I'm 24 and recently purchased a property. I'm wondering whether or not I should keep my investment account open or focus solely on bringing down my mortgage.
I have been investing with Raiz (I think in other places it's called Acorns) for just over 2 years now. I currently have around $7k in the app (5.7k invested, 1.3k returns). At the moment I invest $50 every week.
Last year in March I purchased my first home. I took out a mortgage of 425k for the house at 2.81% interest over 30 years. My minimum repayments are $440 a week. I am currently renting it out for roughly ~1.7k a month ($430 a week less agent costs, etc).
My job currently pays $4.9k a month after tax, 60% of which immediately goes to the home loan (in an offset account). On top of that, any time I have leftover cash from not spending my wages, it goes into the home loan.
I have no other loans apart from a HECS debt with the government (which has only $7k remaining in it, and should be paid off by EOFY).
I don't know whether or not I should move all of my raiz money into my home loan and smash that out as fast as possible, or if the potential returns from the raiz account would offset the interest payments from the mortgage.
Any insight on what to do (or calculations/research to make a conclusion) would be greatly appreciated. Thanks :)