I need your opinions on my debt and best path to becoming debt free quickly and putting some money together for a house deposit.

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I need your opinions on my debt and best path to becoming debt free quickly and putting some money together for a house deposit.

28 years old 70k AUD annually pre tax (45 hours a week on average) have just started this role - was working very part time prior to this

I know the below numbers arent world ending but I really regret getting a new car loan instead of just putting the 6k i put as a deposit into a cheap second hand car. It feels like without that $380 a month this would be much more manageable.

Would you sell the car in 3ish months while buildin the current savings up to 5k and put the equity into my credit card debts and use the 5k in savings to buy a cheap second hand car?

Savings: 2.5k

Debts: Car: 13k remaining on loan (6-7k of equity with 3.5ish years remaining on a 9% fixed rate) Student Loans: 30k (aus student loans only increase with inflation *no Credit cards: 8.5k balance ATO: 3.5K

Monthly Minimums On Debts: Car Repayment: $380 Credit Card minimum repayments: $260 Ato Payment Plan: $240

Monthly budget items: Petrol: $240 Food: $800 Car insurance $90 Car registration $55 Gym Membership $60 Youtube Premium $17 Misc: $250

Posted Dec 3, 2025, 1:56 AM UTC

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