I have a 30 year investment property loan with loans.com.au (the first 10 years of which is 'interest only'). I could probably pay off this loan in about six years as it isn?t for a large amount. I can't find any info as to whether there are any additional charges if I pay off the loan early - does anyone know?
Pay off loan early with loans.com.au?
- Thread starter Moree
- Start date
Hiya
Not one of my products.
In general, Variable rate loans cant have unrealitsic exits.
Certainly a 6 year payout should be fine
As an aside, will you ever buy another PPOR or borrow moneyfor non deductible purposes ?
ta
rolf
Quick question more or less related - if you pay out your loan and get your mortgage discharged, where is the best place to keep your title deed?
Do you keep it with you at your place/your choice of storage? Or let the solicitor keep it for you?
What happens if you lose it? (house fire, robbery etc?)
Do you keep it with you at your place/your choice of storage? Or let the solicitor keep it for you?
What happens if you lose it? (house fire, robbery etc?)
best place for a zero loan title deed is a fully offset homeloan.
No risk of house fire or burglary
ta
rolf
I agree with Rolf Keep the loan open with a small amount - keeping in mind repayments could pay it off.
I am a solicitor and don't keep title deeds - what if I lose them! There are also various rules surrounding the storage of documents by solicitors - need a safe, and register etc etc.
If you lose a deed you can get one reissued but a bit of a hassle because most people don't realise it is missing until it is needed again.
In answer to Rolf's question, I may one day buy a better PPOR than the one I'm in now. But that will probably only happen if I sell my current PPOR or sell the investment property that I recently purchased (rather than getting a large loan and being in debt for several years again).
As for Phiber's question, I was wondering that myself. Once you've paid off your home loan, is it safest to keep the title deed with the bank or store it at home?
As for Phiber's question, I was wondering that myself. Once you've paid off your home loan, is it safest to keep the title deed with the bank or store it at home?
Let the bank keep the paper work (title deeds) and pay the loan off (not down) with cash in the offset on an interest only loan as already suggested.
Has the same net effect but you get to keep the cash as opposed to the bank.
Subtle mind shift is all that is required to make the most of this simple yet powerful strategy.
Has the same net effect but you get to keep the cash as opposed to the bank.
Subtle mind shift is all that is required to make the most of this simple yet powerful strategy.
In a vault although I hear some people keep it at home under some magazines.
If you lose it you will have to ask the titles office for a new copy.
I agree with Colin but the number of times I have heard the story that the lender has lost it is a worry. Keep some record as to who and what branch has it (if dealing with a branch) and a copy of the title to assist obtaining a replacement.
I do some work with seniors also and some have paid their homes off 30 years ago but the bank still have the title. The issue is they cannot locate it when the home is refinanced again.
I do some work with seniors also and some have paid their homes off 30 years ago but the bank still have the title. The issue is they cannot locate it when the home is refinanced again.
Thanks for the feedback!
you might want to check with the bank to see if they still have the title.. I only say this as when titles were transferred over to electronic storage I believe that the original titles that were held by the bank were destroyed.. my mother who had her home loan paid out but not discharged from the bank was told that this is what happened.. the document was the original one written on sheep skin? or some such with a stamp on .. I remember seeing it when I was younger, had the details of who owned and when etc.. was a great looking doc.. all the measurements ere in links and chains..
that's what they told here when she asked for it back.. she was not happy at all.. be interested in knowing for sure..
that's what they told here when she asked for it back.. she was not happy at all.. be interested in knowing for sure..
the "Old" Qld titles were on a giant piece of paper. People were losing them (bank and client) all the time, and then the govt had to do replacement ones - all sorts of headaches. You could request to keep one for sentimental purposes if you wanted to I think but dont know what the success rates of this were.
If you get a title search done it will tell if the paper title still exists.
If you get a title search done it will tell if the paper title still exists.
I will assume then that the bank "lost" it.. it was a fantastic piece of history.. as I said my mum was not impressed..
Unfortunately banks are fairly notorious for loosing titles. Perhaps notorious is a bit harsh, it probably only occurs in less than 1% of transactions (I'm guessing), but with so many transactions occurring it can seem like a lot. They tend to loose the titles they've had in storage for years, rather than the more recent ones.
In my experience it causes a settlement delay of 2-3 days. It's rarely the end of the world, but it's a good reason to avoid settling on a Friday.
In my experience it causes a settlement delay of 2-3 days. It's rarely the end of the world, but it's a good reason to avoid settling on a Friday.
