Hi everyone,
I'm looking to buy IP # 2 in the next 2 - 4 months time. I'm getting IP # 1 valued next week to guage how much equity I have that I can access. My loans for $307,000 and I believe the IP has a value of around $430,000 giving me around $40,000 equity if I want to push it back up to 80%.
I have a credit card debt of around $4000 from a bthroom reno and a few other things that would be handy to pay off now that I dont have the money to do so. These debts have been really holding my savings plan back and I'm about 3 months behind where I wanted to be. Should I draw the equity out, park it in my offset, pay off the around $5000 in high interest debts with the equity and then keep it in the offset until I'm ready to purchase IP # 2?
Or should I just hang in there, pay off the debts over the next 2/3 months with my wage and then pull out the equity?
Thanks for your help!
I'm looking to buy IP # 2 in the next 2 - 4 months time. I'm getting IP # 1 valued next week to guage how much equity I have that I can access. My loans for $307,000 and I believe the IP has a value of around $430,000 giving me around $40,000 equity if I want to push it back up to 80%.
I have a credit card debt of around $4000 from a bthroom reno and a few other things that would be handy to pay off now that I dont have the money to do so. These debts have been really holding my savings plan back and I'm about 3 months behind where I wanted to be. Should I draw the equity out, park it in my offset, pay off the around $5000 in high interest debts with the equity and then keep it in the offset until I'm ready to purchase IP # 2?
Or should I just hang in there, pay off the debts over the next 2/3 months with my wage and then pull out the equity?
Thanks for your help!