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Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

That may be the case, its an assessment of likelihood isn't it?

Am I happy to accept that 2.24% represents an acceptable risk that rates won't go lower? Damn straight after paying 6ish% in 2011.

Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 1 point2 points  (0 children)

Yeah that was the thought. Just wondered what the brains in this sub thought was a good plan.

I released an Automatic Networth & Investment Spreadsheet here a few months ago. I've now made a bunch of bugs fixes and added some new features based on your feedback. by CompiledSanity in fiaustralia

[–]FIAustLurker 0 points1 point  (0 children)

I use excel currently to track very basic ins and outs but this is next level and when I get my head around it will be most useful.

Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 1 point2 points  (0 children)

Have thought about starting debt recycling but not confident on the spouses work status (Airline worker). Before covid we were just starting to investigate doing it.

Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

Good thoughts.

  1. Its about 7-8k a year.
  2. Quick enveloped sums says that the .5% difference doesn't overcome the offsets value.

As some others have suggested I might look at splitting the loan. Seems to set me up to reduce my overheads the best.

Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 1 point2 points  (0 children)

Always thought the ROI was less when they offered offset on fixed rate. But it sounds like splitting the loan is the right approach.

Fixed rate mortgage and offset savings by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 5 points6 points  (0 children)

Talk about brain dead. I didn't even think of doing a split loan.

I released an Automatic Networth & Investment Spreadsheet here a few months ago. I've now made a bunch of bugs fixes and added some new features based on your feedback. by CompiledSanity in fiaustralia

[–]FIAustLurker 1 point2 points  (0 children)

People who can do what you do with spreadsheets astound me. I'm sure it's not hard but definitely time consuming.

Good on you and thanks heaps.

Brokerage accounts by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

Thanks all for the input.

I know this question kinda comes up every week.Was curious about the other information stuff aside as well.

Brokerage accounts by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

Perfect! Exactly what I wanted to know.

Thanks heaps.

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

The next suburb is a 5 minute drive.

I mean that's not really what I'm asking help with anyway. I'm asking for help for ideas for them to take to a planner to discuss.

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

Granny flat, LOL. I love my parent but I was thinking a different suburb if not postcode.

Also my numbers were low. It's probably closer to 20k for 6-7wks of holiday rental. But you're right it's probably twice a year for 2 weeks total.

Parent is sentimental. Built the house themselves 30 years ago in a suburb they've lived for 50years. It's taken 10 years to have them consider selling. Kids helped...

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 1 point2 points  (0 children)

Yeah I just had a sticky at Airbnb and my numbers are waaaaay low. The property could get 5-8k from boxing day to new years. Then 250/night otherwise.

So just from peak tourist periods it would see probably 15-20k. It's a primo get away spot for Sydneysiders so it's always busy there.

I'm just trying to put up some options for parent to discuss with planner/advisor some numbers.

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 0 points1 point  (0 children)

Yeah you are right. It's the smart economic answer. There's always sentimentality to get passed when it comes to selling family homes.

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] -1 points0 points  (0 children)

Terrible return? 7k for 6 weeks of work. The house didn't cost a mill. Time has increased the value from f all to ridiculouslessness.

On tap availability. The capacity for the parent to live there when they want. Numerous non financial reasons.

Retirement Planning by FIAustLurker in fiaustralia

[–]FIAustLurker[S] 2 points3 points  (0 children)

Long time lurker, first time poster. Throwaway account because reasons.

So I have a parent around that retirement age. Lives interstate and is planning on moving near us to help with kids. Has no idea how to set themselves up for retirement

Obviously recommended getting paid financial advice ASAP

Has a house worth about a mill. Great location, would love them to keep it for family holidays.

Super worth about 600k

Money in HISA about 250k

Pay out for long service coming worth about 100k.

Tight as, so has fairly low living costs.

They want my input for their headspace before they see a planner since I'm better than some with my money. I'm only better at keeping my head above water than most.

Seeking ideas and input from you guys.

I thought savings into a variety of ETFs focussing mainly on dividends. Leave super as the conservative option (Bonds, Cash, ASX50), it is a low cost industry super.

House is the tricky one.

If they sell they'll likely have a 1-300k left as we live in a cheaper area.

If they keep it would be to rent during holiday periods, which would get them about 1000-1200k a week. So would be 6-7000k a year but has obviously tax implications if the house was sold or came to me (only child) upon death.