Hi Everyone
I currently have an investment property I owe $140,000 which im about to change to Interest only payments.
I have just bought a block of land for $171,000 and have taken out 2 loans one of $76,000 the other $99,000.
Im also planning on adding a construction loan of $280,000 to the 76,000 loan.
what is my best option am I better off just paying interest only on the $76,000 and $99,000 loan having all my money pured into an offset account.
Or would I be better off paying of the $76,000 loan which I could nearly do in a year if I paid my other loan interest only?
Whats the advantages/disadvantages of each the new loans are for my PPOR. I think I will be happy with this although I would like to buy a cheap unit soon under $200,000 whats the best way to go to acheive my goals sooner.
Big shout out to Brady on this forum who has offered me awesome advice and has helped me along the way. Would definitely recommend him to anyone looking to get a loan with the CBA. His professionalism and knowledge is outstanding.
Thanks
I currently have an investment property I owe $140,000 which im about to change to Interest only payments.
I have just bought a block of land for $171,000 and have taken out 2 loans one of $76,000 the other $99,000.
Im also planning on adding a construction loan of $280,000 to the 76,000 loan.
what is my best option am I better off just paying interest only on the $76,000 and $99,000 loan having all my money pured into an offset account.
Or would I be better off paying of the $76,000 loan which I could nearly do in a year if I paid my other loan interest only?
Whats the advantages/disadvantages of each the new loans are for my PPOR. I think I will be happy with this although I would like to buy a cheap unit soon under $200,000 whats the best way to go to acheive my goals sooner.
Big shout out to Brady on this forum who has offered me awesome advice and has helped me along the way. Would definitely recommend him to anyone looking to get a loan with the CBA. His professionalism and knowledge is outstanding.
Thanks