Newbie from Melbourne

Discussion in 'Introductions' started by Free_Driver, 28th Nov, 2019.

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  1. Free_Driver

    Free_Driver New Member

    Joined:
    28th Nov, 2019
    Posts:
    3
    Location:
    Melbourne
    hi all,

    a newbie to the formum look for refinancing.

    did a bit of resarch online and find this chat forum for info about loans and properties.

    pretty interesting
     
  2. Free_Driver

    Free_Driver New Member

    Joined:
    28th Nov, 2019
    Posts:
    3
    Location:
    Melbourne
    Got a question to all tho.

    i bought my owner occupied appartment 3 years ago. have been living in there. and 1 year ago, i moved out and live with my gf and listed my appartment out.

    do i have to notify my bank? since the purpose is different
     
  3. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    502
    Location:
    Melbourne
    Welcome @Free_Driver :D

    It depends what your loan contract says. Your insurance may need to change too.
     
    Curious2019 likes this.
  4. # 1

    # 1 Well-Known Member

    Joined:
    6th May, 2019
    Posts:
    267
    Location:
    International
    I wouldn't bother telling the bank
     
  5. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,372
    Location:
    Perth WA
    Hi and welcome! You don't really need to tell the bank, but depending on your plans and goals it might well be worth restructuring and changing it into an investment loan so you can save for other things and retain as much investment debt as possible.
     
  6. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    10,806
    Location:
    Canberra
    Adding to what Jess said. There may be tax implications in they way you've done it - you could be paying more tax than if you have done it differently. It may be worth while getting advice from an accountant, if there's something you can do to change it, it may end up saving you a lot in tax.