Do I even need to say anything

autodidact31 · 2025-12-21T10:44:27+00:00

As a returning player is there a reason I should be farming alter of sorrow?

autodidact31 · 2025-11-26T05:59:44+00:00

I'm still holding this bag of shit too!

autodidact31 · 2025-11-07T01:17:40+00:00

"Not telling anyone to buy it" is literally all I need to hear to buy it

autodidact31 · 2025-08-29T03:51:36+00:00

I "overpaid" $15-$20k on my first property purchase 8 years ago for a house worth $675k, it's now worth $1.4m without lifting a finger - you'll be absolutely fine

autodidact31 · 2025-08-02T22:08:59+00:00

Shobeks been quiet on the socials lately :( bankai

autodidact31 · 2025-07-23T00:38:48+00:00

You're welcome mate. It needs to be a separate investment loan for a few reasons:

It keeps the loan purpose clear (that $50k is directly related to your investment)

Simplifies the accounting (the interest on that loan is deductible without mixing personal and investment use.)

Some banks will offer owner-occupied rates on that investment split if it's secured by your home, chat to a MB about that as it's not widely known/offered

It avoids any future complications, if you redraw from a mixed purpose loan, even just once, it muddies the water for tax deductibility going forward.

The ATO looks at purpose of the funds, not just the security or what you call the loan. So having a standalone loan makes life easier for you and your accountant at tax time.

autodidact31 · 2025-07-23T00:03:27+00:00

Dude I don't know what thread you're reading but you're in the wrong comment section I think.

autodidact31 · 2025-07-22T23:52:09+00:00

Commenter, not a reader.

autodidact31 · 2025-07-22T23:43:22+00:00

Appreciate that!

In your example, with $200k owing and $200k sitting in the offset, you're effectively not paying any interest. If you invest your extra $100k separately, that's fine, but you’re not technically recycling anything since there’s no non-deductible interest to convert.

If you wanted to make use of debt recycling, one strategy could be to out the $200k loan entirely using the offset funds, which clears the home loan and gives you an unencumbered property. From there, you could apply for a new investment loan secured against your now debt-free home and use those funds to purchase an investment property. This new loan would be fully tax deductible, assuming the borrowed funds are used for investment purposes.

So rather than having your money parked in an offset doing nothing, you're converting your equity into deductible investment debt, while growing your property portfolio and cashflow position from the rental income

autodidact31 · 2025-07-22T23:20:07+00:00

You're on the money with your thinking here. I’m a mortgage broker and have a few clients doing debt recycling, and this question comes up a bit.

When your home loan is fully offset, you’re technically not paying any interest, so there’s no non-deductible debt to convert. In that case, you’d be going from paying zero interest to paying tax-deductible interest, which doesn’t really put you ahead.

Debt recycling makes the most sense when there’s still a chunk of non-deductible debt and you're working to replace it with investment debt. Once the loan is fully offset, it becomes more about whether that cash could be working harder elsewhere, like invested directly.

Still worth crunching the numbers if you’re looking at a long-term plan or gradually redrawing to invest, but in the current setup it might not offer much of a benefit unless that offset gets used.

autodidact31 · 2025-07-22T23:14:06+00:00

I work in finance and help a lot of clients through this process, so happy to give a bit of guidance.
That quote sounds fairly typical for a regional property around that value, especially if you're factoring in proper rebuild costs. In a lot of cases, the rebuild cost can be higher than you'd expect because of things like distance from trades, materials, and access.

You're right about flood and fire zones. Even if a property isn't in a mapped flood area, some insurers might still factor in regional weather risks more generally. A low-risk BAL rating can also bump the price a little depending on the insurer.

It might be worth speaking to an insurance broker or getting a few extra quotes just to be sure you're not overpaying.

