Hi,
Investment properties really interest me. I’m just getting started. I have bought the book “from 0 to 130 properties in 3.5 years”, I have begun to look at properties and seeing what the market actually looks like. I just have a small problem that I’m not sure what to do. I have credit cards plus other small debts. Would it be advisable to roll those debts over onto a housing loan to prevent myself from paying too much in interest? Or should I pay off the credit cards first? By paying the minimum amount due on the cards, and start saving money for a deposit. If so, if I bought a property now, would it also be advisable due to constant rumours of housing interest rates rising? Or should I wait and monitor the varience as I am new the the game. I know that it is a hard thing to have an answer for, but I thought I would ask.
cheers,
Jeff[
]I can’t make a call on what the market is doing.
However as most lenders want you to demonstrate a 5% deposit that has been saved over a 6 month period I would consider paying the minimum off your debts and saving a deposit.
I do have lenders that aren’t so fussy oin this requirement so it isn’t absolute.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
[
]hi
i would be consolidating, but not necessarily rolling everything into my housing loan. pay off you credit card/other debts as quickly as you can and then start your saving.
examine your lifestyle. where can you cut back? write down ALL your expenditure for a month and see what you do. it can be scary where the money goes!
look before you leap
[8D]Jeff
I would recommend John Burley’s Money Secrets of the Rich. He outlines a way to pay off all debt that I have found quite useful, and it does not involve consolidating.
Cheers
Mel
]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
