JacM wrote:
Actually it could be deductible.  Read this:https://www.propertyinvesting.com/forums/property-investing/help-needed/4335481

Yes I can see how the loan can remain to the current PPR when it is converted to an IP. However in your case Jac (and mine and most other people!) you have paid all the principle off so you are stuck with an a…[Read more]

The ATO look at what was the reason for the original loan? Was it for the purchase of an IP our for a PPR? As far as I know, once its for a PPR you will have a hard time proving that its an IP cost. There some obvious indicatorslike what property is the loan mortgaged against? If its the PPR, watch out if the ATO decide to have a look at  you.But…[Read more]

1. I  dont think you can deduct the 136 K interest as it is against your current PPR even though the loan was for your IP.2. If you move,  the house would then become your PPR and the interest on that not deductible.So the question really should be how much do you want to incur in non deductible interest.I would stay in the unit

Hi Jac yes they are on separate titles. They were built in the early 80's'. It must not have been a requirement back then for them to be separately metered….

Yes you are right on the money. The other ownersdont want the up front cost. However there is a saving for them in that the water is equally charged to all the unitsso those who use less than thier share are being unfairly charged. As there is 6 people in my unit, all the others are paying for thier showers! But even taking this into account, the…[Read more]

Ah maybe thats it – The tax is on the "unimproved" value. If that is correct I can see the original value would have been lower than this but what if its on the total value?

A word of warning – It is my understanding that if you rent out your PPR the interest on the loan for that property will not be tax deductible if it was originally purchased to reside in.