Hi,
I'm currently on a fixed ANZ One Direct loan of 6.95% until 2010. I also have an interest only ANZ One Direct Equity Loan at Std Var rate, which was used for deposit and costs on IP#1.
I have the following restrictions,
Further more, if I were to capitalise the shortfall on IP#1 from a LOC, I could use that shortfall to accelerate paying down my H/L even more.
I have 25 years left on the current H/L. In my calcs, I can pay it off in 14 years using such a structure.
Is this,
a) possible
b) legal
c) sensible
Am I crazy at considering to refinance now to a 9.5% interest rate?
Thanks in advance!
I'm currently on a fixed ANZ One Direct loan of 6.95% until 2010. I also have an interest only ANZ One Direct Equity Loan at Std Var rate, which was used for deposit and costs on IP#1.
I have the following restrictions,
- only able to make $10k additional payments on my home loan per year
- the Equity Loan isn't as flexible as a LOC (i.e. can't make automated payments in/out etc) so I have to manually transfer funds each month
Further more, if I were to capitalise the shortfall on IP#1 from a LOC, I could use that shortfall to accelerate paying down my H/L even more.
I have 25 years left on the current H/L. In my calcs, I can pay it off in 14 years using such a structure.
Is this,
a) possible
b) legal
c) sensible
Am I crazy at considering to refinance now to a 9.5% interest rate?
Thanks in advance!