Hi all, I've been stalking these forums for a while now reading and learning as I go even picked up a few books from the recommended list so I thought it was about time I joined up. But I still have a long way to go and definitely do not know enough to be jumping into anything. So I'm just after a bit of advise.
I'm 24 and currently building in Byford Redgum Brook Estate. I Purchased the land in late 2012 and the slab should be going down soon (I wasn't in much of a rush) so that also helped me miss out on MLI. I work in construction FIFO and am currently on 200k-250k (it's hard to judge a yearly income as it depends on overtime worked during the week) but keep in mind this is a very volatile industry and the job has to end so i could be back on 100k in the City in a year or two.
In the coming weeks when my 20% deposit is taken out of my bank account for my ppor I should have around 50k left in my offset account. Now the question is should I just keep piling my income into the offset account, look into buying an investment property asap or hold off until the property is paid off or has a decent amount of equity. I would of liked to wait until my ppor was paid off but the tax man is killing me so getting that tax down while making some good cg would be great.
Thoughts?
I'm 24 and currently building in Byford Redgum Brook Estate. I Purchased the land in late 2012 and the slab should be going down soon (I wasn't in much of a rush) so that also helped me miss out on MLI. I work in construction FIFO and am currently on 200k-250k (it's hard to judge a yearly income as it depends on overtime worked during the week) but keep in mind this is a very volatile industry and the job has to end so i could be back on 100k in the City in a year or two.
In the coming weeks when my 20% deposit is taken out of my bank account for my ppor I should have around 50k left in my offset account. Now the question is should I just keep piling my income into the offset account, look into buying an investment property asap or hold off until the property is paid off or has a decent amount of equity. I would of liked to wait until my ppor was paid off but the tax man is killing me so getting that tax down while making some good cg would be great.
Thoughts?