Working in Mining? Just bought your first house? Here’s what to do next…
So, you’ve bought your first home – good for you. You’ve joined the millions of Australians who now only watch the news in the evening on the first Tuesday of each month to see if they can still buy their daily coffee.
The reality of the situation is that your first home purchase is not likely to be your first, nor is it going to give you the ability to retire early/ send your children to private school or replace your regular wage, however it is a great starting point and gives you the ability to accelerate your wealth and achieve these goals.
Like our parents before us, many of us once we have a mortgage simply go to work, pay the loan and try and save enough for an annual oversea holiday. However, it doesn’t have to be this hard it just needs to be thought about differently. But firstly, we need to understand a few things:
Debts: Deductible v non-deductible debts.
Gearing: Negative v Positive gearing.
Leverage: How to use equity in your existing property to buy more assets.
At the end of the day, the aim of the game is to get an many assets a possibly under our control that it can provide you options and ultimately create additional income that can be used to pay down your owner-occupied residence and retire.
Important:
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Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the licensee or any of the Infinity group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the product disclosure statement (pds) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue.
