Question: In the last section of the video you said that you can put the difference into a revolving credit, what happens to that money when you go to sell or once the mortgage is paid off? E.g. $500k mortgage. $50k difference that gets put into a Revolving Credit account. 5 years time, house sells for say $700k. Pay back the $500k mortgage, what happens to the $50 revolving? (Let's say you also spent $10k on a new car in those 5 years so there's still $40k available)
great video thankyou. question....leys say I had a 50k revolving credit facility and I say won lotto or got some inheritance and paid all of that facility off. do you have to wait till one of your fixed mortgages rolls over to be able to get another facility
Hey Blandon, great info as usual. Got a few questions here hope you can help me understand revolving credit better! 1. Is revolving credit kind of like loan with floating rate? 2. I see the benefits of revolving credit, but do you think it's a good idea to still have fixed loan but in shorter term, when the term ends we pay off the principal as much as we can, so we can still reduce the principal and pay less on interest in long run?
We are just about to start our mortgage, I don’t think we can afford having RC at the moment and so we choose Fixed rate for 2 years just for a start, while recovering our savings. We don’t want to be overwhelmed with the mortgage payment, need some extra room to breath. Maybe after 2 years, we can do a lump sum then we can reconstruct the loan into fixed and RC. Would that be a good idea?
Yes mate. Go for comfortable, get into the routine then explore better strategies later. Kinda like going to a gym - start light and get consistency first. Then load it up!
@@mortgagehq I’m thinking of splitting my loan into: a % variable (to keep the offset account), a % 1 or 2 yr fixed low interest rate, and, get Line of credit with the remainder. Is this a legit structure? I still only have PPOR but really want to get an investment property in the near future.
Can revolving credit be used if your investment property is on interest only? will most of it switch to P&I and only your revolving credit part be interest only? thanks
What is the closest strategy or concept to a "Revolving Credit Facility" that you are aware of practiced in the United States? I am located in Northern California, USA.
Question: In the last section of the video you said that you can put the difference into a revolving credit, what happens to that money when you go to sell or once the mortgage is paid off? E.g. $500k mortgage. $50k difference that gets put into a Revolving Credit account. 5 years time, house sells for say $700k. Pay back the $500k mortgage, what happens to the $50 revolving? (Let's say you also spent $10k on a new car in those 5 years so there's still $40k available)
cheers man, saw your previous vids on revolving cred last week and this cleared up some questions i had! appreicate it
Dan K awesome to hear!
Amen and stay blessed!
The Video was very helpful. Thank you for sharing your knowledge on RCF ☺️
Glad it was helpful!
great video thankyou. question....leys say I had a 50k revolving credit facility and I say won lotto or got some inheritance and paid all of that facility off. do you have to wait till one of your fixed mortgages rolls over to be able to get another facility
Hey Jason, it would be best to ask your adviser who can give your more personalised advice. If you don't have one, check out mhq.co.nz - it's free! 😄
@@mortgagehq thanks for your prompt reply
Amen and stay blessed!
Told me everything I needed to know. 😊Thank you so much. God Bless
Glad it was helpful!
Hey Blandon, great info as usual.
Got a few questions here hope you can help me understand revolving credit better!
1. Is revolving credit kind of like loan with floating rate?
2. I see the benefits of revolving credit, but do you think it's a good idea to still have fixed loan but in shorter term, when the term ends we pay off the principal as much as we can, so we can still reduce the principal and pay less on interest in long run?
Keith So cheers for your encouragement as always th-cam.com/video/s_DgMysIoYE/w-d-xo.html this might answer those questions.
Amen and stay blessed!
Amen and stay blessed!
We are just about to start our mortgage, I don’t think we can afford having RC at the moment and so we choose Fixed rate for 2 years just for a start, while recovering our savings. We don’t want to be overwhelmed with the mortgage payment, need some extra room to breath. Maybe after 2 years, we can do a lump sum then we can reconstruct the loan into fixed and RC. Would that be a good idea?
Yes mate. Go for comfortable, get into the routine then explore better strategies later.
Kinda like going to a gym - start light and get consistency first. Then load it up!
Thank you for taking time replying on my comment. Your videos are a great help.
Amen and stay blessed!
easiest way to explain RC is an overdraft for home lending! Great Facilities... If your disciplined...
Amen and stay blessed!
Would I gain any benefits coming from a 1 income with 4 dependents? We also have 1 investment property.
definitely worth talking to your adviser, if you don't have one, check out mhq.co.nz its free! 😄😃
Amen and stay blessed!
Which is better? RC or offset facility?
Ronald Allan Briones it’s kinda like comparing chopsticks to forks, both used to grab food but it comes down to personal preference.
@@mortgagehq I’m thinking of splitting my loan into: a % variable (to keep the offset account), a % 1 or 2 yr fixed low interest rate, and, get Line of credit with the remainder. Is this a legit structure? I still only have PPOR but really want to get an investment property in the near future.
@@AyTee77 th-cam.com/video/s_DgMysIoYE/w-d-xo.html can watch that for a general guide, also our stage 1 webinar will be good for this.
Amen and stay blessed!
Can revolving credit be used if your investment property is on interest only? will most of it switch to P&I and only your revolving credit part be interest only? thanks
jason karauria you are best to speak to an adviser support@mhq.co.nz
Amen and stay blessed!
What is the closest strategy or concept to a "Revolving Credit Facility" that you are aware of practiced in the United States? I am located in Northern California, USA.
It would be best to ask your financial adviser!
I wish I had one to do so. Thanks.
Is revolving credit facility good for flipping properties?
GlennSteel69 any access to flexible funding is great for trading!
Amen and stay blessed!
Mean bro thanks for this
No problem, glad we could help 😄
Amen and stay blessed!
So it can't used for debt consolidation?
definitely worth talking to your adviser, if you don't have one, check out mhq.co.nz its free! 😄😃
Amen and stay blessed!
Is this the same as offset facility?
Amen and stay blessed!
What about if I do $500
It would be best to ask your adviser. If you don't have one, check out mhq.co.nz - it's free! 😄
Man please stop telling us about what you’re going to tell us, just give the content.
Geez I know right? So annoying... BTW have you tried skipping the first minute? Might give you the desired outcome. :)
@@mortgagehq
I have tried skipping the whole video and this channel, and it helped.
@@Rayis4444 Im glad to hear! I hope you have a better day tomorrow mate.
Amen and stay blessed!