Saving up for deposit

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

Jprop
Participant
@essenceofjad
Join Date: 2016
Post Count: 18
April 19, 2016 - 3:59 pm
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
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
April 19, 2016 - 7:34 pm
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]
Benny
Moderator
@benny
Join Date: 2002
Post Count: 1,416
April 19, 2016 - 8:45 pm
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
TheNewGuy
Participant
@thenewguy
Join Date: 2014
Post Count: 151
April 19, 2016 - 9:53 pm
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?
Jprop
Participant
@essenceofjad
Join Date: 2016
Post Count: 18
April 20, 2016 - 9:18 am
Thanks guys for the advice. @jamie-m, i will contact you regarding this if that’s ok.
Thanks,
JP
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
April 20, 2016 - 9:21 am
Jprop wrote:
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]