Hi everyone,
Long time no see from me. Ive been a busy little bee selling my ring off in the car sales industry. Thoroughly enjoying it, although the 65 hr weeks are getting to me a little.
Anyway, the reason im popping up again is to clear something up that a friend of mine at work brought up with me while talking property.
Now im on a small salary but sometimes receiving lump sum bonuses, my partner and I have been considering re-financing our PPOR loan to IO with an offset account.
Questions I have are as follow.
1. Is this a loan lenders will offer for a PPOR?
2. If I keep pumping in extra money into the offset account (My whole wage each week), what happens if/when the amount in the offset is equal to the original loan amount? (We will use the credit card method 55day interest free to live off each cycle) Do we just pay zero interest each week until the end of the loan term?
Any questions please ask. We want to use this method to pay off our PPOR as soon as possible. Is this a method you would recommend?
Cheers, Mick
Long time no see from me. Ive been a busy little bee selling my ring off in the car sales industry. Thoroughly enjoying it, although the 65 hr weeks are getting to me a little.
Anyway, the reason im popping up again is to clear something up that a friend of mine at work brought up with me while talking property.
Now im on a small salary but sometimes receiving lump sum bonuses, my partner and I have been considering re-financing our PPOR loan to IO with an offset account.
Questions I have are as follow.
1. Is this a loan lenders will offer for a PPOR?
2. If I keep pumping in extra money into the offset account (My whole wage each week), what happens if/when the amount in the offset is equal to the original loan amount? (We will use the credit card method 55day interest free to live off each cycle) Do we just pay zero interest each week until the end of the loan term?
Any questions please ask. We want to use this method to pay off our PPOR as soon as possible. Is this a method you would recommend?
Cheers, Mick