Hi. I've recently re-financed my current IP, which allowed me to increase my LVR from 60% to 80%.
So, I've basically got my 20% initial investment back.
My loan is with CBA, and I've got a MISA account tied to the loan account.
I'm still looking for another IP so that I can put the 20% equity to good use.
Hoping to get on by March.
Meanwhile, where should I be putting the funds?
In the MISA to lower the interest on my loan? But then, I won't be able to reduce my taxable income by much.
Or, should I just park it somewhere else (like a transactional account), so that I get to reduce my taxable income, and because the interest on transactional accounts aren't high, I don't have to pay so much tax off the interest accrued.
Or, should I put it in some sort of fix term deposit or savings account like UBank where it's high interest. But then, I'll have to pay tax for the interest accrued.
Still a newbie in all these, so excuse some bad terminology.
So, I've basically got my 20% initial investment back.
My loan is with CBA, and I've got a MISA account tied to the loan account.
I'm still looking for another IP so that I can put the 20% equity to good use.
Hoping to get on by March.
Meanwhile, where should I be putting the funds?
In the MISA to lower the interest on my loan? But then, I won't be able to reduce my taxable income by much.
Or, should I just park it somewhere else (like a transactional account), so that I get to reduce my taxable income, and because the interest on transactional accounts aren't high, I don't have to pay so much tax off the interest accrued.
Or, should I put it in some sort of fix term deposit or savings account like UBank where it's high interest. But then, I'll have to pay tax for the interest accrued.
Still a newbie in all these, so excuse some bad terminology.