Hi All,
just wondering if anyone can give me some advice. I work away in the mines and 2 years ago bought a 2×1 villa in Scarborough W.A. I am considering renting out my place and continuing to pay the same amount as I am now and renting elsewhere ( will share) for a max of 150 per week. My aim is to pay as much as possible off the mortgage and gain tax benefits. My property could be rented for around 280- 300 per week. I have a good income of $130 000 per annum. My current mortgage repayments are approx 3200 a month (more than required)
Has anyone done this? Is this going to be worthwile? I feel with my income I need to look at investing and making money work harder rather than me continuing to work so hard! I'm looking at ways to get ahead, I am doing this by myself so no other people are involved.
First time using this site so not sure if I've supplied enough info but any advice or ideas would be greatly appreciated!
Thanks
JodieHi Jodie,
Welcome to the froums!!!! Great to see you thinking about your situation and how to be more savvy with property. I can give a lttle information but I know others can answer in better detail.
In terms of making your money work harder for you some people will ask why you are paying more off the loan than you have to? They tend to like interest only loans with an offset account so you still get the same benefit (as far as paying less interest goes) but you keep more flexibility about how your actual cash is utilised.
In terms of getting ahead it might be worth looking at buying an investment property to meet your investing goals in addition to what you decide with your current property. An income of 130k may mean you have the serviceability for another property. The thing is that you may be able to meet your overall investing goals looking at your situation more broadly. Just a thought. Anyway, some of the more experienced members of the forum will be able to give better info than myself.
Andrew
itsandrew
Go as far as you can see and you will see further.
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