Hi everyone,
Thank you in advance with help.
My story is:
I have:
2 Bedroom Unit in Emerald QLD - PPOR ( Loan P+I @185K owning $185K) never valued but is around $310K
New house in Narangba QLD 4/2/2 ( Loan IO @ 447K) Split $400K 3 year fixed and $47 K variable. Never valued. Tenants paying $410
We are moving to Mackay next year and Emerald will become IP. Tenants ready to pay $500/week.
Both places are cross-colateralised with NAB and have Offset accounts attached.
The problem is that Emerald unit is Positively geared when Brisbane is negatively geared. I am not sure what to do ! I need strategy !
I am on $100K + so Negative gearing strategy make sence but I am not big fan of it.
We realy need a car in Mackay so my idea is to get equity from Emerald unit and buy a car and max loan to $240 K and make it IO so it is slightly Positively geared but I am not sure will ATO like this.
I know it's sounds like bad idea to get car in this waybut when I can buy outright but I have $40K in offset account that I want to use as deposit for new PPOR in Mackay with different lender.
I am open to any ideas because I stuck atm
Thank you
Thank you in advance with help.
My story is:
I have:
2 Bedroom Unit in Emerald QLD - PPOR ( Loan P+I @185K owning $185K) never valued but is around $310K
New house in Narangba QLD 4/2/2 ( Loan IO @ 447K) Split $400K 3 year fixed and $47 K variable. Never valued. Tenants paying $410
We are moving to Mackay next year and Emerald will become IP. Tenants ready to pay $500/week.
Both places are cross-colateralised with NAB and have Offset accounts attached.
The problem is that Emerald unit is Positively geared when Brisbane is negatively geared. I am not sure what to do ! I need strategy !
I am on $100K + so Negative gearing strategy make sence but I am not big fan of it.
We realy need a car in Mackay so my idea is to get equity from Emerald unit and buy a car and max loan to $240 K and make it IO so it is slightly Positively geared but I am not sure will ATO like this.
I know it's sounds like bad idea to get car in this waybut when I can buy outright but I have $40K in offset account that I want to use as deposit for new PPOR in Mackay with different lender.
I am open to any ideas because I stuck atm
Thank you
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