Hey guys, as you may remember I posted on here last year regarding me wanting to buy my first house when I was 18.
I finally have done so !
Now my plan:
I am going to live in this house for six months to claim the FHOG ($14,000). After that, I wish to rent it out.
Now I need a few things explained to me.
1. Is this a good idea?
2. What is negative gearing? If I rent it out, will I be doing this?
3. I was told by a Mortgage Broker to pay interest only and monthly while I live in it to maximise my tax return. Is this the best way to go? Or should I pay principal and interest?
I need help.
Ta
I finally have done so !
Now my plan:
I am going to live in this house for six months to claim the FHOG ($14,000). After that, I wish to rent it out.
Now I need a few things explained to me.
1. Is this a good idea?
2. What is negative gearing? If I rent it out, will I be doing this?
3. I was told by a Mortgage Broker to pay interest only and monthly while I live in it to maximise my tax return. Is this the best way to go? Or should I pay principal and interest?
I need help.
Ta