Cheapest place to borrow money?

[Nasty]

not if its a separate loan with a separate term.

dont confuse the security for the loan (the mortgage registered on your title) with the loan itself: its a common mistake but still a mistake. So you can have as many different loans as you can convince your bank manager to lend you, but you only have one "mortgage" which is on your title.

I thought you could have multiple mortgages on the title .. since I have two that would make sense to me. Actually have three mortgages and two properties ... so not sure how that fits .. but it works out ok.

[blackdog]

Also, dont expect to get a 'better' deal at a bike shop with cash. They make money from the finance too remember. The margin in the bike is the same regardless of how you pay for it.

[HenryDorsetCase]

I thought you could have multiple mortgages on the title .. since I have two that would make sense to me. Actually have three mortgages and two properties ... so not sure how that fits .. but it works out ok.

you certainly can have more than one mortgage on a title. very common in commercial financing, and in situations where people are highly geared.

each mortgage may secure multiple loans, and the key there is the priority amount claimed by each mortgagee. Oh the hilarity.

the worst Ive seen was one where there were three registered mortgages and two caveats protecting unregistered mortgages. That was on the title of a client of ours as it happens. Took us for over twenty grand in work we'd done, lost everything.

[Forest]

I don't want to sound like your mum, but the purchase price is just the start on a new vehicle.

Can you afford all the extra costs as well?

[McJim]

I'm keen on a new bike.. Excecpt the $17,995 + ORC tag on it!

I have about 12,000 sitting my savings account.. I wish to go and borrow $8k.. So i can buy my new bike, and a new hot water cylinder at the same time! Woo high pressure hot water!

Its better to borrow cash from somewhere like a bank, and go in to bike shop with cash right? Rather than financing the bike from the shop?

Thoughts please!

If you are paying for a new water cylinder then surely you must own the house therefore have a mortgage?

Speak to the bank and get a loan secured on the house for peanuts interest.

[Winter]

What exactly were you looking at buying?Surely you could get a fairly recent 2nd hand model for around the 12k mark?

But I guess if new is what you want then go for the loan I say!

Good luck!

Daytona 675.. In Black.

Hey Winter, spill the beans! What are you looking at buying.

There's some really bad advice on here. There are some great deals on new bikes making them far better value than 1-3 year old second hand ones. Plus they don't leak oil after a few months because you know who has run it in.

Once in a lifetime opportunity. Go for it!

Yeah.. Thats alot of my thinking.. I can afford it now whilst I'm earning reasonable $

If you are paying for a new water cylinder then surely you must own the house therefore have a mortgage?

Speak to the bank and get a loan secured on the house for peanuts interest.

Thats the nicest option eh? Not so simple tho.. Joint Mortgage... Which means if i top up the home loan then the other name on my mortgage ends up paying more.. Gets too messy.

I don't want to sound like your mum, but the purchase price is just the start on a new vehicle.

Can you afford all the extra costs as well?

Really? Like what? Services at... 600/1200k? Gas? Everything else should last a bit longer shouldn't it?

Plus I'll be saving fuckloads on gas again

[McJim]

Thats the nicest option eh? Not so simple tho.. Joint Mortgage... Which means if i top up the home loan then the other name on my mortgage ends up paying more.. Gets too messy.

Tell the other mortgagee to stop smoking wacky baccy then. The loan is seperate but is secured on your share of the property so they shouldn't have to make any extra payments. It's not actually part of the mortgage merely a loan secured on an appreciating asset which is the most attractive loan from a lenders perspective.

Speak to your bank salesperson ...I mean bank manager and see what is available if you have not already done so.

[Winter]

Tell the other mortgagee to stop smoking wacky baccy then. The loan is seperate but is secured on your share of the property so they shouldn't have to make any extra payments. It's not actually part of the mortgage merely a loan secured on an appreciating asset which is the most attractive loan from a lenders perspective.

Speak to your bank salesperson ...I mean bank manager and see what is available if you have not already done so.

Cheers McJim! will talk to them and see what they say!

[Winter]

Awesome.. Bank lady says I can have $8,000 at 6.25 fixed for two years, no fees. Woop New bike here I come!