You don't have credit card details available. You will be redirected to update payment method page. Click OK to continue.
Where to put the money!
I expect to inherit around $500k in a few months, possibly a further $1m if we sell the inherited property. I’m 54, my wife is 52. I have $730k in super, she has $189k. Both industry funds. My contributions are the max $35k per annum, and I switch them to the wife’s account each year to try and even up the balances.
We have a mortgage of around $200k , owner occupied, and an interest only investment loan of $450k on a house of the same value. We are tossing up whether to buy a holiday home on the south coast to benefit the kids now, and possibly retire to later, or use the bring forward rule to put the maximum in super.
Can you help?
A: Financially, you are likely to be better paying off your owner occupied home mortgage, and then putting the balance into super. In regards to the latter, you would ideally put up to the maximum ($540,000 using the bring forward rule) into your wife’s super first.
I really can’t comment on the alternative of buying a holiday home on the south coast. Obviously, the attraction of this option includes some non-financial reasons which I can’t value.
Hope this helps.
