Hi All,
I am new to this forum and investing in property.My concerns is traditionally my wife and I have always been paying extra on our mortgage. I am now questioning if there is any value in contributing our extra income to this property or if we should use the cash flow we have to save our money or even buy another property?
Specifics as below, what would you do ?
Income 1 - $84,000
Income 2 - $62,000
Property Valuation: $630,000 (June 2012)
Owing: $506,000
Money in offset: $40,000.00
Repayments:
Split 1: $1,864.00
Split 2: $617.00
Total = $2,481.00
Rental return per week: $620.00 * 52 = $32,240.00
Management fee p.a approx: $1,842.00
Other outgoings p.a total approx : $5,200.00
Depreciation 2012 - 2013 = $9,318.00
Also I would really appreciate it if someone could tell us what we can expect to get back from tax .. Im not sure if we are even negatively or positively geared ...
Thank you to everyone who will contribute in advance.
I am new to this forum and investing in property.My concerns is traditionally my wife and I have always been paying extra on our mortgage. I am now questioning if there is any value in contributing our extra income to this property or if we should use the cash flow we have to save our money or even buy another property?
Specifics as below, what would you do ?
Income 1 - $84,000
Income 2 - $62,000
Property Valuation: $630,000 (June 2012)
Owing: $506,000
Money in offset: $40,000.00
Repayments:
Split 1: $1,864.00
Split 2: $617.00
Total = $2,481.00
Rental return per week: $620.00 * 52 = $32,240.00
Management fee p.a approx: $1,842.00
Other outgoings p.a total approx : $5,200.00
Depreciation 2012 - 2013 = $9,318.00
Also I would really appreciate it if someone could tell us what we can expect to get back from tax .. Im not sure if we are even negatively or positively geared ...
Thank you to everyone who will contribute in advance.