Here?s the situation
I purchased my PPR 8yrs ago in South Morang for $275k. I refinanced a few yrs ago and bought my first IP in Footscray a 1bdr unit for $310k (currently leased $300pw).
I now have $190k left on my PPR (now worth $360k) and will be looking to buy a bigger place with my partner next year around $500k.
The question is do I turn my PPR into IP or sell up and have large deposit for new place?
Other factors
My PPR loan is NOT an offset but a redraw with 25k
Footscray is NG and I wouldn?t care if Sth Morang was PG (potential $310-330pw)
Past 8yrs have done on a single wage 60k-70k pa, with partner now 55k
I realize tax wise it may not be as effective but thinking cashflow positive is less stressful with money in the pocket.
Cheers Adz
I purchased my PPR 8yrs ago in South Morang for $275k. I refinanced a few yrs ago and bought my first IP in Footscray a 1bdr unit for $310k (currently leased $300pw).
I now have $190k left on my PPR (now worth $360k) and will be looking to buy a bigger place with my partner next year around $500k.
The question is do I turn my PPR into IP or sell up and have large deposit for new place?
Other factors
My PPR loan is NOT an offset but a redraw with 25k
Footscray is NG and I wouldn?t care if Sth Morang was PG (potential $310-330pw)
Past 8yrs have done on a single wage 60k-70k pa, with partner now 55k
I realize tax wise it may not be as effective but thinking cashflow positive is less stressful with money in the pocket.
Cheers Adz