Jump to content
Sign in to follow this  
2_little_boys

Advice needed (Managing Money forum)

Recommended Posts

2_little_boys
Posted (edited)

Sadly my last parent passed away recently.

Once all is said and done we will inherit around $35k.

$15k will go towards debt we have.  We have a uBank account that we deposit into every week for a savings buffer (currently only at $2500 after a bathroom reno).

But I'm sure there are better options for the money.  My only issue is I don't want it locked in somewhere and really do not want shares.

Money gurus - What would be our best option?

Thanks

ETA - we do have a mortgage and I'm guessing putting it there would be the best but I need to check to see that we can access it if/when we need to

Edited by 2_little_boys
added detail

Share this post


Link to post
Share on other sites
Murderino

If you have a mortgage I would absolutely sit on the mortgage either in offset (or redraw if you can access it when you need it).

If you actually want to invest it then I would find a fee for service financial advisor for advise in investments with a good return.

  • Like 1

Share this post


Link to post
Share on other sites
laridae

Yes, either having it offset or in redraw on your mortgage is the best option. You save interest on your mortgage and going to be a higher rate than any high interest savings account you can find. Plus you don't earn interest so won't need to pay tax on interest.

 

  • Like 2

Share this post


Link to post
Share on other sites
~*~blizzy~*~

Not all banks offer redraw or offset, especially if you have taken advantage of the great fixed rates at the moment, and some banks even charge for a Redraw on a variable 🤬
 

if you don’t have the option of redraw Or variable savings account may be the safest option with very minimal return as interest rates so low. 

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

Announcements

×
×
  • Create New...