Looking to buy another property..

Discussion in 'Investment Strategy' started by Petero, 18th Jan, 2020.

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  1. Petero

    Petero Member

    Joined:
    5th Oct, 2018
    Posts:
    17
    Location:
    Brisbane North
    I’m looking to buy another property somewhere in the neighbourhood of 500k. I currently live in a property I own worth about 310k in North Brisbane. I owe about 220k on it but I have 190k in the offset account. The home loan has recently come off its fixed term and the variable interest rate is 3.5% with CommBank. I have another IP loan (305k) with CommBank coming off it’s fixed rate later this year. I also have 3 other IP loans with Suncorp I put them on a fixed term for 5 years. The loans with Suncorp total about 700k while the properties are worth about 1.1M.

    I’m looking for some advice in regard to the best process going forward to buy a more expensive/nicer property for me to live in than my current place. However I may stay where I am and the 6th property I buy could just become another investment property.

    Is the best strategy to pay the home loan down or use the money (in the offset account) in a more effective way to buy the next property? Happy to give more information if required.

    Just looking for HELPFUL advice thanks, which could become professional advice if required.

    Thank you.

    Peter