Refinancing advice

[RemoteControl]

Advice on my situation with 2nd IP property:

I am refinancing my first IP, and buying a second IP.

Own outright PPOR.

1st IP valued at 330k, owe 90k, with 60k redraw, P&I loan offset.

Just bought second IP for 268k, loan 280k IO loan with offset.

Income approx 80k.

What are my options form here? Do I continue to pay off my P&I loan and build equity?

Do I mimic P&I on the IO with the offset, or wait for the CG on the second and buy a 3rd IP in a few years time?

I am finding it hard to see the best options for my circumstance.

cheers

 

[bawatkins]

Depends a bit on your future plans, ie if you want to move from your current PPOR, invest in more property or shares etc.

You have a good amount of equity now and if you wanted to buy more investment properties, switching to IO on IP1 would give you that little extra to put towards repayments on another few IP's.

Best to sit down and go over the options with a good broker.

 

[Rolf Latham]

.

Own outright PPOR.

will this be the last ppor u will EVER buy ?

ta
rolf

 

[RemoteControl]

Gday,

Yes, it will be my last ppor I will buy.

Thanks for your input,