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Aaaah, a penny just dropped!
I didn't realise that the $140k portion of the new mortgage for IP would not be tax deductible if it is then used towards PPOR. It is all getting a bit clearer for me now.Thank you again for taking the time to help me through this!
I understand the part about using the $140k for the new property we are planning to live in, and I understand about the fully tax deductible debt of $330k for the IP.
The part that I think I am missing is why the unit would have to be "sold" to my husband to do this. I guess I just thought that I could get a new mortgage in my name for $330k, pay off the existing mortgage and take the $140k for the new property. (I am not against having it in his name in any way, I just want it set up the best way for us).Thanks Mortgage hunter… I am not sure if I am missing something though. What is the benefit of "selling" the unit to my husband, over getting a new mortgage in my name for $330,000 to free up the $140,000 to put in to our new place. Is that possible?
Thank you
Thank you all so much for your feedback so far.
Propertypower & qlds007…… I bought the unit for $289,000 in 2005. The mortgage was for $217,000, and is now down to $189,000. It is currently rented out for $320 per week, and from recent sales in the block would estimate that it might sell for $320 – $330,000 at the moment. I hope this helps…. Thanks again