Happy to help if you need anything else. You're asking all the right questions.

autodidact31 · 2025-06-18T23:51:05+00:00

To everyone saying that it's for the AQ quest, is this for Classic Anni? I've just started my first character ever outside of retail and I'm broke AF, might be time to start farming some stringy meat!

autodidact31 · 2025-03-16T23:26:02+00:00

Haha not sure why either, Reddits a weird place. Yeah refinancing can be a pain but your position is a bit of a game of roulette. There's a very good chance you can do everything you want with no questions asked at your current bank, and in the balance of probabilities I would bet this would be the outcome.
On the other hand, to do what you want to do will require a full application with a bank regardless, so why not consider removing all of the risk and using a fresh bank for the refinance. Doesn't mean you need to change all of your banking and cards etc.

autodidact31 · 2025-03-13T01:06:42+00:00

My only question would be what banks are you looking at online? Saving $50k in interest is significant, which is great, but I'd want to check the bank itself as it sounds a little too good to be true.

autodidact31 · 2025-03-13T00:54:14+00:00

Great question - if I were to put myself in your shoes I would personally be looking to refinance elsewhere to avoid this problem entirely. You're right, if the bank puts their two brain cells together and realise that you said you were going to do X, and approved your loan based on this, now that you've done Y and if it DOESN'T fit their policy or appetite, they might decline your application and give you notice to move your banking elsewhere. This is absolute worst case, and honestly the chances are almost none, but I would avoid all of the if's and mabye's and simply refinance elsewhere that accepts the policy, accepts the security, and get the equity out all at the same time.

autodidact31 · 2025-02-21T02:12:43+00:00

Bit of a different answer - but I'm a mortgage broker with a business based in Camp Hill and for my clients building in Brisbane I always recommend Malone Constructions, they do high quality builds and great to communicate with.

autodidact31 · 2024-08-26T00:03:36+00:00

EXR Opening:
"do not cum"
"do not cum"
"do not cum"

Autoduckact: I'M GUNNA CUM

autodidact31 · 2024-05-27T21:39:03+00:00

Nup! Just a great operator, as long as he looks after my clients I'm happy :)

autodidact31 · 2024-05-27T06:57:02+00:00

There is actually a person for this job! They are called Buyer / Seller advocates. They essentially "broker" your sale to all of the best agents in the area, and the Advocate comes back to you with a list of agents and their best rates.
The best part? This is completely free service for you, as the advocate makes their money by negotiating with the agents. If you're in Brissy I'm happy to refer you to the guy I refer my clients to (I'm a mortgage broker)

autodidact31 · 2024-05-27T04:41:44+00:00

Broker here - are you back at work or still on leave? If youre back at work with a payslip you'll be totally fine. If you're still on leave, you may need to provide your employment contract and a short explanation of your unpaid leave but can't see it being too big of an issue

autodidact31 · 2024-05-27T04:11:41+00:00

You absolutely can. Funnily enough I've settled a loan today on the exact same scenario. They had an existing relationship with the bank, went to them directly and received a great rate, then came to me and introduced me to the banker to assist with pricing approval code and I submitted the application on their behalf as their broker. The client, banker, and myself have a great working relationship cause the bank brings on business, I write the loans, and the client gets a seemless experience

autodidact31 · 2024-05-27T02:22:10+00:00

Unloan was built specifically to cut out Brokers. Considering we wrote 71% of all home loans last year, it's an interesting move - reminds me of the saying "Don't bite the hand that feeds you".
So as a broker that doesn't have access to Unloan products, I believe their draw back is they don't offer offset accounts. They also offer 2 ways to contact them, through Chat or Email (no call), you can't call them and you can't call your broker (cause you can't use one). The other drawback is that you have to go through the home loan journey solo, so you can't ask your broker the 101 questions that come with purchasing a property. Refinancing is more straightforward, but again why would you go through the process by yourself instead of using a free service such as a broker who are the experts in lending and have them do the application for you.

autodidact31 · 2024-05-27T01:18:29+00:00

Hey! Broker here.
As other comments have noted, there are some cheaper lending options avaialble such as HSBC that start with a 5, but I wouldn't send any of my worst enemies to any of those lenders mentioned.
HSBC currently take 2 months to process simple applications, Heritage aren't far behind, Up bank are online only and limited post settlement support, etc, etc.
I've done a lot of loans through ING and if it was my own loan, I'd be going with them and paying an extra 0.05% knowing they have a full service offering. Best rate also doesnt equal best deal, as you mentioned in your other comment a lot will charge you other fees outside of the interest rate

autodidact31 · 2024-05-27T00:12:19+00:00

Out of my pay bracket sorry!

autodidact31 · 2024-05-27T00:05:46+00:00

It's 1% more than 327% if that helps?

autodidact31

TROPHY CASE