Hypothetical now, relivant in future.
Say i now owe 100k on ppor, payments were $1000mnth p&i.
I draw 100k out of IP equity to offset against ppor loan,what are my new payments monthly to the bank at current rates?
Would i be right to say i would owe the bank 7k on the IP loc @7%,yearly,& non deductable.
Maybe im better off re serviceability without having to pay any principal.Any other benefits if at all?
thanx Darren
Say i now owe 100k on ppor, payments were $1000mnth p&i.
I draw 100k out of IP equity to offset against ppor loan,what are my new payments monthly to the bank at current rates?
Would i be right to say i would owe the bank 7k on the IP loc @7%,yearly,& non deductable.
Maybe im better off re serviceability without having to pay any principal.Any other benefits if at all?
thanx Darren