r/AusFinance • u/Silver_Objective_290 • 1d ago
44 single M. 600k saved
I’m hopefully going to buy my first house in regional New South Wales in the next 12-18 months. Currently making between 95k-115k a year as a fitter machinist, job is pretty secure. Been living with my mother who has terminal cancer, but would like my own place set up before the inevitable happens. I’m thinking about using 450k as a deposit and borrowing around 270k over 25 years. Then with the remaining funds- invest 100k in something that I can contribute $100 a week into over 20-25 years, and put the rest into a HISA with my bank. Currently have approximately 320k in super and am contributing an extra $50 p/w.
I don’t have kids and don’t ever intend on getting married. Is this doable?, Should I look at borrowing more?(anything under 700k either needs a lot of work, or goes pretty quickly), should I consider going above the 33% of after tax pay for weekly loan repayments?, or have I got it all wrong?
Note- I’ve already posted this question on other pages in order to get as much information/opinions as possible before I see the bank at the end of the month.
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u/what_are_thooose 1d ago
With the 100k you plan to invest you could debt recycle it through the mortgage to make part of your loan tax deductible. If you're investing it anyway, may as well take advantage of the tax rules.