time to refinance

[Rystar]

hey All

It is now time to refinance our PPOR and IP, and i wanted to pass this by you all to see if everything sounds ok (more like, see if i have missed something )

part of our plan is to move out of the PPOR in about 2 years time and make that another IP.

so the plan is the refinance both with interest only loans, and have a 100% offset acct on the loan for our PPOR.
all income and savings goes into the offset, and we keep the priciple amounts on both loans at their max amout.

i am also looking at buying another IP within the next 6 mths.
so do i organise a LOC against the IP now, or do i do that when i'm ready??

PPOR value $350k loan amt $230k
IP value $350k loan amt $240k

currently both the loans are P&I and the two places are crossed.

so its time to rejig things to maximize the cashflow and future tax deductibility.


cheers
Ryan

 

[Peter_Tersteeg]

Getting ready prior to the new purchase is an excellent idea as you won't be in a hurry when you do purchase and you can take the time to get your structures right. Whilst your position looks financially sound, you'd definitely want to remove the cross collateralisation.

I'm also based in Mitcham, so if you like, we can get together and discuss some options.

 

[Rolf Latham]

Hiya Ryan

Go and See Pete T.

He is very good at what he does, and will look after you well.

ta
rolf

 

[Rystar]

thanks Pete and Rolf

yeah i was thinking of catching up with you Pete.
we met at one of the forum dinners last year.
i have been a bit distant, and havent thought of checking when the next one is on to come along again.
i know, pretty slack huh?!

how many lenders have/use and IO loan with a 100% offset acct??

cheers
Ryan