Hello all, first time poster but have been reading forums for a bit.
Like to ask advice on current situation:
Purchased PPOR 6 months ago, halves with brother (Separate loans). House bought for 500k, for my 250k share I had a 50k deposit.
Initial Loan amount: 200k
Amount in offset: 30k
Loan remaining: 170k
Variable loan at 5.2%
Approx increase in house value due to minor renovations and growth: 4-5%
House located in Perth, 4x2, 7km from city.
Am interested in purchasing an IP, my long term strategy is to buy and hold. Currently looking at investments worth 300-350k in Bendigo, Victoria, as I grew up in the area and still have close family around.
Should I use the equity built up to buy an IP now, or hold out for say another 6-9 months and continue to build equity? I'm currently adding 3k/month into the offset account which leaves plenty to live comfortably.
Thanks in advance for any advice or tips.
Cheers.
K.
Like to ask advice on current situation:
Purchased PPOR 6 months ago, halves with brother (Separate loans). House bought for 500k, for my 250k share I had a 50k deposit.
Initial Loan amount: 200k
Amount in offset: 30k
Loan remaining: 170k
Variable loan at 5.2%
Approx increase in house value due to minor renovations and growth: 4-5%
House located in Perth, 4x2, 7km from city.
Am interested in purchasing an IP, my long term strategy is to buy and hold. Currently looking at investments worth 300-350k in Bendigo, Victoria, as I grew up in the area and still have close family around.
Should I use the equity built up to buy an IP now, or hold out for say another 6-9 months and continue to build equity? I'm currently adding 3k/month into the offset account which leaves plenty to live comfortably.
Thanks in advance for any advice or tips.
Cheers.
K.
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