Age | 38 |
Spouse (wife) | 39 |
. | |
Gross income | 80,000 PAYE |
Gross income of spouse | 60,000 PAYE |
Type of employment | IT Manager |
. | |
Monthly take-home pay | 7800 (combined) |
Monthly outgoings | 6000 month including childcare, rent, petrol, car insurance etc. This is higher than we'd like. |
Monthly Rent | 1,200 |
. | |
Saving per month | 1,400 |
Savings | 204,734 (130,000 of which is in Australia) |
. | |
Investment Property | Yes |
Value of house | 220,000 (3 bed detached) |
Amount outstanding on your mortgage | 150,000 25 years remaining |
What interest rate are you paying? | 2.6 fixed 4 years |
Rental income covering the mortgage. | |
. | |
Other borrowings | None |
. | |
Pension | |
Me | 25,000 |
Spouse | 23,000 |
Superannuation (Australia) | 110,000 (both) |
. | |
Ages of children: | 3 children 4 years, 2 years, 4 months. |
. | |
Life insurance: | No. Looking at options at the moment |
Questions
We believe we should keep the mortgage on the rental property as is, and just continue to pay that, and we dont intend to sell, but not opposed.
We would like to setup a home so planning on purchasing a house to live in long term. Costing roughly 500,000, so would mean a 400,000 mortgage.
We are also planning on putting regular savings into a savings/investment scheme for kids education fund, e.g Irish Life's Pinnacle.
What would you recommend we do with our 200,000 savings?
We're conscious that our savings is just sitting there, and over 1/2 still in Australia.
Some options include:
* Put savings towards new house (home)
* Purchasing an additional investment apartment use 75k savings and get mortgage for the rest. This would be in addition to a new house for us to live in.
* Leave as a rainy day fund. Looking at 25k for this?
* Other options
Thanks in advance.
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