Hello all
Advise needed to start putting dints in my morgages.
Currently paying off my home in Sydney SW
$292k remaining with Members equity at 7.24% owner occupied.
*** Investments ***
$178k remaining on two terraces and two units on one block of land in the country, but numbered as two seperate dwellings so i get twice the land rates on the buisness block. near 11.5% loan repayments plus $50 monthly fee "NAB"A seperate house in country NSW $115K remaining at 7.60% plus $10 month fee "NAB"
break down $450 min repayments on my Sydney house, currently paying $800 a week.
Country terrances and units paying $700 a week as it was purchased as a whole
the country house $200 a week.
between me and my partner we pay $1700 a week….
Both terraces and units are rented.
Rent for terraces and units i recieve $2300 a month after fees. rates are combinded $890 per 3 months plus water.
$35 a month lawn mowing and any other maintenance issues.The country house not rented looking to sell, as issues to maintain are getting too unbearable. will cost me $30K to fix septic tank, bathroom etc. wouldnt add much value to property for sale.
Looking to refiance both investments from NAB to maybe Members equity.
Should i place all my additional money on my house only and just pay minimum on investments?
Been in the property market now for three years.
I would like just to pay it all off and start investing without big debts over my head.thank you
I must admit i read your post a couple of times and got slightly confused with your numbers but in essence Yes you should be paying the minimum payment on your investment property and putting the additional funds into the PPOR.
Unfortunately not enough hard data to make a suitable recommentation but i am sure there are a couple of ways you could save a decent amount of monthly interest and move forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Sorry about the confusion… I should of just stayed with the story and not figures
No dramas feel free to shoot me an email with the numbers and i will try and make some suggestions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You are doing all right – remember you are paying almost double the min repayment on your home loan.
If you can refinance those loans to a cheaper rate with less fees it would be good. And yes, pay IO only on the investments as these loans are deductible. Get rid of the non deductible first.
Terryw | 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
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