After 8 months of searching I was finally successful at auction for a new PPOR on the weekend. Sale price was around the $550k mark, so total purchase costs are around $580k. Property is due for settlement at end of month.
My situation:
I have $500k of own funds + $100k in super
I'm on a low income at present (only about $32k) so therefore can't /don't want to borrow too much. I plan to keep my borrowings to only $100k to 130k.
I plan to keep between $25k to $40k in an offset account as well as acting as a financial buffer.
My question is:
Do you think it's better to borrow to the max I'm allowed? and therefore keep more of my own funds in offset - but higher monthly repayments.
Or
Borrow a lesser amount - lower monthly repayments and lower balance in offset account?
What do you think are the pros and cons?
Your thoughts?
Or should I just get a better paying job? - SOON
Thanks!
My situation:
I have $500k of own funds + $100k in super
I'm on a low income at present (only about $32k) so therefore can't /don't want to borrow too much. I plan to keep my borrowings to only $100k to 130k.
I plan to keep between $25k to $40k in an offset account as well as acting as a financial buffer.
My question is:
Do you think it's better to borrow to the max I'm allowed? and therefore keep more of my own funds in offset - but higher monthly repayments.
Or
Borrow a lesser amount - lower monthly repayments and lower balance in offset account?
What do you think are the pros and cons?
Your thoughts?
Or should I just get a better paying job? - SOON
Thanks!