Hi all
Im new to all this investing (and using a forum for that matter) and would like to hear some opinions of my situation,
Have no current IP but I am trying to get there
Have PPoR bought for $300k 4 years ago and estimate the value to be $400k ( just based on what has sold around the place. 3bed 2 bath 1study and a few extras inc pool)
Current loan is split into 2 parts
1- P&I loan @7.34% (still on a honeymoon rate till 09) amount $228k
2- LOC @ 7.6% amount $50k limit
the line of credit varies as im am self employed and i use this part for all money in and out.
I have only just traded for my first full financial year 06/07 and still waiting to hear from accountant about how much tax owing.
I did a profit and loss showing net $42k. I have a partnership with my wife who works part time for a friend earning about $5k p/a
Now to my QUESTION,
Should i look at how our mortgage is set up so as to minimise commitment for repayment ??
Sorry if I sound abit crap at all the jargon but im am very new to this concept of wealth creation and i am determined to learn because ive just figured out the real cost if i do nothing about it.!!!!
Cheers.
Im new to all this investing (and using a forum for that matter) and would like to hear some opinions of my situation,
Have no current IP but I am trying to get there
Have PPoR bought for $300k 4 years ago and estimate the value to be $400k ( just based on what has sold around the place. 3bed 2 bath 1study and a few extras inc pool)
Current loan is split into 2 parts
1- P&I loan @7.34% (still on a honeymoon rate till 09) amount $228k
2- LOC @ 7.6% amount $50k limit
the line of credit varies as im am self employed and i use this part for all money in and out.
I have only just traded for my first full financial year 06/07 and still waiting to hear from accountant about how much tax owing.
I did a profit and loss showing net $42k. I have a partnership with my wife who works part time for a friend earning about $5k p/a
Now to my QUESTION,
Should i look at how our mortgage is set up so as to minimise commitment for repayment ??
Sorry if I sound abit crap at all the jargon but im am very new to this concept of wealth creation and i am determined to learn because ive just figured out the real cost if i do nothing about it.!!!!
Cheers.