thanks terry, thought that might be the case.
found out more bad news... we have redrawn $115k over the life of the loan for various holidays, cars, etc. does that take the deductible principal down from $375k to $260k?
Thanks DT!
So:
- Just leave the 375k with 80k redraw untouched.
- Pay minimum interest payments on loan in home loan account
- New extra repayments into MISA?
Are there consequences of withdrawing redraw money in an emergency if I need it (other than increasing interest payments).
Made a bit of a mess!
About to convert my PPOR to IP and realised I have stuffed up badly:
- CBA Home Loan (P&I) is approximately $525K, current balance $375K ($80k available in redraw)
- The home loan came with a MISA offset account.
- I have had the home loan since 2009 and made extra...
I'm moving interstate for work in a hurry and we're moving out of our PPOR and will rent out it out:
- Home Loan (P&I) is approximately $525K, current balance $375K
- Current Valuation of property is approximately $750K
- Both me and my wife are PAYG wage earners
A friend has recommend that...
I think I'm close to making to the decision to sell due to the following factors:
1. Dealing and paying PM 10% (Queensland)
2. Dealing with tenants
3. Cashflow -ve . Will need to tip in $500-1k per month.
4. Illiquid
5. I believe capital growth prospects over the next 5-7 years not promising...
PPOR 1 (current)
- Valued $725k
- 4 years old, built 2009.
- Small lot (200m2), 3 bed, 2 bath, 2 garage. Funny layout... living area up top.
- 4kms from Brisbane City in trendy suburb
- Rental appraisal $700-750 pw
PPOR 2 (future)
- Need bigger home for family needs
- Intended spend $750-850k...
Here is my situation:
PPOR: Currently own value $750k with $300k in equity.
IP: Would like to buy with budget of $400k.
I'm not sure if this is a stupid question - Is it possible to purchase the IP using the equity from my home (instead of fronting a cash deposit from separate savings)...