Luke on 2CC - Should I have an interest only loan on my investment property?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 26 July 2024. This show this weeks show looks at interest only loans on investment property. This episode aims to provide some general financial information about how you might think about paying that loan back, given the cost of living challenges many households are facing right now. Thank you for joining us live on 2CC or your favourite podcast streaming service with ‘The Strategy Stacker - Luke Talks Money’.
Key topics covered include:

• Why is it good to get a mortgage broker involved when thinking about your loan provider?

• What should you consider when considering the structure of a loan?

• Can you switch banks to get a new interest only loan period?

• What is an off-set account?

• How does the interest only work?

• How can interest only loans be cheaper, if even if the interest rate is lower with another bank - do your math!

• If you are on an interest only loan, can I top up payments through an offset account and still have access to your money?

• Luke shares his top tips around ways to think about loans and how to pay them back, especially when money is tight.

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This podcast is also available on Apple Podcasts and Spotify - ‘The Strategy Stacker - Luke Talks Money’
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Are you thinking about spending and interest only loan repayments?
The cost of living can make the family budget more challenging. If you need help to manage your investments seek advice. A financial planner and a mortgage broker can be a powerful team to get you heading in the right direction.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Luke is also experienced in helping PSS members make retirement plans. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us (www.envisionfi...) form to make an appointment, for a confidential discussion about your situation.
Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can catch up with ‘The Strategy Stacker - Luke Talks Money’ podcast at a time that suits you.
We look forward to your company again and Luke’s book Smart Money Strategy is out now. (www.envisionfi...)
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