Hi everyone,
I'm trying to fine tune my investment plan and need help with some of my questions that stay unanswered even after some research:
- I want to start building a cash amount against one investment property I have for security. According to my research, That gives me two choices:
Start building a savings account on the side. That would be at 3.50% (before tax). Not sure if this is the best way..
Or put the extra savings against the off set account. But that would reduce my tax return - It s negatively geared of course
How do you guys do this usually?
It s an investment property currently valued at $520 - $550 on which I have $500k of loan, 100% variable. $455 rent per week. High strata.
- My second question: Where do you guys invest into foreign bank accounts? I'm not looking at tax fraud, I'm really looking at a bank, in a stable environment, that will provide some sort of return, which will help me diversify against being dependent only in one country.
In details, my plan is:
- Building a stash account at $50k sitting on it permanently - I have $14k to date and put around $6-7k every months on it. Should be done by the end of the year.
- When the stash is built, I will:
Open an investment account (investment bond) and will put automatically $1k on it every month
Open LICs and put around $2k a month on it every months. Automated Revinvestment option.
Open some sort of account (or use the offset) to start reimbursing my investment property as per above - $2k a month
Start diversifying regionally by buying RE in Europe (where I come from) - Target is pos gearing with little money upfront
Put some cash overseas as per my question above - Where, when, how much, details on how to transfer, TBC...