I bought a unit in Hythe Street 4 years ago, for around the 200k mark.. and have been steadily paying it off (we are renting it out).
However, about 2 years into owning we took an extra loan out, to purchase a car..
fast forward to now, and Im thinking about selling the car (for approx. 15k) and purchasing a CHEAPER car.. and putting 10k back onto the home loan..
im doing this for 2 reasons;
* I want to pay it off quickly and have made it a goal over the next 2 years to be as diligent as i can - and put as much as i can to the homeloan
and,
* To gain more equity, so my partner can purchase her first home with the next year or 2.. with my name on it aswell.
Does this idea make sense? or is 10k not really worth it in the long run?
I hope what im saying makes sense This site was one of the reasons i purchased my unit - and i think im quite happy with the purchase! Well, i hope ive done well.
Thank you
However, about 2 years into owning we took an extra loan out, to purchase a car..
fast forward to now, and Im thinking about selling the car (for approx. 15k) and purchasing a CHEAPER car.. and putting 10k back onto the home loan..
im doing this for 2 reasons;
* I want to pay it off quickly and have made it a goal over the next 2 years to be as diligent as i can - and put as much as i can to the homeloan
and,
* To gain more equity, so my partner can purchase her first home with the next year or 2.. with my name on it aswell.
Does this idea make sense? or is 10k not really worth it in the long run?
I hope what im saying makes sense This site was one of the reasons i purchased my unit - and i think im quite happy with the purchase! Well, i hope ive done well.
Thank you