I will explain my situation and I would like some advice or recommendation on which way i should go.
Last year i bought my first property that i am currenly living in. Although i could have paid a larger deposit, i decided to keep some money for later use. I put this money in an offset account for future use.
I have been living in this property for exactly 1 year, I dont have any equity in it, however all the money that i didnt put on the mortgage is sitting in an offset account .
This is my question, what should I do with the money that is sitting in the offset account? should I buy a new property with this money and negatively gear it
Or should I invest this in stocks keeping in mind that i am a complete NOOB lol but I am learning
I have learned from this form that you should have a plan, well my investment plan is long term wealth grouth/creation as opposed to income. however i am also on a high taxation rate so lowering that is also a priority.
I am leaning towards property just because it is a bit simpler for me to understand and execute. it will also help me claim some of my tax back. However there is no reason why i cant do both. Also if it was property when would be a good time to buy? now or wait till end of year as property prices might go down after the expected interest rate rise in Nov.
Any advice or recommendation or comments will be appreciated