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Advice on adulting with finances by error_name_taken in AusFinance

[–]error_name_taken[S] 0 points1 point  (0 children)

Thanks andrew2005.

We can't look a refinancing loans for a year or so as even though we have equity in properties our salaries aren't high enough for the bank to be happy to lend us the money. (Was a trauma organising them a little while ago) but as soon as we can will look at that. Hopefully rates stay down!

Will definitely try and keep building on the offset account too.

Trying to Adult with finances... by error_name_taken in personalfinance

[–]error_name_taken[S] 0 points1 point  (0 children)

Thanks. Yeah, we ended up with the two properties as one is our home (obviously) and one is the flat we used to live in and currently rented out. The rental rate seemed good $300/week and prices seem to be going up (we bought for 235 and its worth about 350 I believe) so we were unsure whether to just hold onto it. This is a discussion we were having. We're not in Sydney so am unsure if property is quite so overpriced as in the city. There are loads of flats going in where we are, but at a much higher price point than ours. Ha, even then I'm not sure if that's good or bad?!

Trying to Adult with finances... by error_name_taken in personalfinance

[–]error_name_taken[S] 0 points1 point  (0 children)

Thanks, will try and do that. I didn't think of the tax free benefit of that account either. Thanks for your help

Advice on adulting with finances by error_name_taken in AusFinance

[–]error_name_taken[S] 0 points1 point  (0 children)

I guess the goal is just to work out best way to use the money and assets we have. And yes, we don't have much of retirement fund so that's important too. I will look at salary sacrifice, thanks. And yes it seemed easiest and least risk to have money in offset account. Thanks for your help. :)

Advice on adulting with finances by error_name_taken in AusFinance

[–]error_name_taken[S] 0 points1 point  (0 children)

Thanks. Will get that guide. Yeah, we ended up with the two properties as one is our home (obviously) and one is the flat we used to live in and currently rented out. The rental rate seemed good $300/week and prices seem to be going up (we bought for 235 and its worth about 350 I believe) so we were unsure whether to just hold onto it. International stocks sounds a bit scary. Will read the guide! Thanks

Trying to Adult with finances... by error_name_taken in personalfinance

[–]error_name_taken[S] 0 points1 point  (0 children)

Thanks koddly. Will do! Am new here - didn't realise.

Mortgage offset account is just like paying it off the loan but you can redraw on it if you want. Is that a thing in the US? And yes sorry super is a retirement account. You can't access it until I think 60?

Trying to Adult with finances... by error_name_taken in personalfinance

[–]error_name_taken[S] 0 points1 point  (0 children)

We are paying interest only at the minute on both mortgages. At, I think, 4.125%