Thoughts on my situation please.

I own a unit in Adelaide purchased for 225K + stamp and other charges. I still owe $200 k now approx valued at $242 in core logic, rented at around $250/week. Interest only at 4.77% p.a. No offset only redraw.


I have another 15k plus my wife has another $15k sitting in our bank account obtaining at approx >1$/k bank interest.


Although no much capital gains The property itself is not costing me anything to hold on to so am not wanting to sell it rather happy to play the waiting game and wait for the time to heal it.


Mean time until I save a solid 15-20% on top of what we have now for a decent next property. Would it be wise to try and see if any bank will lend under 80% IO loan with an offset account and better interest rate? Which could potentially save around $ 1-2 or grand a year.


Please note I was already dealing with a well known broker here but I feel like I am wasting his time with out moving forward much as I initially thought I would. So I am asking for your opinions before I go and bother him again. Thanks All in advance!!

 

It's in the brokers interest to help you get more loans. I'd just go ask them directly as they know r full circumstances

 

You are never wasting someone's time asking questions.

Regardless of what you do - get offsets for each loan. You have spare cash right now and that will do better in an offset than in a cash account.