this might sounds stupid, but say if i had $900 a week to spare would i be better off puttin it into my +ve cash flow property morgage to reduce the interest or is it better to just let the house pay itself of coz i can claim the intrest on tax and that? (if ya even can on a +ve property)
i know your all going to tell me u’d be buying more property, but i cant really find any!!
plus i’m happy enough with what i’ve got at the moment
ps. say if i am better off paying my debt off quickly, i could be debt free in a year, would i be better of say getting down to like $2000.. let the house ALMOST pay it off, then pull some money out of the redraw, and keep doing that for the next 24 years (coz then i wouldnt have to pay tax on the money from the house.. coz i’m not earning anything.. just getting the extra money back from earlier.. and this would also aviod intrest..) lol or just pay it all out and take the extra money and pay tax on it, lol this prolly sounds stuppid, and alot of mucking around but would ya think it’d work.
pps. i’m a young boy with too much money and too much time on his hands, so excuse me if this is just one big stupid hair brained idea!! [
]NEO
NICE ONE BRUVA!! Nice One Bruv! nice one
neologism, im not a morgage broker or nothing like that, but if you were not interested in re-investing your profits from the IPs, etc. I would think paying off your loan quickly would benefit you as you would pay less interest on the loan etc.[
]But thats my humble opinion, now watch as the experts get stuck into it… [
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Neo,
Nothing wrong with that idea.
If you redraw money for non investment purposes then this portion will need to be split off at tax time as the interest on it wont be deductible.
If you have an offset then use that instead.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Here here as well.
Pay it off. Ask everyone here who has paid off a mortagage how good it feels.
Well Done son!!
Cheers,
Teylu“Has anything you’ve done, made your life Better?”
(American History X)
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