Looking to buy another property..

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

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  1. Petero

    Petero Member

    5th Oct, 2018
    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.