Looking to buy a PPOR (Melb) and living in it 6 months to a year to make use of the FHOG.
my current situation
Salary (net) - $3920 p/m
Car Hire purchase Lease - $600 p/m (2.5 yrs left - $17k payout option now)
Personal Loan - $440 p/m ($20k left)
Savings - $8k
Credit card - none
With the above figures I have an estimated 200k available to me.
Option 1 -Now if I choose to consolidate the car lease into my personal loan ($720 p/m) this changes my estimated borrowing power to $235k
Option 2 -Or if I payout the car over the next year or so I'll have $260k available.
I'm itching to move outta home so option 1 is real tempting..
Would love some opinions
my current situation
Salary (net) - $3920 p/m
Car Hire purchase Lease - $600 p/m (2.5 yrs left - $17k payout option now)
Personal Loan - $440 p/m ($20k left)
Savings - $8k
Credit card - none
With the above figures I have an estimated 200k available to me.
Option 1 -Now if I choose to consolidate the car lease into my personal loan ($720 p/m) this changes my estimated borrowing power to $235k
Option 2 -Or if I payout the car over the next year or so I'll have $260k available.
I'm itching to move outta home so option 1 is real tempting..
Would love some opinions