Hi all,
I have some money saved up and would really like to invest it in property as I am about to do some extended traveling (a year or more) and would like that money to be invested in property rather than just sitting in an interest bearing account while I'm away.
The specifics:
- I'm 25, single, a FHB and live in Brisbane. Currently renting.
- I have 250k after tax sitting in a Pty Ltd. 30% tax is already paid on this amount so I can distribute a dividend to myself of 80k pa without paying any extra tax.
- I have no income. The 250k came from a successful business I started and ran for the last 2 years, but due to market factors outside of my control it is no longer viable and I am exiting the industry. I also want to go traveling after Christmas and so won't have any income which can service a mortgage.
- I have another very minor income which will finance my travels, but there won't be any left over for servicing a mortgage.
- I did get pre-approved for a home loan a couple months ago, up to a total value of 750k, with a 20% deposit.
So essentially I am doing some extended travel, which could last for 1-2 years. I'd feel a lot better doing it knowing I had a piece of land that was mine and something to come back to, instead of just coming back to more expensive property prices in 1-2 years. Also, it seems silly to just leave 250k in an interest account.
What would you do in my situation?
Thanks very much for any advice at all. Any feedback whatsoever would be much appreciated.
Thanks,
Nick
I have some money saved up and would really like to invest it in property as I am about to do some extended traveling (a year or more) and would like that money to be invested in property rather than just sitting in an interest bearing account while I'm away.
The specifics:
- I'm 25, single, a FHB and live in Brisbane. Currently renting.
- I have 250k after tax sitting in a Pty Ltd. 30% tax is already paid on this amount so I can distribute a dividend to myself of 80k pa without paying any extra tax.
- I have no income. The 250k came from a successful business I started and ran for the last 2 years, but due to market factors outside of my control it is no longer viable and I am exiting the industry. I also want to go traveling after Christmas and so won't have any income which can service a mortgage.
- I have another very minor income which will finance my travels, but there won't be any left over for servicing a mortgage.
- I did get pre-approved for a home loan a couple months ago, up to a total value of 750k, with a 20% deposit.
So essentially I am doing some extended travel, which could last for 1-2 years. I'd feel a lot better doing it knowing I had a piece of land that was mine and something to come back to, instead of just coming back to more expensive property prices in 1-2 years. Also, it seems silly to just leave 250k in an interest account.
What would you do in my situation?
Thanks very much for any advice at all. Any feedback whatsoever would be much appreciated.
Thanks,
Nick