All Topics / Help Needed! / To pay more off loan or save money for deposite for 2nd house

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  • Profile photo of HoedersHoeders
    Member
    @hoeders
    Join Date: 2010
    Post Count: 2
    February 8, 2010 - 9:22 am

    Hey all,
    Im not too sure if this has been answered else where, but if it has please point me in the right direction.
    OK, so i will be buying my first house this year and it wil be a investment property. The property that i am looking at is currentyl running at a positive. So my question is should i pay more off the loan for this property, or pay the minimum repayements and save for a deposite for my second property? So should i pay more off the home loan and get more equity on the house.
    Any Help is appreciated.
    Cheers Ash

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 8, 2010 - 11:11 am

    Ash i would be taking an interest only loan with 100% and save the extra funds in the offset account for the next deposit.

    Richard Taylor | Australia's leading private lender

    Profile photo of YoungInvestorYoungInvestor
    Participant
    @younginvestor
    Join Date: 2003
    Post Count: 377
    February 8, 2010 - 11:21 am

    I agree with Richard's comments Ash – This will give you maximum flexibility for whatever plans you cme up with next.

    Profile photo of HoedersHoeders
    Member
    @hoeders
    Join Date: 2010
    Post Count: 2
    February 8, 2010 - 11:36 pm

    Thanks for the advice guys, i had totally forgot about an offset account. This seems to be the best option.

    Cheers.

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