Interest only with an offset against PPOR

Discussion in 'Loans & Mortgage Brokers' started by Jamie Moore, 23rd Jun, 2015.

Join Australia's most dynamic and respected property investment community
Page 4 of 4
  1. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    Can you elaborate it a bit more? Do you mean the 3rd option is to wait until I buy a new PPOR. For now just convert both the current PPOR and IP1 to IO, keep the cash in offset account, be disciplined to make extra repayment (as principal payment and any extra cash) to the offset account. Once I buy a new PPOR, I can use the cash saved in the offset account to fund the deposit and costs, convert the current PPOR to IP with the same loan size as of now. Is it correct?
     
    hieund85, 15th Dec, 2017
    #61
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,983
    Location:
    Australia wide
    Rather than use your cash for an investment property, keep it, wait till you buy an main residence then debt recycle into a new investment property
     
    Terry_w, 15th Dec, 2017
    #62
    hieund85 likes this.
Page 4 of 4