Hi
I currently have a PPOR that i have lived in for 2 years.
Purchased for $345000, still owing $210000 with $65000 in the redraw. It is on a discount home loan with no swapping to another loan, and as such i believe the only way for me to change to an IO with offset is to refinance.
Through my recent research i have found out that a redraw isn't all it's cracked up to be and an IO with offset would better suit my investment needs (i intend to rent out my PPOR).
If i choose to refinance can i take out the $65000 in the redraw and refinance on the actual loan, around $275000 then put the $65000 into the offset. This would also help with the future tax deduct-ability of the loan.
Does my plan sound ok and does anybody have ballpark figures for refinancing?
Thanks heaps.
I currently have a PPOR that i have lived in for 2 years.
Purchased for $345000, still owing $210000 with $65000 in the redraw. It is on a discount home loan with no swapping to another loan, and as such i believe the only way for me to change to an IO with offset is to refinance.
Through my recent research i have found out that a redraw isn't all it's cracked up to be and an IO with offset would better suit my investment needs (i intend to rent out my PPOR).
If i choose to refinance can i take out the $65000 in the redraw and refinance on the actual loan, around $275000 then put the $65000 into the offset. This would also help with the future tax deduct-ability of the loan.
Does my plan sound ok and does anybody have ballpark figures for refinancing?
Thanks heaps.