We are buying a PPOR priced at 470k. 90%LVR. Paid deposit and await settlement in January. Since am an ICT professional making a bit over $100k I want my monthly repayments to be fairly similar.
Right now, CUA's 3 year fixed at 4.89% makes the most sense to us as it offers a 100% offset and we will be able to deposit about $2k a month (at least $1k).
In over the next 1 year or so I want to be able to purchase an OTP as an IP. Will want to either rent it out or sell it once the construction is complete. Or, invest in a unit and rent it out if no OTPs make sense at that time.
Although I feel I have opted for a good home loan, I keep reading people who have poorly structured their PPOR loans and how they have repented their PPOR loan options, while purchasing their IPs down the road. Could someone please explain what is structuring a loan ? And structuring a poor one at that ? I have very basic idea of what equity is and how my PPOR can be used as a collateral for the future IP loan.
I am a first timer at property buying, know very less and want to learn. What options should I choose now, so I am not repenting when planning to buy my IP in a year or so ?
Right now, CUA's 3 year fixed at 4.89% makes the most sense to us as it offers a 100% offset and we will be able to deposit about $2k a month (at least $1k).
In over the next 1 year or so I want to be able to purchase an OTP as an IP. Will want to either rent it out or sell it once the construction is complete. Or, invest in a unit and rent it out if no OTPs make sense at that time.
Although I feel I have opted for a good home loan, I keep reading people who have poorly structured their PPOR loans and how they have repented their PPOR loan options, while purchasing their IPs down the road. Could someone please explain what is structuring a loan ? And structuring a poor one at that ? I have very basic idea of what equity is and how my PPOR can be used as a collateral for the future IP loan.
I am a first timer at property buying, know very less and want to learn. What options should I choose now, so I am not repenting when planning to buy my IP in a year or so ?