Buy or Rent (Owner Occupier with $300K Offset)
We are a family of four and need to move to a different suburb due to Kids schooling. We own the property we live currently with the loan balance of about $325K and we have $300K in the offset account. We do not want to sell this property now.
We have three options in the new suburb where we move.
Buy a 3BR House little further away from schools and shops. We might be able to get another loan towards this property. Due to personal situations, this is the least preferred option. We will be able to move to a house in two years time once the kids grow up.
Buy a 3BR Townhouse closer to schools and shops. We found that the price difference between Townhouse and Houses in the suburb is not much. Which makes investing in a townhouse at this stage, not a good option.
Rent a 3BR Townhouse/Unit. While we prefer this option in the short term, the monetary loss of moving the amount from Offset into a Term Deposit is considerable (we do not want to keep the balance of $300K in the offset once we make the unit as a rental. Wife is currently not working and hence will be able to have this amount/interest within the taxable threshold.
We incline towards (3) though in the two years, we will need to have some loss on the offset balance.
We understand the forum is not the place for financial advice and that we will be suggested options such as Bitcoin etc which we are least interested. Thanks.
17Buy a House
1Buy a Townhouse