Browse Forums Real Estate Re: Seeking some advice as a single homeowner 3Aug 22, 2014 6:11 pm 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Seeking some advice as a single homeowner 6Aug 23, 2014 11:19 am 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Seeking some advice as a single homeowner 7Aug 24, 2014 10:39 am You have the equity term correct. Equity is the value of the house minus what you owe on it. But unfortunately this is not the amount you can borrow. Using an 80% borrow you can borrow 80% of it's value. So $440K X 80% = $352 - the amount you owe ($294) = $58 you can borrow. You can use this for deposits, legals etc and borrow 80% against the new IP. If you want to live in the city it may be financially better to rent there and buy an IP (Investment Property) in a higher yielding area. Rent is not dead money if you are investing the extra money more wisely than you would by buying a PPOR. In "better" areas the yield is generally lower thyerefore it is cheaper to rent there. You can get better cash flow by buying 2 cheaper properties and getting high rent than buying a home to live in. Check out your area and crinch the numbers. Can you please explain what you mean by redraw as opposed to offset to me? A redraw is a loan whereby you have to pay a certain amount each week/month. Any extra money you have goes in to the redraw and you are in fact paying down the loan faster. If you need the money you can ASK your bank to lend it back to you. Now usually this is not a problem but if you lose your job for example they may say no. An offset you pay off an amopunt each week/month etc (same as above) but your extra money goes in to an offset. The offset is YOUR money that you are just parking there (to save you interest). You can take it out ANYTIME you like (no asking). See the difference? Also, say you want to turn the property into an IP (investment). If you taike the money outr of the offset to buy (say) a car that money is NOT tax deductable. But if your money is in an offset you can take it all out and all the loan is now tax deductable and you have your extra money back to do with what you will. cheers. Hi everyone! This is my first time posting here, and I'm looking for some advice regarding my house construction project in North Kellyville. I… 0 6695 There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for… 3 6687 Hi, We're building a double-storey in Perth and I'm undecided with the kitchen sink situation. I'm set on having the main sink with dishwasher in the scullery - and… 0 20917 |