Ok,so i’m stupid….there,I’ve beat u at the insults…[withstupid]…
I’m having trouble understanding this one:
If i borrow for a new ip,using the equity in my ppor,does the interest on my ppor then become deductable???[confused2]Yes.
On the portion of the loan used for the IP.
If you have an exisitng PPOR loan then have the IP portion clearly identified on the statement using a split. Your banker or broker can set this up very easily.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well said Simon, very precise.
thankyou.I’ve been offline for the week,so havent had a chance to respond before now.
Let’s say I redrawe some money from my PPOR loan for buying a PI. For example, the loan is now $150,000 and the split is $100,000 PPOR and $50,000 PI.
If I deposited $1000 into the loan, can I choose to pay off the $100,000 PPOR part (which is non-deductible) ?
Thanks !
Yes – this is the beauty of the split. If you hadn’t split you would have to apportion it.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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