Forum Replies Created
Thanks for that Mick.
My understanding is that the IP would initially be beneficial in the tax cuts it would allow us, therefore allowing us to put more money into our PPOR loan. So we are not really looking at the IP to make us substantial money in the short term, really just allow us to pay off our PPOR loan quicker. As long as we don't lose money on the IP in the meantime. Are we taking the wrong approach?
Thanks for the advice given so far.
Perhaps if I give some better info on our situation, it may be easier for people to offer advice.
We built a house 2 years ago. We have a mortgage of 240K but our house is valued around 440K. We have a combined income of around 130K/ year before tax.We have been told to invest in Ipswich in QLD by investing in a house and land package for 370K. We have been told to expect rental returns of 340-360/week.
We are in a strong position financially so I don't really see how we could lose, but it a scary prospect all the same. I am only 25 years old so all this is fairly daunting for me.
We have been told that we can pay off our house in 6.2 years and the investment property in 12.5 years. Does this sound feasible?
Any opinions or advice would be gratefully accepted.
240k mortgage.
