Hi everyone just got a question . About 3 years ago we brought our first property a 3brm unit we lived in the unit for approx 18 months and in that time we paid of 22k of our loan and the unit was then rented . we have now built our own home using the equity from the unit ect .
What i want to know now is how can i get out that 22k that is sitting in our unit and still be able to claim the extra intrest incurred . I want to use the 22k as a deposit on my next ip .What I have done is changed my unit loan to a loc to access the 22k . was that a bad move ?
Wow shaun just stop right there.
Whatever you do not take out a LOC against the property because you certainly wont be able to not be able to claim the interest as a tax deduction.
Sure you may be able to utilise the equity but i think you are just digger a bigger hole for youself.
Without more information it is hard to give a precise answer but there are ways around it where you will be able to claim 100% of the interest on the original purchase price of the unit but you need specialised advice from a good mortgage broker.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi Shaun,
If I were you I would run off to my accountant and sort it out, not just for now but to get the best structure in place going forward. Remember bankers, brokers and real estate agents might be able to help you in some way but you need to be set up correctly from the first ball.
Best of luck!
[specool]
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