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Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of niccy3768niccy3768
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    @niccy3768
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    March 23, 2014 - 8:32 pm

    Thank you Richard.

    Profile photo of niccy3768niccy3768
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    March 23, 2014 - 8:31 pm

    Thanks Jamie.  

    Profile photo of niccy3768niccy3768
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    March 13, 2014 - 4:55 am

    Hi Richard.  Yes I am the sole owner.

    Profile photo of niccy3768niccy3768
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    March 12, 2014 - 4:21 am

    Thanks Terry.  Guess the decision whether to rent/sell has been made for me!  I appreciate your time thank you.

    Profile photo of niccy3768niccy3768
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    March 12, 2014 - 3:46 am

    Thanks Jamie for your comments.  I appreciate sharing of your knowledge.

    Profile photo of niccy3768niccy3768
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    March 12, 2014 - 3:45 am

    Hi Terry

    Thanks for your comments.  Do you think there is any way this situation is salvageable?  I am trying to decide whether to sell/rent property one at the moment.  Is it too late to structure things differently?  I am not settling on property two until the 1/5 and am at a loss as to how to proceed to my benefit.

    Thanks for your time.

    Niccy 

    Profile photo of niccy3768niccy3768
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    March 12, 2014 - 2:52 am

    Hi Benny

    Just went to the library and also rang the tax department.  It appears that because I parked my savings in the redraw account, I will only be able to claim interest on the balance that was left after deducting the money in the redraw account i.e about $4000.  it looks for all intents and purposes like I had almost paid off the mortgage and then I withdrew all of the money.  If it had been an offset account as opposed to a redraw account, I would have been able to deduct interest payments on the entire loan amount.

    Am really disappointed that I was not well informed before I put my savings into the redraw account.  I thought I was being clever parking the money there whilst I looked for a new property to move into.  Silly me!!

    If any experts out there have contradictory advice I would embrace it with open arms.

    Thanks for your interest.

    Niccy

    Profile photo of niccy3768niccy3768
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    March 12, 2014 - 2:04 am

    Thanks for responding Benny. I wish to move in to property 2 and turn property one into an investment property.  Would you mind advising me how to get into contact with an advisor on this forum please? 

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