I seen theses advertised up to 3 years term. 6.7% need 50 % lvr. Have these been there last few years or just now saw non bank lender and explained on normal bank so guess they have them.

ash4561 - 2021-02-16 17:09:00

Most banks will allow this on sub 80% lending, especially on investment loans. for o/occupied there needs to be a good reason.

jeffqv - 2021-02-17 20:27:00

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kittycatkin - 2021-02-17 21:03:00

I am not sure the difference between a bridging loan possibly don't even pay the interest on the bridging loan. The interest only loan looked like weekly payments 25% less than if principle payments. If looking at buying before selling are you best mucking around with your house for sale but not accepting anything till you get the new house but need your buyer ready.
The rate houses increased last year should of covered the bridging or interest only loan.

ash4561 - 2021-02-17 23:11:00

kittycatkin wrote:

They are expensive, so not a good idea.

There is no difference whatsoever in the rate charged so not sure why you think it's more expensive?

jeffqv - 2021-02-18 15:36:00

ash4561 wrote:

I am not sure the difference between a bridging loan possibly don't even pay the interest on the bridging loan. The interest only loan looked like weekly payments 25% less than if principle payments. If looking at buying before selling are you best mucking around with your house for sale but not accepting anything till you get the new house but need your buyer ready. The rate houses increased last year should of covered the bridging or interest only loan.

If you don't know you should seek a broker to explain the options to you, a lot of what is posted on here and other chatrooms is just plain wrong!

jeffqv - 2021-02-18 15:39:00

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kittycatkin - 2021-02-18 15:52:00

kittycatkin wrote:

Well, you are not paying back the principle, only the interest, of course. With an ordinary loan, one eventually pays the actual amount borrowed, with interest only, one can go on paying forever.

Yip but the rate is the same and you could argue that the monthly costs on int only are a lot less than P&I. Swings and roundabouts and all that!

jeffqv - 2021-02-18 16:06:00

Husband talking to someone today who knows someone with a 700K plus mortgage on their home. How on earth are people supposed to raise a family with this kind of weight hanging around their necks?

lakeview3 - 2021-02-18 19:10:00

lakeview3 wrote:

Husband talking to someone today who knows someone with a 700K plus mortgage on their home. How on earth are people supposed to raise a family with this kind of weight hanging around their necks?

No problem, just wait for 40% correction coming, didn't you state. Got a timeline update?

orphic1 - 2021-02-18 19:43:00

orphic1 wrote:

No problem, just wait for 40% correction coming, didn't you state. Got a timeline update?

can you please tell me what I exactly said - just to jog my memory- point me to the thread.....thanks

lakeview3 - 2021-02-18 19:45:00

lakeview3 wrote:

can you please tell me what I exactly said - just to jog my memory- point me to the thread.....thanks

So you can't remember the nonsense you have posted?

orphic1 - 2021-02-18 19:56:00

orphic1 wrote:

So you can't remember the nonsense you have posted?

so you are making it up then?

lakeview3 - 2021-02-18 20:04:00

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kittycatkin - 2021-02-18 20:20:00

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kittycatkin - 2021-02-18 20:38:00

lakeview3 wrote:

so you are making it up then?

No

orphic1 - 2021-02-18 20:51:00

kittycatkin wrote:

It's up to you, but if you want to own the house outright, an interest only loan is not a good idea. The feeling of being mortgage free is wonderful.

Completely agree!

jeffqv - 2021-02-18 20:53:00

avoid them if possible.

spead - 2021-02-18 21:07:00

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kittycatkin - 2021-02-18 21:24:00