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I agree, tell him he would have got paid if he sold the house and at the agreed price

I don't know if you still have to pay those fees when the contract expires. Maybe you just need to reject the offer and let the contract expire

You must be getting your advice from the wrong people. If you're interested in property investing stick around here where you'll find many like minded people and some are from SA as well. It should have been done using a top up on the homeloan and not on credit card. Listen to skater...

Its the wrong way to go about it. You can gear against your PPOR and get money to use as a deposit for an investment property. That's how every1 is doing it it because we avoid the selling costs. And none in his right mind sells his PPOR to go and rent when the mortgage repayment would have...

If it was me, I'd tell the agent that we're not selling and I'd contact one of the mortgage brokers here to assist you in refinacing and consolidating your loans

Dunno, 74K is considerable when you're not wasting it. Christine should be able to help with the calcs. I'm assuming that with the personal loan and the 5 credit cards you probably won't qualify but when you approach it as a consolidation and cancel your credit cards you should be ok...

IMO the best option for you will be to refinance and add the $27K+$20K to your homeloan so your new loan will be $287K. As soon as you do that your repayments will reduce significantly because you won't be paying the credit card at 15% interest you'll be paying that amount at homeloan...

It can be done. We've done it on 1 income and never looked back. I think you are going about it the wrong way. Selling and buying again will set you back between $30K and $50K due to buying and selling costs so it's best to avoid this option at all costs. Why buy an IP when you already...