W
WebBoard
Guest
From: Melissa D
Hi there. I have just finished reading Jan's book and am about to reread again.
Our fixed rate on our P & I loan finishes next week or rolls over again. We have made an appt for this friday to discuss other options. We thought we would look at a credit line loan to prepare for our first investment property. I would like some advice.
1, We have been in our house 10 years now and only have just paid slightly above the rq'd amount. We paid $76,000 and still owe 49,000. As it is a basic house we have outgrown it. How do we start our portfolio and move into a slightly larger house? We can stay here a bit longer but more than another year could be pushing it.
Jan mentioned something in her book about eventually moving into one of your investment properties is this right?
2. Between us we earn approx 55,000 - 65,000. I only earn about 20,00 of that. About 18 months ago we got a valuation and we were a bit depressed to find out it was less than what we paid (we bought in peak season). We are keen to get on the right track but are not anxious to jump into anything.
3. Also one more question I couldnt quite get my head around (sorry beginner). Having an interest only loan at the end of your term are you refinancing with the bank (I am so used to the P & I loans) this is the first I have heard of interest only loans. What you do at the end of a term sounds a bit
hard to get my brain around.
Looking forward to getting started
Hi there. I have just finished reading Jan's book and am about to reread again.
Our fixed rate on our P & I loan finishes next week or rolls over again. We have made an appt for this friday to discuss other options. We thought we would look at a credit line loan to prepare for our first investment property. I would like some advice.
1, We have been in our house 10 years now and only have just paid slightly above the rq'd amount. We paid $76,000 and still owe 49,000. As it is a basic house we have outgrown it. How do we start our portfolio and move into a slightly larger house? We can stay here a bit longer but more than another year could be pushing it.
Jan mentioned something in her book about eventually moving into one of your investment properties is this right?
2. Between us we earn approx 55,000 - 65,000. I only earn about 20,00 of that. About 18 months ago we got a valuation and we were a bit depressed to find out it was less than what we paid (we bought in peak season). We are keen to get on the right track but are not anxious to jump into anything.
3. Also one more question I couldnt quite get my head around (sorry beginner). Having an interest only loan at the end of your term are you refinancing with the bank (I am so used to the P & I loans) this is the first I have heard of interest only loans. What you do at the end of a term sounds a bit
hard to get my brain around.
Looking forward to getting started
Last edited by a moderator: