Thanks Jamie!

So you don't get the full $5k as a deduction, only the benefits of dropping your taxable income by that amount.

Great! Cheers Derek.

Thanks Derek! Much appreciated.

And can anyone point me in the direction of where I can find a thorough Checklist, if you like, of all possible tax offsets/deductions related to an IP in Australia?

Cheers!

Can anyone recommend a reputable, switched on Mortgage Broker in Perth??

Thanks for all of the info guys, all makes perfect sense and have a much clearer understanding now.

I'll look at restructuring it all shortly and changing my current PPOR to IO.

Is it worth having offsets attached to my IP loans? Or should I just have 1 offset attached to my current PPOR where I pool all of my money, have rent paid into from the…[Read more]

How should i have best financed the deposit Qlds007?

CBA financed it, like I said more info had to be provided, but it came through eventually. It was a land & construction loan, if that makes any difference.

Haha thanks very much Catalyst, I'll take all that on board! What happens exactly once you become "on the radar" 

Thanks Qlds007!

I will certainly look into interest only. Is coupling that with a 100% offset common or do only select banks offer this? Also, would you keep the loans all independent of one another or consolidate the IP loans (if that is possible)?

For my IP i applied for a new loan, with a separate lender to my PPOR. I had to put down a 5%…[Read more]

Could you elaborate on this a bit further please Terryw?

Thanks PLC!

I will look into changing to interest only on the PPOR, makes sense if I believe I'll be moving on in the next year or two.

Would you keep all of your IP loans as separate loans and interest only? Also, once I settle on a longer term PPOR would you take that loan out principal and interest?

I was looking at consolidating my loans…[Read more]

Cheers guys! 

I forgot to mention, although I am making Principal and Interest repayments on the PPOR, I do have an offset account attached which saves me a fair chunk of interest.