Quick question..
When applying for a loan from a bank to purchase an investment property can i request that any previous debt be incorporated into that loan?
Just to tidy up my accounts and create 1 weekly payment.
All depends on the total LVR.
Also be carefully rolling non deductible debts into deductible expenses.
Sub accounts or separate loans are the way to go to distinguish which is which.
More information would be needed to give you a better detailed answer.
Richard Taylor | Australia's leading private lender
I didn't think of the fact that my car loan would not be deductible.. this is interesting… i hoped i could combine all my debt into one when i bought a house after 6 months move out and have it as an investment utilizing NG…
I guess i could always take out a home loan.. then redraw on the loan to pay out my existing debt? or again will this be considered a non tax deductible expense when i turn the home into and investment property?
The reason why i dont want to have more than 1 loan is that the amount of money i am commited to pay back each month is reduced in case 1 week I am unable to make a repayment
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