I have just realised that over the coming month i will have a sum of $20,000 sitting around, and i am thinking on what i should do with it. was just wondering what you all would do with a sum of that amount if you were presented with it today.
Thanks for your reply’s.
Regards Nathan Birch.Depends on your situation.
I would put it into my home loan, if I had one. Or a 100% offset account. dpending on what sort of properties you are after, it is probably not enough for a deposit.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
A good piece of advice I received was when you come across a sudden windfall, pay off debt or do something financially responsible with it, and then forget the money ever existed. I suppose the misery of not squandering it is more than made up over time by giving your finances an extra boost for the long term.
Or if you dont want to do that, give it to me and when I’m done, I’ll tell you what I spent it on.[biggrin]
Hope this helps…G7
Agree, Put in my PPOR home loan (if you have one) or offset account as long as you aren’t the type to be tempted to spend on consumer stuff. If no home loan, keep money accessible ready to go towards next investment property you find that is worth investing in. This could be high interest bearing bank account or share market depending on your risk profile and knowledge of share market.
Cheers
Have_FunThanks for your replys,
No i dont have a PPOR loan. i live at home still. I am 19, (20 in 4 weeks)have a IP P&I loan of $225,000. I have very strong disipline with saving and speding, so never consumer goods. I just dont wanna put on loan coz then wont be -ve geard that much. im more inclined on purchasing another property. But just thought id ask what people thoughts are.
I just wanna buy another IP but dun think $20K is enough to get me in2 1.If you have been paying a P&I loan on investment #1 then you may have built up some equity. Refinancing with interest only may give you enough to add to your $20k to go for property #2.
You would need to do more number crunching to see if this is viable.
Good luck.
A
In that case, put it in an offset account against your exsting loan. Keep saving to add to the deposit on your next one. Maybe you can increase the existing loan to access equity to get the deposit faster.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Guys I did a deal for someone not so long ago for a 1 bedroom unit in Cairns for $80k getting $120/wk owner renting back.
That means $16k deposit and $4k for costs. $20k is plenty as long as the investment suits.
Another was a house in Tassie for $102k for a young lady with a $150-160 return settling soon. That is just over $20k deposit and all you need to find are costs. So all of you ney sayers, maybe you need to have an open mind about what options there are out there.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!i’d use it for a deposit for another property and definately put it in a offset account while looking for another property as Terry suggested.
Good luck and good on you for being in such a financial position at your age.collie
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