Search results

yep i'm aware that this would obviously carry huge risk, but lets say it's close family, and person X has got a home, rather than an IP if person X is paying monthly amounts as simple bank-transfers, will the taxman pick up these as income and sting you still on it? if so then i suppose you'd...

hi all has anyone ever heard of one of these scenarios, or similar: Person X buys a house for say $500,000 and has the 20% deposit down, so loan amount is $400k. Lets say interest repayments 6% and are sitting at $2000/month for this example and this person has an offset account built-in to...

sounds like accurate information from the above posters my two cents are w.r.t. your PPOR loan setup - P&I would be the way to go, and to smash down that (non tax-deductable) principal asap. Question is, is a Redraw-only account enough, or should you go for the Offset flexibility? I know...

what do you think about this product "finally" coming out? http://www.ingdirect.com.au/home_loans/home_loan_products/variable_rate_loans/orange_advantage.htm

history: put a written offer in for $423k. Counter offer of $439. Verbal reoffer from me was $426k. Second counter offer was $436k, and then I told them to forget about it. Sat idle for about 10days, then the REA calls me back asking whether I'd still consider buying for my last offer. I said...

Thanks for the help guys. I figure getting the right (hopefully *perfect*) home loan is equally important as choosing the right house & for the right price. Peace of mind in knowing I’m not getting ripped off in repayments is as valuable to me as knowing I didn’t pay $30k too much for my new...

Hi All After meeting with about half-a-dozen MB's in my recent search for the best home loan for me, I met with a new MB who suggested the Heritage Pro Pack would suit me best, and based on the numbers he told me, it kills all other competitors. However upon checking online after he left, one...

I dunno about you Sunfish, but I consider myself a very disciplined saver yet still go on O/S holidays yearly... you can have it both ways

Bluecard: regarding this point ^, if you were paying IO (which in most cases one won't be able to obtain for longer than 10yrs), say you had enough cash saved up in the offset account BEFORE the IO period expired. Once your offset amount is equal to the original loan amount, you officially then...

i don't care what the banks think, i only care that their calculators are taking my extra payments into consideration when they calculate my next month's (reduced) interest bill!

Hi Not sure if i understand all of this correctly, but i'll set up an example for ease of explanation. get a loan requiring $1500/month interest, and if you were to get a P&I loan, you'd be paying an extra $700/month on top of that for a typical 30yr loan. if you were disciplined enough...

Thanks Rolf - I'll have a look into westpac & ANZ as you suggest. Loan amount would be about $340k, give or take. On paper, this deal appeals to me very much, but after your (and Rolf's) comments, i'm having second thoughts. Couple more q's: 1) by servicing, is it just their settlement that...

can you tell me which full-doc loan(s) beats this? i'm after one with low monthly servicing fees (only $8/month!) but a competitive std variable rate at the same time. Isn't the NAB offset option like $33/month ($395/yr i was quoted) and NO better with the interest rate? i can't imagine their...

to be honest i didnt even realise it was a low doc until i posted! I know Low Doc's are typically for people who do not qualify for a traditional home loan to buy a property, but this one looks more like a regular offset-type home loan to me?! apart from its name, what makes it low-doc?

I've had a MB suggest that the best offset option for me is the Homeside Offset Loan - Low Doc, which has: *5.13% variable interest rate, *$600 application fee, *$300 exit/break fee, *only $8/month fee for the offset functionality, which is significantly cheaper than most/all other banks as...

Are you aware of the tax benefits of owning a negatively geared IP? Talk to your tax agent but this can be more beneficial than positively gearing something, but there are many variables involved. Instead of paying off your loan by P&I, I would go for an IO loan but put the extra money you...

I would think that you should not put more than 20% deposit down for this place. anything extra that you have, stick it in the offset account. Then after a 20% deposit you avoid LMI. Alternatively you could stick in only 10% deposit and have some extra $$$ available to redraw to use later, at...

I wouldn't mind taking a squiz at the spreadsheet!?

I'm in a similar situation Sunil (although I haven't bought yet). Looking to buy anytime from now, live in it for ~2yrs before moving O/S for about 1yr (renting it out in the meantime, & hence negatively gear it), then return to Brisbane & either move back in for 6-12months or rent somewhere...

hehe ok guys settle down. I honestly appreciate all the comments from you - they've certainly made me think deeper into what i could/should do. Although I'm not 100% set on making the plunge and buying my first home yet, if it was to happen in the near future, you're correct in assuming that I...