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Two Investment Properties: House in Colebee & an Apartment in Merrylands
Dual Refinance Done and settled on 5th March 2019
Benefits:
- Savings in the first year
($595,343*4.05% + $492,789*4.48%=$46188.34) minus ($1,088,132*3.98%= $43,407.65)
Total savings $46,188.34-$43,407.65= $2780.69 INTEREST SAVED (In the first year)
- $1500 cashback (no out of pocket)
- Loan consolidation to just one lender
- Some cashout done for renovations and personal matters
Total loan amount $1,168 million
Challenges and Interesting Facts:
- Valuation came down lower for the apartment
- Used the equity to cover up the shortfall in valuation without doing a cross-collateral
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