I'm very new to this & would love some feedback if people are so inclined
I received my house valuation back today, it was slightly higher than I expected (yay!) so I have $50K to play with. Refinancing, I have been quoted 4.94% IO with 100% offset, no LMI as it will be 80% LVR. Immediate plan is to refinance & park the $50K in the offset account till I find something.
The options I'm contemplating are:
1. Move into rental property, rent out current PPOR which would be CF+, buy IP CF+
2. Stay in PPOR, buy IP CF+
3. Rent out current PPOR, buy new PPOR with the view to adding value through renovation over 1-2 years (guessing time frame here)
My medium-long term strategy is evolving but I have a renovation / development itch I really want to scratch. If I can make it happen I would dearly love to initially cut back work then quit completely & make a living through renovating / developing property. I'm obviously not there yet.
Complicating factors:
- might need to change jobs / move to Sydney in the next year. I have a contract for 12 months but if the right thing came up I would go.
- want to be in a good school zone by Jan 16 ideally we'll stay in the vicinity for a few years at least, we're currently in a shitty school zone, he will not be going to that school, I would rather not pay for private schooling till high school
- we're a single income household (
Any thoughts / ideas greatly appreciated
I received my house valuation back today, it was slightly higher than I expected (yay!) so I have $50K to play with. Refinancing, I have been quoted 4.94% IO with 100% offset, no LMI as it will be 80% LVR. Immediate plan is to refinance & park the $50K in the offset account till I find something.
The options I'm contemplating are:
1. Move into rental property, rent out current PPOR which would be CF+, buy IP CF+
2. Stay in PPOR, buy IP CF+
3. Rent out current PPOR, buy new PPOR with the view to adding value through renovation over 1-2 years (guessing time frame here)
My medium-long term strategy is evolving but I have a renovation / development itch I really want to scratch. If I can make it happen I would dearly love to initially cut back work then quit completely & make a living through renovating / developing property. I'm obviously not there yet.
Complicating factors:
- might need to change jobs / move to Sydney in the next year. I have a contract for 12 months but if the right thing came up I would go.
- want to be in a good school zone by Jan 16 ideally we'll stay in the vicinity for a few years at least, we're currently in a shitty school zone, he will not be going to that school, I would rather not pay for private schooling till high school
- we're a single income household (
Any thoughts / ideas greatly appreciated