Thread: house loan .

Totally agree with big john.

Also depending how many properties you wish to buy in the future and or refinance later for something.
I have several and my next one will be going to another bank to spread exposure and also one bank can be palyed off against another in some suttle ways.
Bank SA along with some others have whats called a professional pack which when you borrow over one mil, you get 0.4% below current variable rate and other benefits.

In other words, a broker if its a good one and you can build up a good relationship, have all your details on file and if you drive by a house you like and you put an offer in, a quick call for redraw on your equity can secure a deposit and off you are for your next purchase and so on.
Keep them at interest only loan as they are deductable 100% and keep going like that.

In 15yrs they be worth a small fortune and you still only owe what you do now and hey presto, you nest egg right there.

Anyhow, if this is your first or fifth, does not matter, feel comfortable with the broker and build on that. If you feel he is here today gone tomorrow, just get up and leave and find someone you feel you can trust.
Like the guy referred here by some-one, thats a good start.
Best of luck mate.

Good to hear Mick that rent is dead money. Good luck with it and let me know how you go.

Originally Posted by V8Landy

Good to hear Mick that rent is dead money:

I'm not sure I'd call rent dead money.

You get a roof over your head, no up keep bills, and usually at 1/2 the price it would cost to buy where your already living.

On saying that if your looking to buy, then now is a good time.

Rent is not dead money.

We all have to live somewhere and that is exactly what you are doing.

Originally Posted by black betty

I'm not sure I'd call rent dead money.

You get a roof over your head, no up keep bills, and usually at 1/2 the price it would cost to buy where your already living.

On saying that if your looking to buy, then now is a good time.

But when you eventually have to move all that dough is gone. If you buy then the house and property are yours.

How long ago was the Telstra thing?

If it was over 5 years ago it'll be gone from your credit file and you wont have to worry about it at all.

Originally Posted by V8Landy

But when you eventually have to move all that dough is gone. If you buy then the house and property are yours.

Yes, but you had to pay the bank 1.5 times the original value of the property before you own it. In order to make money the you must live in it long enough for the value to go higher than all the money you've put into it and the bank.

Easy to do 2002 to 2007, not so easy to do now.

Don't get me wrong, if your in a area you like and your planning to stay there long term then buying a house gives you peace of mind and long term security. But that does not make renting dead money.

Originally Posted by ariddell

How long ago was the Telstra thing?

If it was over 5 years ago it'll be gone from your credit file and you wont have to worry about it at all.

It was early last year . was paid within 2 months of getting the bill tho .