Home loan structures

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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 24, 2007 - 9:57 am
CT
In Richard’s eg they would take the 20% deposit for the IP from the LOC on the PPOR.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
ctaing
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@ctaing
Join Date: 2006
Post Count: 111
January 26, 2007 - 8:04 am
Much obliged, Terry, for your answer. Somehow, I’m slow to compute.[blush2]
CT
karlm63
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@karlm63
Join Date: 2005
Post Count: 68
January 31, 2007 - 7:48 am
Hi qld007 and terryw,
The problem I have at the moment is that if I refinance with some one else I incur break costs of between $6000 to $6500.
I have just found out that if I break within 4 years that is the penalty !!!!!!
I am so frustrated about the whole dam thing !!!!!!!!!!!!!!!!!!!!!!!!!!!!
I do not know anymore ??????
Thanks karlm63
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 31, 2007 - 2:34 pm
Hi Karlm63
That is a horrible fee to have. Especially for so long.
Sometimes it may pay to refinance get a lower interest rate and set things up properly. Maybe you need to do some calculations and see how much you could save in the first year against what it will cost to leave.
Beware of mortgage managers!
Terryw
Discover Home Loans
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au