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  • Profile photo of zara777zara777
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    @zara777
    Join Date: 2010
    Post Count: 6
    July 10, 2010 - 10:44 am

    Well i guess we didnt even think about turning the property in to an IP when we bought it. So even if we had seen a lender then we would have still possibly been in this same situation.

    Definately false advertising :(

    Profile photo of zara777zara777
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    @zara777
    Join Date: 2010
    Post Count: 6
    July 9, 2010 - 12:16 pm

    in the loan product info sheet this is what it says:

    Offset Yes (100% offset facility built into loan account)

    http://www.myrate.com.au/Media/pdf/MyRate_Advantage_Rate_Loan.pdf

    Profile photo of zara777zara777
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    @zara777
    Join Date: 2010
    Post Count: 6
    July 9, 2010 - 11:19 am

    Thanks so much for the advice.

    Your right Terry- because i am on such a low income atm due to maternity leave it wouldn't be worth doing this.

    And i have no idea about Unit Trusts…sounds too complicated for me.

    But back to my original querie of whether or not we can claim the interest as deductions or not: The loan we currently have has an inbuild offset account (MyRate Advantage Loan). I transferred about 200K in to the account last year. If my husband were to transfer this back to me, and then i put this amount on the new home later, would we then be able to claim the interest as deductions?

    Profile photo of zara777zara777
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    @zara777
    Join Date: 2010
    Post Count: 6
    July 8, 2010 - 8:59 am

    Thanks for the advice…it all is very confusing!!

    If we changed the name of the to be IP in to my name would that work? I have been told we would not have to pay stamp duty as you can do this between spouses. But then that would mean refinancing the loan in to my name?

    Can anyone reccommend a good tax accountant in Melbourne that would be able to help?

    Profile photo of zara777zara777
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    @zara777
    Join Date: 2010
    Post Count: 6
    July 8, 2010 - 5:57 am

    Hi Papina,

    I can't offer you any advice unfortunately but am in a very similar situation…. am more worried about CGT and not being able to claim interest as a deduction if we turn it in to a rental property…sold a previous rental last year and put it on the property unaware of the tax implications…can redraw 290K (we have basically paid it off)

    Also our current PPOR is in my husbands name….do we put the new home in his name also or both?

    Am interested to what anyone can offer to both our situations!

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