All Topics / Finance / Loan refinance question PPOR to IP
- ledgend80 wrote:i am confused time to talk to the accountant again
Hi ledgend80
Whilst not directly related – I wrote an article for Australian Property Magazine recently on a similar concept here
Hope that helps.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
ok so went and seen the account and basically all we need to do is change our current loan from PI to IO and get the redraw account removed. Open another savings account for rent to go into and for expenses to come out of but these can come from anywhere. and when we buy a new PPOR we then have an offset account against this.
Yes that is exactly as we mentioned in earlier responses.
As Terry pointed out you have had it with the redrawn funds you cant make the interest deductible by refinancing.
You dont have to have the redraw account removed as it will be part of the loan features just change it from P & I to IO and if you cant have an offset account linked to the loan stick the funds in a separate savings account.No need to refinance to achieve this.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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