All Topics / Help Needed! / Saving up for deposit

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of JpropJprop
    Participant
    @essenceofjad
    Join Date: 2016
    Post Count: 18

    Hi All,

    Just looking for advice for saving up for deposit on an IP. I have money saved that in the that i can use for a deposit to invest. Now, i also have a car loan which i could pay off but most of my savings will be gone if i do this option. I will need to save up again for the deposit (Takes longer to purchase). I’ve been searching for IP’s and found one that i’m interested in. I wanted to see what you would do and maybe offer some advice. Would you pay off the car loan and delay buying the IP or use savings to invest?

    Thanks in advance for your advice.

    JP

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi JP

    If you’re disciplined with money – and can afford the IP debt and personal loan – I’d consider purchasing the IP.

    Perhaps have a decent broker assess your borrowing capacity.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi JP,
    I agree with JamieM. Take it to a Broker (JamieM is a good one) and they can look at your Wage, debts, equity, savings, etc and can make recommendations re “which bank” to go with for best effect.

    Who knows – maybe your MB can steer you toward a loan that has you buy a positive geared property that throws off cash that can be used to pay down the car loan. Lots of ways to cut it, depending…. ;)

    Benny

    Profile photo of TheNewGuyTheNewGuy
    Participant
    @thenewguy
    Join Date: 2014
    Post Count: 151

    If you can service both then there is a benefit in keeping the car loan. Do you have any property with capital to help the deposit?

    Profile photo of JpropJprop
    Participant
    @essenceofjad
    Join Date: 2016
    Post Count: 18

    Thanks guys for the advice. @jamie-m, i will contact you regarding this if that’s ok.

    Thanks,
    JP

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Thanks guys for the advice. @jamie-m, i will contact you regarding this if that’s ok.Thanks,JP

    Of course.

    There’s a fact find on my website – if you fill that in and email it over – I’ll have a look at it for you.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 6 posts - 1 through 6 (of 6 total)

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