Which Type of loan?

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

scheldon
Member
@scheldon
Join Date: 2003
Post Count: 9
April 5, 2005 - 1:53 am
Hi,
I am looking at buying a house as an investment for the short term (1-3 yrs), I plan on renovating it while it’s tenanted and then move in later.
I’m thinking of a standard variable I/O loan. I can’t see a 100% Offset account being useful??
Appreciate your thoughts.
Regards,
Scheldon
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 5, 2005 - 4:03 am
Its always nice to have the option of the 100% offset in case it is needed. If you are going to move in eventually it would be a good idea.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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scheldon
Member
@scheldon
Join Date: 2003
Post Count: 9
April 11, 2005 - 4:52 am
I’m looking at the Bankwest Lite home loan. Anyone had good or bad experiences with them?
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
April 11, 2005 - 5:08 am
If you are going to move in then I would use an offset account to preserve the deductible loan for a time when you might wish to upgrade the PPOR and retain the property as an IP.
No probs with BankWest.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
April 11, 2005 - 6:08 am
There is no offset available with the Bank West Lite home loan or Lite investment loan product,
6.65% with no ongoing fees and $45 per redraw,
Interest only terms are not available on the Lite Home loan product, and a Max 5-year IO term on the Lite Investment product.
Depending on amount of finance required, you may want to consider a pro pack with a discount off the SVR with an offset available. Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
April 12, 2005 - 9:56 am
if you have significant amounts of cash at hand than the offset account could be of benefit, if not, probably not.
a couple of grand in an offset for a year or two = cost of a cup of coffee (subject to local coffee costs
cheers
brahms
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