Should I use my redraw

Discussion in 'Loans & Mortgage Brokers' started by Liarliar, 22nd Jun, 2017.

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  1. Liarliar

    Liarliar Well-Known Member

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    Glebe Nsw
    I have a redraw of $300,000 on my city IP

    I want to buy a IP in Moree for 150,000 but have no cash

    Should I

    1/ redraw the 20% deposit and go for separate loan
    2/ redraw the whole 150k and buy it outright leaving a 5.10% interest and debt on my city IP?
     
    Liarliar, 22nd Jun, 2017
    #1
  2. Terry_w

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

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    I don't know if you should but you could.

    if you did the debt would be secured by the city IP but deductible against Moree
     
    Terry_w, 22nd Jun, 2017
    #2
  3. Liarliar

    Liarliar Well-Known Member

    Joined:
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    Location:
    Glebe Nsw
    Terry

    It would be good to see u about this,I know you said you are in Thailand now but I am going to Pattaya soon and we can meet to talk about this
     
    Liarliar, 22nd Jun, 2017
    #3
  4. Phase2

    Phase2 Well-Known Member

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    Funny.. I was just looking at Moree. What's drawing you there? Just a yield play?
     
    Phase2, 22nd Jun, 2017
    #4
  5. Terry_w

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

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    Would love to meet you, but I am in Sydney, not going back to Thailand until after the Kings funeral.
     
    Terry_w, 22nd Jun, 2017
    #5
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