Hi,
I'm an accidental landlord/investor. Bought a house in AKL, got offered job in Wellington 2 days later, then moved down here and really liking it. I set up the house as an LAQC and currently on 5.95% 1-year fixed, interest rate only loan. Currently renting a very nice apartment in Wellington.
By the end of the year, I'm hoping to have saved about $40,000. I was originally planning to save so that I can buy a house in Wellington or wherever I end up in about 2 years' time. But I'm thinking, if they remove depreciation, wouldn't I be better off paying off the mortgage then once the property becomes cash-flow neutral, switching it to Family Trust?
Your thoughts appreciated.
I'm an accidental landlord/investor. Bought a house in AKL, got offered job in Wellington 2 days later, then moved down here and really liking it. I set up the house as an LAQC and currently on 5.95% 1-year fixed, interest rate only loan. Currently renting a very nice apartment in Wellington.
By the end of the year, I'm hoping to have saved about $40,000. I was originally planning to save so that I can buy a house in Wellington or wherever I end up in about 2 years' time. But I'm thinking, if they remove depreciation, wouldn't I be better off paying off the mortgage then once the property becomes cash-flow neutral, switching it to Family Trust?
Your thoughts appreciated.
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