offset on IP or Owner occupied

Viewing 5 posts - 1 through 5 (of 5 total)

jimfox
Member
@jimfox
Join Date: 2005
Post Count: 9
September 29, 2005 - 4:23 am
Should i have an offset account on my I/O loan for my IP or on my principle and interest loan for my Owner occupied property.
I have been told that having an offset account on your IP is not a good idea as you can claim all your interest payments for the IP at tax time.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
September 29, 2005 - 5:21 am
Hi Jim,
I would suggest you link the offset to the non-deductible debt, cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 29, 2005 - 5:22 am
Jim
If your Bank or Broker is giving advice opposite to what Steven has mentioned then ditch them both.
Offset the interest only on your non tax deducible debt whilst you have any. Different story when the debt is repaid.
Cheers Richard
[email protected]
http://www.yourstatefinance.com
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Richard Taylor | Australia's leading private lender
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 29, 2005 - 7:32 am
I concur. Must be against your home.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
jimfox
Member
@jimfox
Join Date: 2005
Post Count: 9
September 30, 2005 - 3:51 am
Thanks guys, Will do.