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  • Originally posted by Propertytrader View Post
    And if i can go intest only, that would be great,
    Are you saying that, being the property guru you profess to be, that you haven't thought of this already?

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    • Originally posted by Propertytrader View Post
      can you please advise of any banks that are offering interest only loans.
      Just about any bank for the right deal.
      I use Westpac and ANZ and have IO with both for years now.

      Though many suggest that going IO is a bad idea because you never pay down debt I reduce the RC continuously so pay down the debt that way - my choice as I am able rather than 'forced' via P&I.

      Comment


      • Originally posted by Wayne View Post
        Are you saying that, being the property guru you profess to be, that you haven't thought of this already?
        Wayne, thanks for that, yes i have thought about IO loans, but the problems is some banks dont want to do it.

        so yes i will be ringing westpac and ANZ later on, i belive new banks like the cooperative and kiwi bank, dont know much about IO loans,so i have to switch accounts.

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        • Originally posted by Propertytrader View Post
          i belive new banks like the cooperative and kiwi bank, dont know much about IO loans,so i have to switch accounts.
          I think they would know all about IO loans - they aren't exactly learning as they go you know.
          Maybe you are just not in their target market or are just too risky for them?

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          • Wayne, they may know, but certain other banks offer better deals than kiwi bank.

            I have spoken to bnz and they have offered me a total money account, and is suitable to off set my unsed money,and can use it when i need too.

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            • Originally posted by wayne View Post
              are you saying that, being the property guru you profess to be, that you haven't thought of this already?
              hahahahahahahahahahahahahahahahahahahahahahahahaha ha

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              • Originally posted by Propertytrader View Post
                can you please advise of any banks that are offering interest only loans.
                I think I will highlight the requests which show no returning help.

                Tell me Propertytrader; What experience do you have in investing in property?
                www.3888444.co.nz
                Facebook Page

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                • Originally posted by Propertytrader View Post
                  Well said Iwik,

                  can you please advise of any banks that are offering interest only loans.

                  I will be getting a few 100k this year to make my 2015 goal a reality.

                  And if i can go intest only, that would be great, I have rung Kiwi bank,but they said they are a conservative bank and dont like my ideas,so your help is really appreciated

                  thanks
                  Kiwibank to conservative - conservative bank-its in their name.

                  I'm with Westpac - usually you need equity to go interest only.

                  Table mortgages are a complete rip off with the first 15 years of a 20 year loan mostly interest.

                  No need to pay any off an interest only loan - let the magic of time turn it into "A joke
                  of a loan amount"


                  Would you be interested in paying for advice, have a mentor if I set up a "property guru"
                  website ?

                  Comment


                  • Originally posted by Propertytrader View Post
                    lolz Kane.i havent read that book,who is the author?
                    I guess it really doesn't matter who wrote it - those sorts of books are bashed out in large volumes for the newbie, want-to-be-rich-quick fellas. Most of the authors end up bankrupt or in jail for fraud or both.
                    There was a fat fellow in Auckland who set up Richmastery who wrote many such books.
                    Last I heard, he had fled the country after failing to pay his bills. Would you like to be ''rich'' like him?

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                    • Funny story Bob he apparently lost his final appeal for PR recently and is now slumming it in Latin America somewhere.

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                      • Originally posted by iwik View Post
                        Table mortgages are a complete rip off with the first 15 years of a 20 year loan mostly interest.
                        Not a rip off - they are what they are.
                        Pay a 'table' amount regularly and pay off the mortage by the end of the term.

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                        • No matter how they are structured they simply cost a lot. Best thing I ever learned from a broker was overpay the principal even by $50 a week makes a huge difference over time to total interest. Assuming you aren't so leveraged you can't find 50 bucks a loan extra to pay :-)

                          Comment


                          • Originally posted by Damap View Post
                            No matter how they are structured they simply cost a lot. Best thing I ever learned from a broker was overpay the principal even by $50 a week makes a huge difference over time to total interest. Assuming you aren't so leveraged you can't find 50 bucks a loan extra to pay :-)
                            Hi
                            So how do you do that?
                            Which sort of loan o you have ? P&I floating?
                            Richard

                            Comment


                            • Originally posted by richard56 View Post
                              So how do you do that?
                              Take out a normal 25 year P & I mortgage.
                              Have the bank calculate the repayments based on a shorter term (eg. 17 yrs)
                              Pay that amount.
                              If subsequently you encounter a cashflow problem, just revert back to the standard repayment amount.

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                              • Most loans, (I think all banks but not certain), allow you to pay up to 5% per annum above the required loan payment. On one of mine I pay $100 weekly on a 5 year fixed P and I loan.
                                The banks systems all calculate outstanding balances and interest automatically so you immediately start reducing your interest. On one 400K loan I save 114K and 5 years :-)

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