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is this a good loan for me?

Discussion in 'Property Finance' started by Darlinghurst Boy, 12th Aug, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    i just been approved for a pre approved interest only loan with Commbank .
    I wanted to borrow 150k for a Country IP

    Economiser loan at 4.39%, no offset account however.

    Also i dont like their idea of making an offer subject to finance .
    That means another waiting 10 days or so.then maybe the bank will want a valuation etc .
    I may just redraw and use my equity in my PPOR and then try to get a loan ? That way i can offer cash for the property and get it cheaper possibly.

    I have the cash already saved but I want to go with Terry's idea of using other peoples money and keep my cash.
     
    Last edited: 12th Aug, 2015
  2. tobe

    tobe Well-Known Member

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    879
    Location:
    Melbourne
    Yes, it is exactly the right loan for you. Congratulations.
     
    York, Azazel and Jamie Moore like this.
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
    Melbourne, Nationwide
    Given the size of the loan and that it's a country IP, it's probably a fairly reasonable deal.
     
  4. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
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    Location:
    Darlinghurst Sydney
    Couldnt i just redraw from my equity in my PPOR at 4.99% ... Then buy the IP... Then get a separate loan to cover the IP?
     
  5. tobe

    tobe Well-Known Member

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    Location:
    Melbourne
    no, because Terry.