.
There is no better time to start your investing journey than now… [buz2]
90% (LVR) x $220K = $198K less $187K (existing loan) gives you around $11K equity. You may need to save more, or look to use OPM, or look hard for low or nothing down deals.
Hope this helps.
Who took my MONEY[?]
‘4k credit card debt…’
What is that doing there ??
Kill the credit card debt and use those extra payments as savings. That will make your investing much easier!
Rgds.
Lucifer_auIt would probably be best to keep paying as much as your can off your loan (as it is not deductible), and then build up a bit more equity. Hold on to your excitement, your nearly into your second one.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
well done, lots of people never get there own home purchased – let the dust settle – your on a reasonable income, as Terry said, pay as much of as you can, then look to use this equity to purchase an investment a little later on.
cheers
brahms
[email protected]
brisbaneIt sounds like this can be structured pretty easily. If you went ahead now, it looks like you will be up for some mortgage insurance. Some people do not mind paying this if it is a means to an end.
You can find information regarding mortgage insurance here…
http://www.mortgagepackaging.com.au/index_files/mortgage_insurance.htmRobert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdThanks all for your advice. Will build up more equity I think and get rid of my CC debt. Will aim for mid year I think. Thanks again.
Will
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