Recent content by MIH

  1. M

    Request to lower price quote on authority by RE agent

    Thank you so much for the invaluable advices from all the members who responded. The reason of lower the quote given to me by the agent is just to attract the crowd and create a competition atmosphere. I know as a vendor that sort of under quote practice might help to sell my property, I...
  2. M

    Request to lower price quote on authority by RE agent

    Due to change of circumstances, I need to sell a 2-bedroom IP in Melbourne Victoria. I have already engaged an RE agent and a sale by auction at end of this month was recommended. The price range initially quoted by the agent to me was $410K to $450K, but after signing up and following 2 weeks...
  3. M

    Use of extra payment in redraw for business purpose

    Thank you all for your responses. I think it's better to get him to look at the contract or clarify with the bank. Thanks again and really appreciate your advices.
  4. M

    Use of extra payment in redraw for business purpose

    Thanks scha9799. Transfer fund to the offset account seems to be a good solution. The issue is he does not feel comfortable to tell the bank ( if the bank requests for the reason or unfortunately enough to be found out by the bank ) the ultimate goal of redrawing his fund is for the purchase...
  5. M

    Use of extra payment in redraw for business purpose

    Thanks Terry. He does plan to split it, but he is more concerned about using his fund from redraw to buy commercial property for his business own use as he heard some his other friends say CBA won't allow it, and he has not got time to clarify with CBA yet.
  6. M

    Use of extra payment in redraw for business purpose

    Hi there, I have a friend who have been making extra loan payments for years and now he has around $230,000 he can redraw from his CBA Economiser Investment Home Loan with around $20,000 loan balance on the remaining 20 years loan term. He is looking at buying a retail shop to run his own...
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