Hi SS'ers,
Our PPOR will be ready in the next few months and as such we have gone through a mortgage broker (Jamie from PassGo), to start arranging for finance for our property (looking at borrowing around 350k, and having around 110k in offset).
Earlier today my partner and I were expressing our disappointment to her parents that our house has been pushed back from late August to October, after a fairly lengthy conversation about all things property and finance...we discovered that my partner and I had inadvertently offended her parents by not asking them for a personal loan when financing our property.
My partners parents are recently retired with a lot of cash sitting in term deposits (they dont want to take the risk with properties or shares), and a fully paid off house and 1 fully paid IP...who are pushing for all of us to go and see a lawyer, and organise for us to borrow money off them and repay them at a rate of 6.5% (increasing at what ever rate the banks have on their high interest savings accounts)...I am skeptical about this kind of arrangement and have declined the offer, however my partner wants me to seriously consider the offer, not only for the sake of a cheaper arrangement but also so her parents get satisfaction in helping.
So as apart of my due diligence and consideration, I thought I would raise the question with you guys...what would you do, and why?
Cheers
Phil
Our PPOR will be ready in the next few months and as such we have gone through a mortgage broker (Jamie from PassGo), to start arranging for finance for our property (looking at borrowing around 350k, and having around 110k in offset).
Earlier today my partner and I were expressing our disappointment to her parents that our house has been pushed back from late August to October, after a fairly lengthy conversation about all things property and finance...we discovered that my partner and I had inadvertently offended her parents by not asking them for a personal loan when financing our property.
My partners parents are recently retired with a lot of cash sitting in term deposits (they dont want to take the risk with properties or shares), and a fully paid off house and 1 fully paid IP...who are pushing for all of us to go and see a lawyer, and organise for us to borrow money off them and repay them at a rate of 6.5% (increasing at what ever rate the banks have on their high interest savings accounts)...I am skeptical about this kind of arrangement and have declined the offer, however my partner wants me to seriously consider the offer, not only for the sake of a cheaper arrangement but also so her parents get satisfaction in helping.
So as apart of my due diligence and consideration, I thought I would raise the question with you guys...what would you do, and why?
Cheers
Phil