Originally posted by Propertytrader
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Originally posted by Propertytrader View Postcan you please advise of any banks that are offering interest only loans.
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.
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Originally posted by Wayne View PostAre you saying that, being the property guru you profess to be, that you haven't thought of this already?
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 Posti belive new banks like the cooperative and kiwi bank, dont know much about IO loans,so i have to switch accounts.
Maybe you are just not in their target market or are just too risky for them?
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Originally posted by Propertytrader View Postcan you please advise of any banks that are offering interest only loans.
Tell me Propertytrader; What experience do you have in investing in property?
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Originally posted by Propertytrader View PostWell 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
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 ?
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Originally posted by Propertytrader View Postlolz Kane.i havent read that book,who is the author?
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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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 :-)
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Originally posted by Damap View PostNo 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 :-)
So how do you do that?
Which sort of loan o you have ? P&I floating?
Richard
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Originally posted by richard56 View PostSo how do you do that?
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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