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From: John Lewen
Hi.
I have a couple of questions that I'd like to get advice about from you learned people out there...
1. Is it possible to have an interest only loan on a house that I live in for a couple of years or so while renovating it and then use it as an investment property, or does it have to to be a principal-and-interest loan because it is my principal place of residence for those two years? In other words, is it possible (or advantageous) to have an I/O loan on your PPOR?
2. What is the best way to arrange a line of credit or similar financial arrangement to pay for unforeseen expenses such as during renovation, other house expenses, etc? It needs to be made as part of or in association with the house loan. Who is worth talking to about this situation?
3. Does anyone know anything about tenant-in-common arrangements between myself and my own self-managed super fund? Can I live in a house that is partly owned by my super fund (a tenant-in-common arrangement), particularly if I've had to borrow for some of the money for my part of the purchase price? Clarification of this situation by someone would be good. (Yes, I'm aware that the super fund cannot borrow for money in a property purchase).
Cheers
John Lewen
Hi.
I have a couple of questions that I'd like to get advice about from you learned people out there...
1. Is it possible to have an interest only loan on a house that I live in for a couple of years or so while renovating it and then use it as an investment property, or does it have to to be a principal-and-interest loan because it is my principal place of residence for those two years? In other words, is it possible (or advantageous) to have an I/O loan on your PPOR?
2. What is the best way to arrange a line of credit or similar financial arrangement to pay for unforeseen expenses such as during renovation, other house expenses, etc? It needs to be made as part of or in association with the house loan. Who is worth talking to about this situation?
3. Does anyone know anything about tenant-in-common arrangements between myself and my own self-managed super fund? Can I live in a house that is partly owned by my super fund (a tenant-in-common arrangement), particularly if I've had to borrow for some of the money for my part of the purchase price? Clarification of this situation by someone would be good. (Yes, I'm aware that the super fund cannot borrow for money in a property purchase).
Cheers
John Lewen
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