Hi
Just to close this off, I was the original poster of this thread.
I negotiated Westpac down to 4.47% variable (1.18% discount) for my 300k variable (total lend of 700k with the other 400k fixed for another 3 years).
They originally offered 4.75% which I rejected.
Hi
Situation is as follows:
Borrowed 700k Westpac in March 2013 (property purchased 840k)
300k was fixed for 2 years at 4.99
400k fixed for 5 years for 5.69
Fast forward to the present and the 2 year fixed rate is up for renewal.
Property is now worth about 1.2/1.3m
I have about 120k...
Sorry I meant that in the future my income will allow me to prepay interest as I am making over and above the required repayments.
All I thought that interest in advance would be doing is moving the interest payable next year into this financial year and then being able to claim. So really...
I am going to prepay the interest each year from now on because my income will allow me to. My point being is that I am going to prepay interest on the rest of the future years so I only lose out on the last year which will be in say about 10 years time
I understand, all I meant was that I wont be able to prepay the interest and get that back each year.
What I understand is that by going interest in advance is that I lose my last year of interest claiming on the loan (because it has been prepaid)
I have about 30k in one of the fixed mortgages and another 20k in another.
Getting interest on say 30k at 5% is only $1500 a year or so. But paying that 30K in interest gives me at least $10k from the tax man
But Aaron, if I dont break this year, then I wont be able to claim for the next 4 years.
Also the cost of the break fee is offset well and truly by (i) tax deduction of the break fee (ii) the new 4.79% compared to the current 5.69%.
On a 500k loan, I think it averages out better. By...
Yep
Rang Westpac and confirmed as such above.
To break the 2 year fixed it is $1409 (with 1 year left on the loan). To break the 5 year fixed it is $7000 (with 4 years left).
Looking to break both, then fix 80% of the loan interest only in advance at 4.79% for 3 year fixed (let me know if...
Hi
I have a question.
Current situation is as follows:
- I have two Westpac Fixed Investment Property Loans
- Each Loan is $350K
- One of the loans is fixed for 2 years (1 year left) at 4.99% and the other is fixed for 5 years (4 years left) at 5.69%
- One of the loans I have...
Jacque, what do you think of Oatlands? Can anything decent with over 1000sq be bought for under a mill? What do you think of prices for this area and streets etc. Thanks