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From: Paula Dee
Can anyone give us some advice on the sale of our IP? Had 3 IP's. Some major restructuring at my work within the next 3 months may mean that I will be out of work by the end of the year. As a result, hubby and I decided to sell our least performing IP (capital growth wise) to minimise our debt. Have one LOC for all 3 properties and have just been told by someone not to put the proceeds of the sale back into the loan. The reason for this being that if we wish to redraw this money at a future date to topup the purchase a new home for our personal use, this will affect our negative gearing for the remaining IPs. Suggestion was to invest the money until we want to use it. Since our original aim in selling was to minimise our debt, does anyone out there agree with the advice given to us? If so, should we just put it in the bank for easy access if times get tough?
PaulaDee
Can anyone give us some advice on the sale of our IP? Had 3 IP's. Some major restructuring at my work within the next 3 months may mean that I will be out of work by the end of the year. As a result, hubby and I decided to sell our least performing IP (capital growth wise) to minimise our debt. Have one LOC for all 3 properties and have just been told by someone not to put the proceeds of the sale back into the loan. The reason for this being that if we wish to redraw this money at a future date to topup the purchase a new home for our personal use, this will affect our negative gearing for the remaining IPs. Suggestion was to invest the money until we want to use it. Since our original aim in selling was to minimise our debt, does anyone out there agree with the advice given to us? If so, should we just put it in the bank for easy access if times get tough?
PaulaDee
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