hi all
i have owned a property for about 8 months and have started renting it out a couple of months ago… my loan repayments are still being charged on “home owner” mode as my bank doesnt need to know unless i have a tenant in for over 12 months…
so my question is, will the fact that i am paying of my loan in this way instead of as an investment property, going to affect what i can claim?No, there is no difference. Don’t know what you mean by being charged on home owner mode. I don’t think there are many lenders out there these days that charge differently for owners and investors.
What the ATO looks at is the interest charged.
Terryw
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thats a bit of a relief, just had one of those thoughts that began to niggle at me, thanks
what i mean by ‘home owner’ mode is basically my bank has different interest rates for home owners and investors, home owners having a slightly lower rate
Originally posted by brendon11:what i mean by ‘home owner’ mode is basically my bank has different interest rates for home owners and investors, home owners having a slightly lower rate
Take this with a grain of salt, but have you checked your loan agreement. My only frame of reference on PPROR loans is from about 20 years ago when “thou shall not blow thy nose unlest thou asketh the bank”‘ – if that is still the case then to be technically correct maybe you have to “”ask””/ tell them that you are no longer an owner occupier and you have leased “their”‘ property out to tennants.
regards,
Paul
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