in the fact that when we built our house we lacked the money to landscape it and looking out the back looks a little like a dessert we are not sure whether to wait till we have saved a few thousand (could take a while) or just go ahead and invest as i heard that when refinnacing the bank will come and look at the property. because of the house boom though we still think that we would have at least 100k in equity.
any help would be muchly appreciated
thanks Simon
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 17, 2003 - 8:32 am
Simon
Don’t worry about not landscaping the property with property values have done what they have over the last few years i am sure that you will have equity in the property.
Question comes about how to structure the loan. Loc is usually best served as it gives you the flexibility to act fast in the future as well as keeping your home loan separate to any investment borrowings.
If you want to email me with further personal details i might be able to suggest a few things.
Cheers Richard
[email protected]
http://www.fhog.com.au
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
shaunwalker
Member
@shaunwalker
Join Date: 2003
Post Count: 403
November 17, 2003 - 9:26 am
using a LOC is what i did. the tax breaks are pretty good, but as steve says in his book. know what your entry and exit fees are. I didnt look into this and came as quite a shock. Though after further investigation the entry/exit fees were good, but am paying way to much in interest rates which i hadnt calcualated on
For Melbear
am looking into changing my loan now thanks for your advice