All Topics / Finance / Loan refinance question PPOR to IP

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

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

    Profile photo of ledgend80ledgend80
    Member
    @ledgend80
    Join Date: 2011
    Post Count: 27

    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.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

Viewing 3 posts - 21 through 23 (of 23 total)

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