A story about a newbie...please help me with where to go from here!

[HomeBuyAU]

And in idiot proof terms, how does interest only work? Given my preference would be to own outright, wouldn't it be more logical to be paying off prinicpal so there's less interest paid in the long run? How does interest only affect repayments - you imply they're lower during the interest only period?

This is a good thread to grasp the whole IO thing. Hope it helps, good luck!

 

[Fudge]

Ok, what next? I prefer to grow what money I have than get into (more) significant debt. But then, I don't have enough money to grow, do I? Then again, surely if I'm that uncomfortable with a strategy involving high debt I'll not manage it as well as some other strategy I'm more enthusiastic about...??? Do you see how I run myself in circles on this with all the 'advice' that's out there?

Where do I start? How do I get from A to B?

It was Kerry Packer who said 'In order to make money, you have to borrow money'.

Just depends on the scale and magnitude in order to get their sooner rather than later. Obviously, with a few well founded beliefs and commitment to see it through helps as well.

Hopefully, this forum, as well as other research you do, will help you make your correct decision.

Good luck,

Cheers,

F