First IP loan structure?

Hi All,



I am looking at investing in property for the long term to help my 2 children (2 and newborn on way) and my wife and i financialy stable when heading into retirement by 50 would be nice!( we are 33)



We currently own our own home with a value of around 400-430k (200-240k equity)



My wife will be on maternity leave in 5 months and i dare say wont work next year. Im on 85k per year in a stable job for 7+ years.



Firstly advice on loan structure would be good. I have seen numerous brokers with all different advice.



Equity: $240k

Purchase/loan price: $650k ( now looking at 1st Ip around 400k now) to reduce risk.



1. Use 340k from equity, split over 80% lvr with 1/2 deposit and 1/2 offset account. Loan is for 520k

2. No offset account, equity in home and loan for 520k (80% LVR)

3.90% LVR, LMI and loan of 585k



I know ive prob left info out, just let me know...



I am also deciding best place to invest? Suggestions from buyers agents are Bris and Newcastle and 1 property soon around 300-400k, 2nd IP in 6-12 months around 500k+



Thanks for your advice

Jack

First IP loan structure?