I’m a 23 year old Occupational Therapist in Australia. I have $150,000 in savings, $35,000 in superannuation and a $13,500 car which I paid for in cash. My only debt is a HELP loan (student loan) of $21,000 which will be paid over the next two years interest free.
I currently max out my super contributions ($25,000 per year) - which includes 9.5% my employer contributes.
Last year my salary was $150,000 however I am predicted to earn $125,000 for this financial year.
I was looking at buying a home and putting a 20% deposit down and the rest of my savings in an offset account, but there are no tax advantages to this. I don’t have anything to claim and really need to set something up. Would I be smarter to buy an investment property and rent myself?
I’m open to other tax efficiency ideas as well.
Thanks
Jake