from people in the know

Hey guys here's the situation.

$113,000 in equity

Loan and credit debt of $55,000

Obviously want IP's

Should I get rid of all my debt ($55,000) first or can you suggest an alternate plan that allows everything to happen at once
 
The banks intent us to consolidated all my bad debt 55k against the interest only loan. Which will leave me enough equity to buy a IP.
Would this be the best course of action?
 
The banks intent us to consolidated all my bad debt 55k against the interest only loan. Which will leave me enough equity to buy a IP.
Would this be the best course of action?

Hi Brad

There's not enough info to provide a decent response.

Hit up a decent finance person like Rolf above to get some good advice.

Cheers

Jamie
 
Hi Brad

There's not enough info to provide a decent response.

Hit up a decent finance person like Rolf above to get some good advice.

Cheers

Jamie

+1 to what Jamie said. You need a solid plan/strategy in place by talking to someone 1:1 who knows what their doing.

Leo
 
Could you recommend an expert IP mortagage broker in the Illawarra/shoalhaven region?

If you are really keen for locals in Shoalhaven then Everylender Ulladulla are the best down this way by a good stretch. Seriously though mate I have worked with both of the brokers who have replied on this thread they are probably in the top 10 brokers for quality and useability in the country. You wouldn't go wrong with either.
 
It could be a good idea to refinance that debt into a home loan to get the lower rates, but make sure you don't just increase the existing loan but set up a new split. This is because if the house ever becomes rented out you won't be able to claim the interest on this portion.
 
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