answered
Q: We live in North Western Sydney but both work at Mascot and thinking of renting our place and living in an apartment closer to work for 12 months for a change in lifestyle. When we discussed this with some friends they suggested we should change our home loan to interest only to maximise negative gearing. Is this good advice as when we called the bank they said our interest rate would increase by 0.20%?
A: Thank you all for the fantastic advice. Our friends aren’t accountants but a number of them have investment properties and when we shared your answers they were quite surprised at the changes you all highlighted. If we do move we will take your advice and just continue to pay down the loan. We really appreciate the advice and how quickly it came through, thank you.
Regards
Kym
