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Graeme

2 years ago

Hi Piotr, I fully understand what you are doing and congratulate you on your plan and intention. I may be able you speed things up but won't say how in this reply as i do not reveal trade secrets to the world only to those i wish to benefit. i am in the East but that is not a limitation. i currently have clients and other connections in Perth and can assist if you wish. have a pleasant evening Graeme C

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Kenneth

2 years ago

Hi Piotr, From the question you have asked, I believe I may understand your situation better than the majority of the respondents thus far. If you are in an Interest in Advance Contract then you will not be permitted to redraw the excess payments that are sitting on the loan as these are required to fulfil your contractual interest obligation over the remaining term (you probably got a discounted rate for paying Interest in Advance). Further, most Interest in Advance products are offered on a Fixed Interest rate basis, therefore if you break the contract early, there could be other penalties involved. A further issue is (as one other Broker mentioned), their can be tax management issues with coming of an Interest in Advance product. The overall amount of tax you pay should not be significantly impacted, but your year to year cash flow will be impacted. Depending on when you commenced the Interest in Advance loan, you may have received a substantial tax benefit in that year, when you come of the Interest in Advance arrangement, this tax benefit can be reversed. Please send me a message if you want some experienced advice. I am based in Sydney and can be easily found. Best regards. Kenneth Olds - Customers First Mortgages & Insurance

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Daniel

2 years ago

Hi Piotr. Just redraw available funds and put it into your normal savings account then switch your loan over to one that has an offset feature and make your savings account the offset. This can be done instantly with your current lender. When you are ready for investment please contact me. Good luck.

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Jay

2 years ago

Hi Piotr, You are right. The main difference is in tax implications. There is a solution to your concern without having to sell your current home. If you like to discuss it further, please get in touch with us via Hashching or our profile. Thanks! Jay

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Brian

2 years ago

Hi Piotr. I am located in Perth and would be happy to help. It sounds like the surplus funds your have are sitting in your redraw facility which can be transferred to you new loan providing the value of your property stacks up. I can look into this for you. Thanks Brian

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Stephen

2 years ago

Yes

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LEZLI

2 years ago

Hi Piotr. Yes you can do a refinance. Have rates from 3.62% variable. You won't get lower & it is a Special and free for a limited time. Contact me via my Profile page. Thanks. Lezli

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LEE

2 years ago

Hi Piotr, Get in touch with me anyway. As a favour, given you're a HashChing referral I'm happy to give some free advice and point you in the right direction. Free tomorrow for a 15min chat before 2 pm

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Jay

2 years ago

That's a shame but no doubt you'll be in good hands. Best of luck Piotr.

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Piotr

2 years ago

Hi guys, Im in Perth. Unfortunately cannot make contact with any of you (i guess maybe as you are based over East or somthing) However I do appreciate the prompt response and the easy to follow advise....I will look forward to dealing with one of your nominated brokers....

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LEE

2 years ago

Which state you in Piotr? I'll make it simple... you need to find someone near you that you can trust to get the job done for you but also understand your long term plans. I suggest looking at some reviews of brokers on HashChing and finding someone you think that you can work with moving forward. There's 100s of brokers on this platform and whilst most are awesome you need to find one who you are happy dealing with on an ongoing basis. Good luck!

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Bulelwa

2 years ago

Hi Piotr, A refinance will be no problem. Would you consider having a 100% Offset facility or do you prefer what you have? Contact me via my profile and I will be happy to help. Thanks Piotr, Bulelwa Freer

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Jay

2 years ago

Hi Piotr, Whilst you would need to confirm tax strategy with your accountant, I do see a lot of requests from my accountant partners to set their clients up with an Offset if they intend to convert the current home into an investment in the near future. Plenty of lenders offer this capability and many have specials at the moment with extremely competitive rates, fee structures and some with rewards points or cash-back. Would love to chat further.

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Glenn

2 years ago

Hi Piotr, I hope you're well? Sounds like a redraw facility and all you need to do is refinance your loan and place the surplus funds into an offset account at settlement or depending on the lender, as some open offset accounts prior to settlement and you can place the surplus in the new account and it can be attached to your new loan as an offset account. All you need to do is provide relevant information for your needs and your current financial situation to enable myself or the broker you wish to proceed with to make a proper determination on your servicing and loan suitability. This means you will need to provide your financial information, income,assets, liabilities and expenses and then make a decision on a lender that meets your needs and requirements? If you wish to explore your possibilities and options?Please click on my profile link and get in touch for my help? Kindest Regards. Glenn Rowan

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Piotr

2 years ago

Yes, the extra repayment go into an "available balance" where i am able to take the funds out when required (altbough anything over 1 redraw/mnth will charge $20 and a minimum of $1000)..... My main concern is that i plan to pay off this loan ASAP (within 2 years)....****.ter i have paid off the loan, i will like to upgrade to a bigger house and new loan****.d havent decided whether this current house will be sold or will use as an investment property, i have been advised that if i took out an offset account and had all my loan paid off (sitting in offset), then upgraded house and used the offset from original loan to new loan will be "tax deductable"??? Basically i want to make sure to make the right choice where i wont get taxed (50%) if i chose to rent this house???? Hope that isnt to confussing..... Thanks for all the advuse thus far....

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Graeme

2 years ago

Hi Piotr, I have not run across an account or sub account as you describe but if it is effectively that you are in advance with you payments you simply pull the advance amount out of you loan 'park' it in another account elsewhere carry out your refinance then inject back into an offset or back into the main loan which ever gives the better result for you. Pick up my contact detail if you wish from my profile, get in touch and i can pilot you through things. Cheers Graeme C

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Len

2 years ago

Hi Jay, yes you can. Even if you didn't have surplus funds, we can release the equity by refinancing . However, there may be tax issues regarding tax deductibility. I have many years experience as a tax lawyer. Happy to help.

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Peter

2 years ago

Hi Piotr, yes absolutely this can be done with pretty much all lenders and the right wording in the submission. I'd be more than happy to assist. Good luck Peter

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LEE

2 years ago

Hi Piotr Yep, think we are on the same page. You have money available in redraw. So, yes you can refinance the original amount and then keep the extra cash in an offset account. Just need to ask a few basic Qs. If you're in Melbourne please get in touch with me. Thanks

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Jay

2 years ago

Hi Piotr, I am not 100% sure I understand the type of facility you are referring to; however you may be referring to a 'redraw' type of facility (where the money goes directly into the loan?). In any case, if you are seeking to refinance for a better deal whilst maintaining a similar product structure, it is very likely to be possible. If you'd like to discuss the product feature in more depth I'd be happy to discuss similar options. You can reach out through my profile if you would like. Enjoy your night.

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