Hi Everyone
I have finally purchased a block of land for my PPOR. I'm taking out a loan for the land and a construction loan for the new build. I currently have an investment property also. Please see below for all my current financials
IP bought in 2009 for $452,000 we currently owe $140,000 to the bank
currently returns approx $360 per week back to us. Currently pay back to the bank $780 a week ( I know way overpaying )
New land purchased today $165,000 new loan owe the full amount
Construction loan the build starts in April next year and estimated finish is October next year approx $285,000
I also have $30K sitting in my savings account doing didly squat
Going forward what is my best option now home loan is through commonwealth and I think the mortgage advisor said go for the wealth package. How should I distribute my money to each loan.
I have finally purchased a block of land for my PPOR. I'm taking out a loan for the land and a construction loan for the new build. I currently have an investment property also. Please see below for all my current financials
IP bought in 2009 for $452,000 we currently owe $140,000 to the bank
currently returns approx $360 per week back to us. Currently pay back to the bank $780 a week ( I know way overpaying )
New land purchased today $165,000 new loan owe the full amount
Construction loan the build starts in April next year and estimated finish is October next year approx $285,000
I also have $30K sitting in my savings account doing didly squat
Going forward what is my best option now home loan is through commonwealth and I think the mortgage advisor said go for the wealth package. How should I distribute my money to each loan.