Question about spare cash

We have a few options with what to do with the extra cash after we settle an IP sale next week.

Once the mortgage is discharged on this property and the car loan is paid off, we will have about $150k. We have a loan split against our PPOR (fully tax deductable) and I was going to pay that out as well.

Should we pay most of the outstanding balance and have access to redrawing it in the future if we want to, rather than paying it outright and forgetting about it. We do not have any offset.

Should I phone a broker for a chat? Financial Planner? Accountant? Or just set up a meeting with my friends here from PC.

At our age and with such low incomes, we are not likely to be able to get finance in the future if we wanted to but I am getting the urge to buy a different PPOR.

 

Why not just get an offset?

 

The finance company doesn't have them! I do not want to try to refinance given the points I made above, and penalties for selling a financed property shortly after refinancing, eg in the next one or two years.

 

An all expenses paid PC meetup sounds great
Surely @datto has somewhere we can all meet up/party

 

Somewhere with a bit of class. One of the pubs in the Druitt?

 

Hard to go past the Rooty Hill RSL

 

Of course, how could I forget the Vegas of the West. Not strictly in the Druitt but not far from it nonetheless.

Also, there is Panthers, world of entertainment club in Penrith. Watch live UFC fights. In the car park! Look at someone the wrong way and be part of the action!

 

That's not quite the meeting I had in mind. But next time I'm in Sydney and I need a break from the inner suburbs culture, count me in.

 

Accommodation can be had on a couch, floor or the back seat of an old Commodore on blocks out the back supplied by @datto

Just ensure you bring enough supplies to keep the host well lubricated and entertained

 

Not sure much of anything about the loans. Let's say the original broker is backpacking around South America somewhere and doesn't answer his calls. His business partner doesn't answer calls either. I have been developing relationships with a couple of different brokers so I probably need to talk to them again, although they probably wont get any fees from the lender for their time which I dont like either.

I keep changing my mind as to which property I would keep and which I would sell when we retire and pay out all the mortgages. The economy is bouncing around and changing direction so fast this year. Through this exercise, I am kinda answering my own question: Drop most of it into the remaining loans so we can redraw later if we want to and if the bank doesn't cancel it. Hanging around in a cash deposit vs paying zero repayments is a no-brainer.

 

I also have a question about 'spare cash': what is it?

 

Never mind!