Finance

[WebBoard]

From: Mike .


structuring loan on IP
From: tom
Date: 22 Jan 2001
Time: 15:33:18

I believe its legal to put your rent received from an IP into your current home loan (LOC). Most real estates will make a payment into your account once a month, also interest for your own (LOC) and the IP will be withdrawn once a month. How can you time this correctly to take the most advantage of the months rent going in?

 

[WebBoard]

Lina

Reply: 1
From: Mike .


Re: structuring loan on IP
From: LINA
Date: 22 Jan 2001
Time: 16:00:12

WHAT TYPE OF HOME LOAN DO U HAVE.

I am assuming LOC stands for Line of Credit. Need to know how yr home loans are structured? I am assuming u have a variable stand alone for IP & a LOC for ur home? U have yr salary credit & Rent credited to yr LOC. U live off the c/card for expenses (expect for cash w/drawals) yr payments for the IP loan are withdrawn from yr LOC. If they are not structed this way pls advise me.

Thks, Lina

 

[WebBoard]

Sim

Reply: 1.1
From: Mike .


Re: structuring loan on IP
From: Sim'
Date: 22 Jan 2001
Time: 16:45:15

Missing some keys on your keyboard ? Or just writing on your WAP phone ? Makes it a little difficult to read you know...

Keep contributing though ;-)

L8R, Sim'

 

[WebBoard]

Tom

Reply: 1.1.1
From: Mike .


Re: structuring loan on IP
From: tom
Date: 22 Jan 2001
Time: 16:04:00

Hi lina, yes it is set up exactly as you mentioned. Regards tom

 

[WebBoard]

Lina

Reply: 1.1.1.1
From: Mike .


Re: structuring loan on IP
From: LINA
Date: 23 Jan 2001
Time: 12:17:13

Hi Tom,

sorry for the abbreviations. I suggest you have your salary & rent credited to your Line of credit home loan. Live off a credit card to the interest free period. Speak to your lender about putting in place a PDC (this will automatically pay amount outstanding on your credit card). Then once a month the Liability is paid on your Investment Property Loan.

Pls email me should you want further clarification [email protected]

Thks