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Interest only loan - what to do with extra rent?

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Dennis | 13 Nov 2013, 09:38 AM Agree 0
Hello, I'm a late starter.
Recently bought an investment property (house) in a regional area for $240,000 and renting it out for $290/wk. This is my only property and I don't own the unit I currently live in (rental).

The interest only mortgage repayments for the house are only <>$220/wk at the moment.
Extra <>$70 rent (and savings) is currently sitting in an offset account.

Should I pay more (than the interest only amount) into the actual loan account?
I can't imagine the house going up much in the short term as it's a regional area, but I would like to pay it off sooner rather than never.

Will I get hit with more tax at the end of the year if the rent is making money compared to the interest only payment?

Looking to buy another cheap investment property (house) in the future, but still learning.
Any comments or advice appreciated.
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