Having issues working out how to approach the purchase of 1st investment property.
PPOR: Own this home worth $400k (so have equity)
Investment: Price of potential investment property is $200K with $240 a week rental return.
I have $30k for a deposit ? Do i put down my 30K deposit and loan the rest as principal + interest loan and pay the difference from my wage weekly. Or go for Interest only and pay the minimum for tax purposes.
Any ideas would be appreciated ?
PPOR: Own this home worth $400k (so have equity)
Investment: Price of potential investment property is $200K with $240 a week rental return.
I have $30k for a deposit ? Do i put down my 30K deposit and loan the rest as principal + interest loan and pay the difference from my wage weekly. Or go for Interest only and pay the minimum for tax purposes.
Any ideas would be appreciated ?