My partner and I are wondering if it is possible, and legal, to transfer any of the debt on our home to that of our investment property? Does anyone have any experience of doing this?
It is possible – however it is only useful for tax purposes if their is a change of ownership as well. So you “sell” it to your spouse who borrows 105% to buy it and put the profit into your home loan.
You will incur CGT and then stamp duty on the new purpose so it may not be worthwhile.
You really need to discuss this with a savvy accountant.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
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.
hi all
yes it is possible but there a few hurdles that need to be got over.
There are a lot of easier ways of doing this but the cost is reasonably high and unless there is particular reason for it Ie income spliting or creditor attack minanisation.
I wouldn’t recommend it as with all this type of setup when asked by the ato you need to explain why you did it this way in the first place.
a good accountant and a word with the ato would be a good recommendation.here to help
You must be logged in to reply to this topic. If you don't have an account, you can register here.
