Investment help

Any general questions you might have in regards to loans and finance.
janefeild
Posts: 1
Joined: Mon Mar 22, 2010 12:50 pm

Investment help

Postby janefeild » Mon Mar 22, 2010 2:32 pm

My husband and I have an ING fixed loan-$325000 & a Int only fixed loan - $50000 - Fixed period end in aprox 1 year. We are both on good incomes totalling over 100K per annum with 2 dependents. Our house is valued at approx $485-$500K. We have no available cash except a few thousand dollars but we wish to get into the investment market for retirement benefits. What do you suggest?

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7651
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Investment help

Postby Otto Dargan » Mon Mar 22, 2010 2:45 pm

We could consider increasing your ING loan (to avoid exit fees / break fees) up to 90% of the property value. You could then use this money as a deposit to buy a new property.

Or we could refinance your ING loan if it worked out to be cheaper for LMI / interest rate to do so.

This means you could increase your loan up to $436,500 (assuming a $485,000 value) which would release $61,500 in equity. This would be sufficient for you to buy a property for around $400,000 with a 90% loan and pay for all costs such as stamp duty. We would need to see the full details of your situation to confirm if you can afford to buy an investment for $400,000, it may be that buying a smaller place is more appropriate for you.

Just to let you know mortgage brokers make more money by refinancing your loan. We do not believe in doing what is best for us, but rather we seek a win win solution. That is why we are always happy to consider doing loan increases instead where it is appropriate to do so.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

stock-trading
Posts: 1
Joined: Thu Apr 08, 2010 2:07 am
Location: atlanta
Contact:

Re: Investment help

Postby stock-trading » Thu Apr 08, 2010 3:30 am

it really sounds great option
pennystockpickalert.com- Penny Stocks Picks and Alerts


Return to “Home Loan Forum”

Who is online

Users browsing this forum: Google [Bot] and 1 guest