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  1. #11
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    Variable. No limit on extra repayments.

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    French Pear  (01-05-2014)

  3. #12
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    We have been on variable the last few years and I have preferred it to fixed, but I do like the assurance of no rate rises whilst on fixed.

    I think that's why I'm leaning to the spilt loan.

    For those that have done the spilt loan @MummaOJ @ClearCrystal how did you decide the ratio and are you happy with having your loan set up that way?

    TIA

  4. #13
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    We wanted equity in our house rather quickly and can afford to pay that 1/3 off in hopefully 2 years or less and have the fixes for 2 years. In 2 years when it comes out of fixed we will reassess if we want to keep another 1/3 out and fix the other 1/3 for 2 more years. And then hopefully in 6 years we would of paid or been close to having the house paid off in full.

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    French Pear  (02-05-2014)

  6. #14
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    Quote Originally Posted by ClearCrystal View Post
    We wanted equity in our house rather quickly and can afford to pay that 1/3 off in hopefully 2 years or less and have the fixes for 2 years. In 2 years when it comes out of fixed we will reassess if we want to keep another 1/3 out and fix the other 1/3 for 2 more years. And then hopefully in 6 years we would of paid or been close to having the house paid off in full.
    Same as this but 4yrs instead of 2yrs
    Our bank Manager advised us and we did a bit of research and it suited us best.
    However we won't have the house paid off in full as we redraw for renovations and investing.

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    French Pear  (02-05-2014)

  8. #15
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    Quote Originally Posted by MummaOJ View Post
    Same as this but 4yrs instead of 2yrs
    Our bank Manager advised us and we did a bit of research and it suited us best.
    However we won't have the house paid off in full as we redraw for renovations and investing.
    We are lucky we were able to buy a house that doesn't require renos. We will then use our house as equity on an investment property and will want that loan to be completely different to the home loan so we will be able to use it for DF tax.

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    French Pear  (02-05-2014)

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    It really depends on your circumstances and disposable income - ie. how much you will be able to pay back each fortnight. If you will have 'extra' money above the repayments then you will definitely want to have the option of extra repayments through variable or line of credit. We originally had a split loan of 2/3 fixed, 1/3 variable and because we couldn't have kids when we wanted to we found that we had the variable paid off and applied to the bank to start paying some off the fixed. The interest rates were much higher than our fixed at the time so they loved us paying it back so that they could lend it back out at a higher rate. We now have line of credit and it works for us as we are good with money and all monies go into that account to keep the interest low and it means we have easy access to money if needed.

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    French Pear  (02-05-2014)

  12. #17
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    Thanks for the replies everyone. This gives me some ideas


 

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    By LoveLivesHere in forum General Chat
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    Last Post: 05-09-2013, 10:11

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