G'day all,
I'm trying to refinance and unfortunately I'm coming up short in the serviceability department by about $500/month.
I have heard (somewhere) there is a strategy used by investors where you give an amount to the government, and they give you the money back in installments and these installments can then be used as "income" as it is government guaranteed for however long you signed up for.
Firstly, does anyone know the "correct" name for this, and secondly, am I correct in how it works? For me, if this is all true and all I need is $500/month "extra income" I could simply sign up for $6000 over 1 year, meaning I'd be getting back $500/month for that period and bang, away we go.
Thanks,
Andrew.
The thing is, I have a couple of offset accounts with quite a bit of money in
I'm trying to refinance and unfortunately I'm coming up short in the serviceability department by about $500/month.
I have heard (somewhere) there is a strategy used by investors where you give an amount to the government, and they give you the money back in installments and these installments can then be used as "income" as it is government guaranteed for however long you signed up for.
Firstly, does anyone know the "correct" name for this, and secondly, am I correct in how it works? For me, if this is all true and all I need is $500/month "extra income" I could simply sign up for $6000 over 1 year, meaning I'd be getting back $500/month for that period and bang, away we go.
Thanks,
Andrew.
The thing is, I have a couple of offset accounts with quite a bit of money in