Hi All,
I'm hoping to get some feedback/suggestions from the experts/experienced investors..Planning for the First investment..so I want to do it right
Current Situation
- PPOR1 Bank Valuation 400K with ANZ
- PPOR1 loan of 300K
- Offset Account of 100K
Strategy:
- Remain in PPOR1 for the next 10 years and then upgrade to another PPOR2 and convert existing PPOR1 into an IP
- Also buy an IP within the next few months
How do I structure my loan to achieve my goal of upgrading to PPOR2 in the next 10 years and buy IP in the meantime?
(a) Pay the 100k from offset into my existing loan which reduce my PPOR1 Home loan to 200K and I can then release equity 120K as a deposit to purchase the IP?
(b) After 10years, what are my options to upgrade to the PPOR2? Note: I do not plan to sell property. However, I need to maximise cash for the PPOR2 to minimise repayments (Cannot afford huge debt)
Any thoughts/suggestions welcome
Thanks in advance!
I'm hoping to get some feedback/suggestions from the experts/experienced investors..Planning for the First investment..so I want to do it right
Current Situation
- PPOR1 Bank Valuation 400K with ANZ
- PPOR1 loan of 300K
- Offset Account of 100K
Strategy:
- Remain in PPOR1 for the next 10 years and then upgrade to another PPOR2 and convert existing PPOR1 into an IP
- Also buy an IP within the next few months
How do I structure my loan to achieve my goal of upgrading to PPOR2 in the next 10 years and buy IP in the meantime?
(a) Pay the 100k from offset into my existing loan which reduce my PPOR1 Home loan to 200K and I can then release equity 120K as a deposit to purchase the IP?
(b) After 10years, what are my options to upgrade to the PPOR2? Note: I do not plan to sell property. However, I need to maximise cash for the PPOR2 to minimise repayments (Cannot afford huge debt)
Any thoughts/suggestions welcome
Thanks in advance!