Reviewing our current situation currently owe $890000 split over 5 mortgages and 1 personal loan and a credit card with limit $20k.
PPOP bought 2003 for $183k and have done $100k renovation so now a 5 x2 estimate worth $500k
IP 1 bought 2009 for $277,500 renting for $320 pw(rental increase to $350pw in September) Estimated value now $300k
IP2 bought 2010 for 255,000 renting $350 pw Estimated value now $300k
Loans are a bit all cross collateralised due to funding for the second IP
But
loan 1 aussie 277k (IO) 7.6%
loan 2 CBA $244k (IO) 7.15%
loan 3 CBA $46689 (IO) 7.15%
loan 4 CBA $267,616 (IO) 7.15%
loan 5 CBA $78102 (P&I) 7.15%
loan 6 personal loan aussie for 5yrs (4 to go)
loan 2,3 and 4 revert to P&I in august
now with the loans reverting to P&I i am considering the next move we can
• Refinance loans and sort out cross collateralisation and get the best rate available with our current lenders therefore reducing any cost to refinance.
• Refinance loans and sort out cross collateralisation and get the best rate available with other lenders which might then incur LMI and increase the costs.
• Refinance loans and sort out cross collateralisation and purchase a positively geared property in port hedland estimate $720k with $1500 rent pw on a secured government lease with 5yrs to go with 12monthly rent reviews and the option for 1 yr extension
• Refinance loans and sort out cross collateralisation and purchase a lower costing house probably close to neutrally geared as possible.even look at a larger property with the idea so subdivide and conquer.
Any thought or rebuttals on the scenarios
PPOP bought 2003 for $183k and have done $100k renovation so now a 5 x2 estimate worth $500k
IP 1 bought 2009 for $277,500 renting for $320 pw(rental increase to $350pw in September) Estimated value now $300k
IP2 bought 2010 for 255,000 renting $350 pw Estimated value now $300k
Loans are a bit all cross collateralised due to funding for the second IP
But
loan 1 aussie 277k (IO) 7.6%
loan 2 CBA $244k (IO) 7.15%
loan 3 CBA $46689 (IO) 7.15%
loan 4 CBA $267,616 (IO) 7.15%
loan 5 CBA $78102 (P&I) 7.15%
loan 6 personal loan aussie for 5yrs (4 to go)
loan 2,3 and 4 revert to P&I in august
now with the loans reverting to P&I i am considering the next move we can
• Refinance loans and sort out cross collateralisation and get the best rate available with our current lenders therefore reducing any cost to refinance.
• Refinance loans and sort out cross collateralisation and get the best rate available with other lenders which might then incur LMI and increase the costs.
• Refinance loans and sort out cross collateralisation and purchase a positively geared property in port hedland estimate $720k with $1500 rent pw on a secured government lease with 5yrs to go with 12monthly rent reviews and the option for 1 yr extension
• Refinance loans and sort out cross collateralisation and purchase a lower costing house probably close to neutrally geared as possible.even look at a larger property with the idea so subdivide and conquer.
Any thought or rebuttals on the scenarios