Hi everyone,
I did a search on the forum and couldn’t find anything but if this has been answered before let me know. And I do know it’s a matter of opinion, but basically trying to work out what is the best for me out of putting extra money into superannuation or investments out of super or extra on mortgage.
I am 29 years old, single and last financial year I earned a little over $125,000 from regular income and rent from an investment property
Currently each month I put an extra
• $750 into super (my compulsory super each month is $872.21, the $750 is on top of that)
• $966 into shares outside of super ($466 into company share scheme, which is the max I can do, and $500 into other account)
• $615 extra onto my mortgage
Current financial position
• Superannuation - $100600
• Investments outside of super - $30082
• Mortgage - $242300 owing with a variable interest rate of 3.94%
• I also own an investment property (mortgage $411700, 4.18% interest), which I currently pay the minimum on and there is no real incentive to pay more on to this due to tax incentives ect.
No other debt.
I am currently thinking I should stop making extra contributions into my super and instead try to pay as much off my mortgage while interest rates are low, as they will go up over the course of the loan (Australian mortgages work different to USA ones from what I can gather as our interest rate is not fixed)
Or maybe put more into investments outside of superannuation. I am kinda confused as there seems to be a lot of conflicting advice, and I know I will get a lot of different opinions on here, but maybe something will help me make up my mind.
If you need any more info please let me know
thanks in advance