Surprise addition to the family
My husband and I are 30 years old and have had a busy few years. After a strenuous journey of IVF we welcomed our beautiful baby boy in February last year. We later purchased a townhouse in Brisbane, for which we were lucky to have the support of my parents as guarantors.
We considered the townhouse ideal, as it was strongly indicated to us that we would not be able to have any more children. However, in November last year, we were quite shocked to learn I had fallen pregnant and am due to give birth to a baby girl in six weeks (late June). Although Covid-19 has been a testing time for our community and country, my husband and I have been secure (and very busy) in our jobs as police officers.
Before we were married, I purchased a small investment property on the Sunshine Coast. Given the unexpected expansion of our family, we decided to sell this property only weeks before the pandemic hit Australian shores, in the hope of purchasing a larger family home.
This has left us with a profit of about $110,000. We are now unsure how to proceed in securing a suitable family home while also responsibly managing our existing home loan, and the $60,000 guarantor loan from my parents.
Ideally, we would keep the townhouse as it is dual living, and yielded about $810 a week in rent prior to us taking ownership. This would cover our repayments and more. Should we keep the proceeds from the sale in our offset to the main home loan, and keep saving for a larger deposit or should we clear the guarantor loan from my parents? We are also unsure of what to do in the current state of the property market.