All Topics / General Property / where to now

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  • Profile photo of crazyjoedivolacrazyjoedivola
    Participant
    @crazyjoedivola
    Join Date: 2015
    Post Count: 1
    January 12, 2015 - 9:12 pm

    Hi guys…looking for a bit of advice…am looking to invest in property ..i own house on nsw south coast outright and get 275/wk rent…house worth 260,000……i owe 50k on my house here in sydney….value 750-800,000…im an ave rage wage earner..bout 90-100k ayear…want to get an idea on how to utilise my equity the best possible way…should i use south coast prop. for a deposit or two and not touch my home….any advice appreciated..

    Profile photo of PHPPHP
    Participant
    @php
    Join Date: 2014
    Post Count: 111
    January 12, 2015 - 10:01 pm

    Hey Joe,

    You will find most of the answers to your questions if you just browse around the forum. Just spend a bit more time and you will more than likely find what you want to know.

    Not knowing your current financial situation, I can say you are losing quite a few amount in tax incentives with the way your finance structure is set up. You basically want to get the maximum tax benefit from an IP so by having a loan with your IP is beneficial for you as you are in a slightly above average income. You currently have a loan in your own house which is not tax deductible so this is not really working to your favour. Better talk to your broker/finance person and your accountant about fixing this up for you.

    Cheers!

    PHP | Mortgage Station Pty Ltd
    http://www.mortgagestation.com.au
    Email Me | Phone Me

    Give us a call or send us an email for a free residex report.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 14, 2015 - 9:24 am

    Hi crazyjoe

    Look at the prime goals and in order they would be pay off PPOR whilst at the same time increase your net wealth thru IP acquisition.

    Down the track increase IP portfolio and create a healthy rental stream.

    Feel free to drop you an email and i will send you my API interview on how i built my property portfolio and enjoy a more than health rental income.

    I can’t see any reason why you would look at accessing the equity in your PPOR when you can access the IP equity.

    The correct loan structure and a sensible selection when it comes to the right loan product should see you achieve your objectives.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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