I am just about to rent out my townhouse which will make a return of around 10% so I will be making a small amount of profit each week. I am going to be renting a house for next to nothing so what should I do with my extra money that I will be making, put it into my investment propety or will this lower the amount I get back at tax time or have a morgage offset account?? I would like to buy another investment propety by the end of the year. Also should I take out the excess money out of my homeloan (which will be my investment propety soon) and put that towards an ip or just borrow 100% to cover my ip??? I would then have to pay Morgage insurance which I don’t know to much about???
I think I need alot of advice, please help!!
Thanks
Renée you won’t have to pay mortgage insurance if you include the equity in your current property. It may be better, if you have enough redraw available, to fund the required deposit on your new IP, ie so you won’t need mortgage insurance if it were “stand alone”. This way your properties aren’t cross collateralised. I’m sure our resident brokers could advise you on this. Simon??
Jim.Sorry Simon, I just found the identical post on page 2. Renée you have got to stop repeating the same post or question in various locations, or your are going to get some very disjointed answers. Thanks, Jim.
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