All Topics / General Property / $70,000.00 Cash to Invest?

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  • Profile photo of Daniel CameronDaniel Cameron
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    @daniel-cameron
    Join Date: 2010
    Post Count: 46

    Was wandering today.

    Where is a good location for $70,000 cash to be invested for Interest over the short term!?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    An offset account against your loan on the main residence perhaps>

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Daniel CameronDaniel Cameron
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    @daniel-cameron
    Join Date: 2010
    Post Count: 46

    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. 

    Profile photo of PLCPLC
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    @plc
    Join Date: 2012
    Post Count: 400

    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.

    PLC | Phoenix Loan Consulting
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    Melbourne based Mortgage Broker | Making Finance Simple

    Profile photo of Daniel CameronDaniel Cameron
    Participant
    @daniel-cameron
    Join Date: 2010
    Post Count: 46

    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!

Viewing 5 posts - 1 through 5 (of 5 total)

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