All Topics / Help Needed! / Wanting to rent out our house

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  • Profile photo of kell26kell26
    Member
    @kell26
    Join Date: 2011
    Post Count: 1

    Hi everyone

    this is my first post on here and I had a quick look around and couldn't find an answer to my question so i really hope I am not asking something that has already been asked. We bought our property as owner occupiers in 2007 and have lived here since. We have just looked at selling our property as we would like to move several hours away from where we are, however it is not the best time to sell so we thought we would look at renting the house out while we rent somewhere else and sell when the market picks up a bit.

    i am just curious as we didn't purchase the house with an investment loan, part of the loan is fixed and part is variable. Will we have to change the loans to investment loans for tax purposes? Or will they be okay to be left as they are just standard loans.

    Thanks in advance for any advise!!!

    Kell

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Kell

    Nope, no need to change the loan. You’ll be able to start claiming the interest repayments from the day it becomes an IP. Might be worthwhile coverting it to interest only though (can help with cashflow).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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