I am looking at a career change. Maybe. My super is currently worth approx 80k which will be paid out if I leave my current job. The super is only earning 3% at the moment so not really going anywhere. However, the amount my employer is contributing is nothing to sneeze at..
We (partner and I ) have just purchased our second house, this will be our PPOR and the old house will be rented out...We have been advised to sell the rental to a LAQC as the originaly purpose of the mortage was for a PPOR therefore preventing us from claiming tax on the interest of the mortgage.
We both have VERY secure jobs right now with income to be reasonably proud of for a young couple, but I am looking at maybe something new which will give me access to the super and hopefully more job satisfaction and better pay.
Both properties are 100% financed and the old place is no longer worth what we paid for it due to the market drop. Selling now is not an option.
It will be rented at $300pw but the mortgage is 260k. I will be painting inside and out at the end of the year and adding an outdoor living area (concrete pad) to hopefully gain extra rent.
1. If I leave and get the pay out, what is the best way to make that money work for us?
2. Should I stay and continue paying into the super with my employer contributing the current large amount that it is and just grit my teth for a couple more years?
As we are new to the property scene our knowledge is very limited. Any advice would be much appreciated.
We (partner and I ) have just purchased our second house, this will be our PPOR and the old house will be rented out...We have been advised to sell the rental to a LAQC as the originaly purpose of the mortage was for a PPOR therefore preventing us from claiming tax on the interest of the mortgage.
We both have VERY secure jobs right now with income to be reasonably proud of for a young couple, but I am looking at maybe something new which will give me access to the super and hopefully more job satisfaction and better pay.
Both properties are 100% financed and the old place is no longer worth what we paid for it due to the market drop. Selling now is not an option.
It will be rented at $300pw but the mortgage is 260k. I will be painting inside and out at the end of the year and adding an outdoor living area (concrete pad) to hopefully gain extra rent.
1. If I leave and get the pay out, what is the best way to make that money work for us?
2. Should I stay and continue paying into the super with my employer contributing the current large amount that it is and just grit my teth for a couple more years?
As we are new to the property scene our knowledge is very limited. Any advice would be much appreciated.
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