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  • Profile photo of VickVick
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    @vick7870
    Join Date: 2017
    Post Count: 7
    September 25, 2017 - 10:27 am

    Thanks Benny for your advise and apologies I thought my earlier question was in someway different since I wasn’t asking for re-structuring of existing loan with existing bank. Anyways, thanks for your current detailed advise. I will see what I can do.

    Profile photo of VickVick
    Participant
    @vick7870
    Join Date: 2017
    Post Count: 7
    September 25, 2017 - 10:23 am

    Terry – Thanks for pointing me to the incorrect heading. It was an oversight. Naturally, it should have said minimizing tax which the body of my message should. Thanks again.

    • This reply was modified 7 years, 2 months ago by Profile photo of Vick Vick.
    Profile photo of VickVick
    Participant
    @vick7870
    Join Date: 2017
    Post Count: 7
    July 4, 2017 - 9:09 am

    Thanks for the advise Terry. I will leave as it is but will contact again if anything further.

    Profile photo of VickVick
    Participant
    @vick7870
    Join Date: 2017
    Post Count: 7
    June 30, 2017 - 1:58 pm

    Thanks – Selling my property all together and selling to my partner is not an option either as its in our joint names but my serviceability will be too low to buy another property on my own.

    Am I able to top up loan on my future IP (which will have lower debt) and then use this extra money to reduce my high debt on my PPOR?

    Otherwise, I might leave everything as it is for now and wait for any future reviews.

    Profile photo of VickVick
    Participant
    @vick7870
    Join Date: 2017
    Post Count: 7
    June 29, 2017 - 1:23 pm

    Thanks Terry

    By switching, I mean I am going to be moving out from my current PPOR where I live. The IP which I purchased will be my new PPOR where I will live from next year and hence my current PPOR will be on rent making it an IP. Hope that provides clarity?

    If merging two loans won’t work for tax deduction as you mentioned, what is the solution for my current circumstance.

    I am sure this is a common scenario many people would come across.

    To summarize and clarify,

    – My IP is going to have lower loan (300K) while my PPOR will have a higher loan of 600K. This means my tax-deductable debt is 300K only.

    Is there any advice if there is a better way to structure this to maximise tax-deductable debt?

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