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Joe

3 years ago

Hi Heather,(Purely based on your comments and without knowing anything else about your circumstances) Here is what I would do: Keep both loans separate, but:1) Convert the home loan LOC to say our 3.91% Variable (not fixed as they likely to decline further)2) Convert business LOC to our 4.42%pa Variable business/inv loanObviously depends on your other circumstances and details but in essence that is what I would recommend if all else is equal.

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Ann-Marie

3 years ago

Hi Heather, Agree with most here and that this will require a bit more information to ensure we are doing the best thing for you. It is important that you keep your personal finance from your business finance. There are a couple of lenders that will provide a solution that will provide a home loan rate for both your personal debt and your business debt. They will also provide home loan terms to better manage your cash flow as well. I would be more than happy to speak with your accountant direct to ensure that you maximize your tax deductible loan. You can email back on a****@nieu****.au if we wish to discuss this further. Ann-Marie

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kelvin

3 years ago

Looks like you have enough answers. You would always keep the 2 loans separate and thats available from most lenders. If there are 2 securities, these should be kept with separate lenders like has been mentioned, you want both maximum borrowing capacity as well as no ability for a lender to take all income that you need for your business.

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Adrian

3 years ago

Good morning Heather, I agree with the others this requires a more in depth discussion.I would need to why the current set up is in place and if you have spoken to your accountant about the changes your looking at making as some may have been used for business.If both lines of credit are always maxed out then we would need to know the reasons behind this and how consolidating the 2 personal lines would impact you. Their certainly sounds like you need to make some changes with the current set up and getting the right advice from both your accountant and broker is important.Let me know if you have any further questions.Kind regards ,Adrian

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Heather

3 years ago

Thank you to all of you, I will chat to my husband and get back to you.

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Andrew

3 years ago

Hi Heather, it is important to keep the two debts separate and there are lenders who can refinance business debts at home loan rates. With experience in small business finance in particular established and start business finance, I am well placed to assist with ensuring you receive the appropriate finance structure. Please give me a call on 04**** 762 to discuss your requirements in detail.

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Albert

3 years ago

Hi Heather,You should absolutely keep these separate. Speak to your accountant about the best way to structure the loans to reflect the best possible tax outcomes. But always keep any personal or investment separate. In your position I would even consider speaking to a mortgage broker about the possibility of separating the lender for each of the loans so that in the situation where the business might have cash flow issue that it is not possible for the lender to use their 'all monies' clause to automatically transfer funds between account without you permission. Yes this happens, and more often that you would think.If you would like to spea with me please feel free to contact me via Hasching or call me on 1300****88regards Albert Waldron

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Sam

3 years ago

Hello HeatherIt is best to keep them separate due to one being business and one personal.If your line of credit is always at its limit then this is not good as you are spending far too much on interest.I have written an E-book titled "The 5 Things You should Be Doing Right Now To Save Money On Your Home Loan" which is a good read. One of the strategies is to refinance your loan(s) which I am more than happy to assist with.Contact me on 04**** 308 with your email address (or send me an email to s****@sout****.au) and I will send you a copy.Kind RegardsSam Zammit

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Matthew

3 years ago

Hi Heather, depending on your current Loan to Value of your property will depend on where to go from here. I'd be more than happy to have a chat to show you your options if that means consolidating your loans I would be more than happy to help. If you would like to chat please give me a call on 04****47

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Patrick

3 years ago

Hi Heather, this depends how your current loans are secured. It is often advisable to keep investment debt and personal, non tax deductible debt separate. I can run you through your options in more detail. You can send me your phone number to p****@fins****.au and I can walk you through everything. Thanks, Patrick

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Saw

3 years ago

Hi Heather,just call me on 04****67, I'll let you know how to structure your loan for tax record purpose and interest saving purpose. I'm also a CPA.Regds,Saw

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