Was wandering today.
Where is a good location for $70,000 cash to be invested for Interest over the short term!?
An offset account against your loan on the main residence perhaps>
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If Westpac let that what Rate would they provide? I guess yr saying this because there is also some benefit to the mortgage amount payable weekly. This amount is close to three times what's owing. I just paid down a 32,000 lump payment on that.
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An offset isn't exactly like a term deposit where pays you interest, it is an account that saves you interest tax free at the same rate as the home loan account.
More beneficial than a term deposit, thats for sure though.
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I have got a $56,000 dollar odd investment property loan which i am still not sure if it would sell for a $20,000 profit or i would work on paying it down as quickly as i can to keep it as a long term rental. Capital gain is going to be unheard of in this Country house in the next three to five years though. Or would bringing this NAB loan over to combine it with Westpac and attaching an offset account be a goer?
I just need time to breathe and think about where the spending is going in the next three to six months.
One constant i will be doing is continuing saving, paying down debt and have enough accessable for buying in to something to invest!