Okay, sorry. I'm new at this so not sure what I'm doing!
I have no savings.
75,000 in super (retirement fund)
530,000 equity in my home
I own my car
Income 42,000 after tax
My mortgage is at $220,000 at 5% about %592 a fortnight.
If I go ahead with the new build my loans will add up to $570,000, repayments at about $700.00 a week, but I will get about $300 - 350 a week rent for the new house.
Am I missing anything?
Thanks!