Hi All,
I have got 2 Line of Credit's which I am currently using purely for Investment purpose. These 2 LOC's are secured against my PPOR which I have paid out completely.
Now I am thinking of refinancing these 2 LOC's with some other bank so that I can release available equity from PPOR and use it for further Investment.
Just wondering if the refinance costs( such as bank exit fees, stamp duty on transfer of mortgage, bank settlement fees, new loan appication fees etc) are tax deductable or not.
Your help will be appreciated.
Thanks
The fees incurred in the payout of old loans will be tax deductible.
The fees for new loans will be deductible over a full five year period, rather than all deductible in the one year.
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