As an investment I personally would buy now and go for a Rocket Repay or similar (we have one with Westpac) where you can pay in as much as you like and redraw as much as you like as well (is o***et too so anything in the current account also o***ets the interest). The market may have stalled a little for a bit, but if you have a 10% deposit then mortgage insurance is only about 1% so in my opinion you are likely to recoup that amount quicker than takes savings to get to 20%. Being o***hore your situation might be different but you pay tax on savings in a high interest account, but by using that money to pay off a mortgage then you are making an investment but not paying any extra tax.

E.g. Everytime I think about putting any money into a high interest account, I do the sums and is actually far better for it to be working for us against my mortgage

If you can get 6.5% in a high interest account for example - and have 10,000 dollars then you would have after a year 10650, so 650 in interest less tax. If you have a mortgage say of 300000 at an interest rate of 7% having that 10000 against your mortgage for a year will save you 700 in interest and there is no tax to pay (and if you have something like the rocket repay can access the money whenever). Of course this depends on the interest rates you can get on the high interest account and the mortgage but it seems very rare that you can find a product which will actually earn you more than you would save on a mortgage.


I would speak to a financial advisor because I think because you are o***hore there might be some things that are much better to do than others (may also affect the type of mortgages you can get your hands on) - and sounds like you have a great opportunity to get ahead. E.g. you can make tax savings if you buy a property and rent it out and then later want to move into it - by doing all the work on it before you become the owner - occupier.