All Topics / Help Needed! / IP construction loan top up
Hello
I am building an ip, construction loan amount is 450k.Once ip finished it value may be around 550K. My question is if I access equity 50K by top in up exiting loan 450k to 500k. How will it impact to tax.Thanks
PrasaWhat is the extra 50K going to be used for? This will determine the tax treatment.
Hi Prasa
Welcome aboard :-)
What will the equity release be used for? Personal or investment?
If for personal use, you should set up the equity release as a separate loan account so you can distinguish non deductible from deductible debt.
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]
If for personal use, you should set up the equity release as a separate loan account so you can distinguish non deductible from deductible debt.
Agree with Jamie.
For personal usu it won’t be deductible.
For investment it will be.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.au
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