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From: Mike .
under one loan
From: Michelle R
Date: 14 Feb 2001
Time: 12:06:53
My finance broker is suggesting I refinance to obtain maximum funds. Set up my mortgage and any investment borrowing all under one line of credit or a home equity style loan. I've had a loan like this once before and rather liked it.
Recently I was about to switch my home loan with St George into what they market as a portfolio loan. I've held off because,they were not prepared to loan me the amount I wanted for investment. Can anyone see disadvantages to putting everything under one loan?
There is a higher interest rate about 8%. I can't lock in (I don't think). The broker seems to think if I collect rental funds this would go into the mortgage account, with the calculated interest daily advantage it will reduce the term of the loan. I know thats how it works (got the book) but I'm uncertain if this is the best way to go when buying investment property?
Cheers Michelle R
under one loan
From: Michelle R
Date: 14 Feb 2001
Time: 12:06:53
My finance broker is suggesting I refinance to obtain maximum funds. Set up my mortgage and any investment borrowing all under one line of credit or a home equity style loan. I've had a loan like this once before and rather liked it.
Recently I was about to switch my home loan with St George into what they market as a portfolio loan. I've held off because,they were not prepared to loan me the amount I wanted for investment. Can anyone see disadvantages to putting everything under one loan?
There is a higher interest rate about 8%. I can't lock in (I don't think). The broker seems to think if I collect rental funds this would go into the mortgage account, with the calculated interest daily advantage it will reduce the term of the loan. I know thats how it works (got the book) but I'm uncertain if this is the best way to go when buying investment property?
Cheers Michelle R
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