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Is it possible to borrow against the equity in an investment property to pay out mortgage on principal place of residence?
Brian
Sure its possible but the new loan will not be tax deductible because the purpose of the debt is to repay “non-deductible” debt.
It similar to borrowing against your investment property to buy a boat or a car. The purpose is to purchase “personal use assets” and therefore no allowable deduction.
But good thinking… [
]Cheers
Stu
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