Hi All,
Very new to the property game, so bear with me.
I am planning on buying a new property to live in and use my current property (which I live in) as an Investment Property. I have paid down most of the I/O loan.
I plan to redraw all of the advance repayment (which will bring the loan back up to the full initial loan amount) and use it to pay off the new property's loan. Hoping that I will be able to claim all interst as an expense for the investment property.
Can this be done? If not how can I go about using my current property as an Investment property?
Hi hotdog
Hate to say it doesnt work like that my friend.
Redrawn funds wont be Tax deductible.
Might be a couple of things you could do if the property is jointly owned.
Richard Taylor | Australia's leading private lender
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