Shorter completion date - rental income

Discussion in 'The Buying & Selling Process' started by Tex333, 21st Feb, 2020.

Join Australia's most dynamic and respected property investment community
  1. Tex333

    Tex333 Member

    Joined:
    11th Mar, 2019
    Posts:
    19
    Location:
    Tasmania
    I've recently entered into a contract for sale.

    The property is an IP, currently positively geared, with all rental income being paid straight into the home loan account - to the tune of about $250 extra per week.

    The contract has a 30 day settlement/completion date.

    I am wondering whether:
    - i should still have all the rental income being paid into the home loan during this time
    - whether i should have the rental income being paid into a different account (not the home loan)
    - whether i should reduce the completion date time from 30 days to say a couple of weeks (its a straightforward offer with no conditions)

    Whether it really makes no difference at all. I dont need to buy again immediately.

    Thanks!
     
    Tex333, 21st Feb, 2020
    #1
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,349
    Location:
    Australia
    What would be the purpose of all those points?

    The settlement date would be the only one that makes a difference, but be careful if you have to book mortgage discharge etc
     
    Trainee, 21st Feb, 2020
    #2
  3. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,020
    Location:
    Brisbane
    I wouldn't think the effort to get the tenant to change the account they pay into would be worth it for just four more weeks.
     
    wylie, 21st Feb, 2020
    #3