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o.k you cannot sub-divide so what is the issue with adding a minor dwelling?
" It seems technical difficulties"
What does that mean?Comment
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hi jhab
You have lots of options and I applaud keithw for his very eloquent but firm commentary to davo and austro, all three of you guys have great information to give and even though some of the advice is cautionary, and it should be, I agree with keith that perhaps with absolute newbies we should be a bit more delicate.
Anyway back to jhab.
Mate refi now...... don't worry about the 2 years fixed. Do it now.
2 reasons...
1. you are suffering now according to your post so you need relief now.
2. in November you have no idea what the economy will be doing, what lending rates will be or lending criteria, so you may end up being trapped.
Complete the IR23BS yesterday. Get that money back in your pocket now.
If subdivision is not possible then use a minor dwelling or even a sleep out which ( if things are like they are in TGA will cost you very little but provide you with higher rents).
If that doesn't work use an idea from Graeme Fowlers book... (I personally can't see it working in Auckland but crazier things have happened) put a caravan on the back lawn and increase rents.... (ok I'm laughing too...)
If none of that eases the pain sufficiently then do the numbers properly with a professional who can tell you exactly what it is costing you annually so that you can weigh up as Keith suggested what is the best option....loosing 20k per annum over 5 years then recovering some of that money as the market swings upwards again or taking a 100k loss today but not being able to recover the money in any way.
welcome by the way.Comment
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