Hi Guys!!!!!!
My name is Johann Psaila and 22 years old.
I currently own one property (it’s set up under my family’s company name)
I currently own $158,000 on my mortgagee and its currently being leased out at $185 a week.My loan is on an ING FIXED loan for three years in March one year of the loan has already been completed. Current interest rate is 6.75.
Can any one give advice on whats the best way to pay your home loan?
Keep in mind in the next two to three years I will be looking to buy a property under my own name not a company!!!!
Thanks
[evo]Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hmmm, this property is your company’s, not yours so why pay it out early? Maybe it would be better to place extra money into a 100% offset account so you can use this money later to pay for your own home.
Its generally a bad idea to buy a home using a company, may I ask what lead you down this path?
Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi thanks for the reply,
Due do bad advice,
But it has no affected me as much as I anticipated at the start…… pretty much the rent money covers most of my repayments.I have another account where im saving as much as possible I have estimated by the end of the year I should have about 30,000 +
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I don’t know if you have any programs like this in AUS, but I found this recently and have heard good things about it. It would be worth checking into if nothing else:
http://e-qualjustice.net/MMA/KeithGill/MMAhome.html
BTW, I’m not associated with the program above. I just found it on another site recently.
Derek Guyer
http://www.landchasers.comHi Johann, and welcome to the forum. Good on you for getting an early start. re your loan, I’ll bet you’re glad you fixed the interest eh? ING have an excellent fixed interest loan at present, and if yours is like the current one (check first) you can pay up to $10,000 per year EXTRA of your fixed interest loan without penalty or charges! Not very ‘bankish’ that’s for sure. You sound to be in a good spot. With your balance as opposed to your rental income, that is around a 6% yield, so if your property is a good one with potential for capital growth, you can look at leaving it as is, and of course putting any extra money into a new property, or alternatively if you are a bit hesitant and have nothing better to do with spare cash you can indeed pay extra off this one – depends on your short and long term goals. It will be three .25 percent rate decreases before there are any loans much better than yours, so whether you pay extra off your current loan, or leave as is and save for another deposit it sounds like a win win situation for you. All the best. [strum]
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